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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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[–] 1 point 1 year ago

Regulated stablecoins (main legislation achievement) is a big consumer benefit. Selling for USD is normal "withdrawal process". The legislation creates less of a reason for stable coins to deviate from USD value, but trading for bitcoin or other currency is much easier, as is escaping the country.

The consumer benefit is potentially getting a 2-3% discount on payments compared to credit cards. And getting better "bank deposit" rates as companies get more competitive in sharing their reserve returns with customers.

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