Trump’s GENIUS Act: A Moment of Legislative Brilliance or Just a Tall Tale?

by

In a rather theatrical flourish that one might equate with an emperor donning his robes, President Donald Trump, the self-proclaimed maestro of governance, has affixed his illustrious signature onto the GENIUS Act. This occurred with all the pomp and circumstance one could expect, and not a moment too soon, for it emerged victorious from the House with a boastful 306 to 122 tally.

One cannot help but marvel at the momentous nature of this bill; it marks the astonishing debut of a federal crypto law in the United States. Indeed, it sets forth stringent regulations for the curiously dubbed stablecoin issuers. These regulatory stipulations include an audacious promise of full 1:1 reserves, regular audits that would make the most meticulous accountant nod in approval, and a mandatory registration with the omnipresent federal or state regulators. Just picture the said regulators, perched atop their bureaucratic thrones, looking down approvingly as they scrutinize these coin issuers!

Ah, amidst the revelry, Trump, with the gallant humor of a jester, declared, “It’s called the GENIUS Act. I think it’s named after me.” A chuckle, perhaps, but let us not forget that the side of sarcasm always lingers in the air, much like the aroma of a well-cooked borscht even in a crowded room.

The esteemed David Sacks, a figure emblematic of our contemporary crypto odyssey, played the pivotal role of negotiator, declaring the bill’s impending demise mere days prior. But lo! With Trump, our ‘secret weapon,’ swooping in like a literary hero in a climactic plot twist, salvation was at hand. A perfect scene for existential reflection, if one were to disturbingly ponder upon the nature of power itself.

Yet, beneath this apparent bipartisan camaraderie, a tempest brews among some hardline Republicans, their discontent palpable. The honorable Representative Marjorie Taylor Greene took to X (formerly known as Twitter—a name that ironically seems more endorsed by the birds than the speeches of man), warning the public of a calamitous future that may await us:

“Congress is passing a bill today (GENIUS Act) that opens the back door to a central bank digital currency (CBDC)… The Fed has been working on this for years… The ultimate goal is to move us to a cashless society.”

Ah, the conspiracy thickens! A regular Dostoevskian intrigue, complete with labyrinthine plots and ominous forebodings! She expounded upon her dismay regarding House Republicans, whose haste in passing this bill sans ensuring Senate approval for a formal CBDC ban left her visibly agitated. The Anti-CBDC Act—a bill still floating like a lost soul in the ethereal limbo of the Senate, echoing its unattended aspirations.

Conversely, those who ardently support GENIUS regard it as a fortress against algorithmic stablecoins, assuring that full dollar reserves would form a bastion of security for regulated digital dollars, steering clear from the scary prospect of government-controlled currency. One might liken it to creating a safe space for a timid rabbit in a world of prowling wolves.

With the flourish of Trump’s pen, the GENIUS Act bursts forth as law, unfurling its banner immediately. As for US regulators, they now find themselves on a thrilling deadline—until the year 2026—to draft the definitive rules for licensing and enforcement of these stablecoins.

Read More

2025-07-18 23:17