Saturday Rant…Epstein vs Genius Act

In a classic “Look Here, Don’t Look There” move, the Epstein saga distracted the world last week, as the Boyz in DC managed to push through the Genius Act that would permit the US government to regulate stablecoins.

The GENUIS (Guiding and Establishing National Innovation for U.S. Stablecoins Act), permits the government to oversee, regulate, and define the $250 billion stablecoin market.

 

On the surface, it appears to advance the crypto market into the mainstream.

But when you dig deeper you see how it is more insidious over what it can to do our financial markets.

 

And today we are featuring a rant by a self-proclaimed crypto currency expert who goes by the handle CryptoCharlie.

The stage is yours, CC…

 

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When I first learned of Satoshi Nakamoto’s “White Paper” introducing Bitcoin back in 2008, I became an instant fan of crypto currencies.

And have been very successful with them along the way.

But I’m afraid that this new GENIUS act (along with The CLARITY Act and The Anti-CBDC Surveillance State Act that flew in under the radar while everyone was screaming about the Epstein List getting disappeared) poses a serious threat to what we know as a stable financial system.

And because of the Epstein distraction, most people never heard or saw a thing about these sweeping proposals that will alter our lives.

Let me explain:

First, stablecoins differ from cryptocurrencies as they are pegged to a stable asset such as a fiat currency or commodity.

Cryptocurrencies are allegedly allowed to freely operate on the market based on supply and demand.

And the GENIUS Act will peg stablecoins to the US dollar and require issuers to maintain a 1:1 reserve ratio in short-term treasuries or cash.

And issuers holding over $10 billion in outstanding stablecoins will be subject to federal regulation under a newly created oversight agency.

These issuers will now be deemed financial institutions and required to meet the traditional banking regulations as well.

Stablecoins can no longer pay interest or act as an alternative to bonds. Perhaps most notably, issuers must not meet anti-money-laundering (AML) regulations, which are set to provide the government with unlimited access to payments.

But it doesn’t stop there.

Because essentially, the government is turning the stablecoin into a digital dollar of sorts.

The concern here is that this could evolve into digitizing all currency and creating a CBDC.

AND the act specifically provides the government with the authority to “block, freeze, and reject specific or impermissible transactions.”

In other words:  Kiss your freedom of money movement good-bye.

And unlike the narrative they want you to believe, this provision is not intended to protect the world against drug smugglers and thieves.

This provision is intended to grant government unlimited control over how people spend stablecoins.

“Stablecoins are the bait and switch for direct-issued government CBDCs,” Bitcoin Magazine editor Mark Goodwin said, “Stablecoins can be programmed. Exactly like how we fear CBDCs will be programmed. They’re exactly the same tokenized mechanism… They can be taken out of your wallet. Your wallet can be blacklisted. A lot of the things that we fear about CBDCs are totally available within the tool set of Stablecoins.”

So, in my humble opinion, the GENUIS Act is a far deeper betrayal of the American people than the Epstein list…because it has the ability to usher in a new monetary system.

BTW another one of Trump’s campaign promises was the prevention of CBDC’s.

And just like that we got stabbed in the back again.

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Thanks, CryptoCharlie.

We’re certainly glad you are paying attention to the GENIUS act and what it means for potential damage to our freedoms and financial system.

And you’re right about Epstein being a perfect distraction for pushing this through.

 

As always, if you – our Dear Readers – have a rant you would like to share then please send it to us.

 

You never know whose life will be affected by it.

 

And if you want to see some NSFW rants then go (HERE).

 

Share this with a friend… especially if they suspect that something is not right with Trump’s motives.  They’ll thank YOU later.

 

And tell them:

 

We’re Not Just About Finance

But we use finance to give you hope.

“And you shall know the truth, and the truth shall make you free.”

~John 8:32~