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Senate Passes Massive Cryptocurrency Bill, Ignoring Risk To Financial System (talkingpointsmemo.com)
submitted 1 year ago by to c/libjerk@lemmy.dbzer0.com
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18 Dems give GOP an assist to put GENIUS Act over the line

The Senate gave its stamp of approval on Wednesday to a massive and growing chunk of the cryptocurrency industry, blessing it with a light-touch regulatory regime that, experts say, may come with a price tag: the stability of the country’s financial system. It’s the most significant victory yet for the crypto lobby, which enjoys near-unanimous support in the Republican Party as well as significant backing from many Democrats.

This bill passed with 68 votes in support, 30 against. Eighteen Democrats joined nearly all Republicans in supporting the bill.

Just wow.

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[–] 4 points 1 year ago (1 child)

I heard that the crypto will be insured first through FDIC so that people who don't have crypto will be screwed more than everyone else. I'm not sure if it is a scam, and I couldn't make it through the dull, statuatory language of the bill so late at night when I was too sleepy to look at it. Does anyone know what's up?

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