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The House will hold another vote today at noon on whether to advance the GENIUS Act for full passage. To be clear, passage of fully-regulated stablecoin bill is NOT a back door to the creation of a government controlled CBDC, and here’s why.  Stablecoins under the GENIUS Act are privately issued, asset-backed digital dollars with strict disclosure and reserve requirements—not government-controlled currency—so they are not issued & controlled by the U.S. government. Meaning the government can’t cut off people’s digital dollars by turning them off or taking them.  A central bank digital currency (CBDC) is a government-issued digital version of fiat money that is controlled directly by a nation’s central bank. Meaning it’s totally under government control.  Stablecoins under the GENIUS Act:  🇺🇸 empower U.S. consumers to send digital dollars instantly for pennies compared to bank wire fees.  🇺🇸 are available to send and receive 24/7/365 different than other bank options that are limited to Mon-Fri bank hours of operation.  🇺🇸 they eliminate credit card vendor fees that eat into company bottom lines.  🇺🇸they are always pegged 1/1 to US dollars so they’re perfect for instant overseas transactions without concerns over currency fluctuations.  🇺🇸they settle instantly so no worries about checks bouncing and charge-backs.  🇺🇸 they are pro-America because every stablecoin created requires the purchase of dollar-equivalent treasuries.  Without fully regulated stablecoins, we’re stuck moving money at the speed of banks & with excessive fees.#GeniusAct #stablecoin #stablecoinsummer #crypto #cryptonews
The House will hold another vote today at noon on whether to advance the GENIUS Act for full passage. To be clear, passage of fully-regulated stablecoin bill is NOT a back door to the creation of a government controlled CBDC, and here’s why. Stablecoins under the GENIUS Act are privately issued, asset-backed digital dollars with strict disclosure and reserve requirements—not government-controlled currency—so they are not issued & controlled by the U.S. government. Meaning the government can’t cut off people’s digital dollars by turning them off or taking them. A central bank digital currency (CBDC) is a government-issued digital version of fiat money that is controlled directly by a nation’s central bank. Meaning it’s totally under government control. Stablecoins under the GENIUS Act: 🇺🇸 empower U.S. consumers to send digital dollars instantly for pennies compared to bank wire fees. 🇺🇸 are available to send and receive 24/7/365 different than other bank options that are limited to Mon-Fri bank hours of operation. 🇺🇸 they eliminate credit card vendor fees that eat into company bottom lines. 🇺🇸they are always pegged 1/1 to US dollars so they’re perfect for instant overseas transactions without concerns over currency fluctuations. 🇺🇸they settle instantly so no worries about checks bouncing and charge-backs. 🇺🇸 they are pro-America because every stablecoin created requires the purchase of dollar-equivalent treasuries. Without fully regulated stablecoins, we’re stuck moving money at the speed of banks & with excessive fees.#GeniusAct #stablecoin #stablecoinsummer #crypto #cryptonews

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