Crypto's New Bailout Fund: Your Savings Account

Friday, June 06, 2025

The GENIUS Act would require banks to prioritize stablecoin owners over customers if there's a financial collapse.

Posted by retort at 09:44 AM | 15 COMMENTS | permalink | Comment on This Entry |

"As currently drafted, the GENIUS bill paves another road to financial self-destruction that will undermine the American and global economy." One author predicted the 2008 crash. The other won a Nobel prize. Without fixes, this bill shouldn't pass.

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-- Elizabeth Warren (@warren.senate.gov) Jun 3, 2025 at 11:08 AM

Comments

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Crypto will be the next big depression. Making money on crypto is so easy that, of course, too many people are buying into it as if it's a non-stop force. But the negatives will show up eventually and many people will not be diversified, causing a crash that banks will not be able to recover from. What's even more sad is one of the biggest reasons crypto became a thing was to have a separate currency from fiat so that a crash doesn't impact it. But, since greedy people see dollar signs, it will get more and more abused until a crash occurs. This isn't a partisan thing.

#1 | Posted by humtake at 2025-06-06 11:36 AM | Reply

Does anyone here think that MGT, Gomer Comer, Barkeep Barbie and their ilk understand cryptocurrency? They can barely read, much less have a grasp of the theory of money and currencies.

To reiterate: cryptocurrencies are vehicles for naked speculation and criminal activity, and nothing else. They are NOT investments. They re not money, as so widely defined. Anyone who buys into crypto should do so with money that they never expect to see again...

#2 | Posted by catdog at 2025-06-06 01:18 PM | Reply

Crypto is like anything associated with Fat Donnie Loser.

A ------- FAT FRAUD.

#3 | Posted by LegallyYourDead at 2025-06-06 02:55 PM | Reply

Did AI write this bill?

Show me the Republicans who actually support this. I want names.

#4 | Posted by snoofy at 2025-06-06 03:08 PM | Reply | Newsworthy 1

Crypto will be the next big depression.

#1 | Posted by humtake

And you'll blame democrats instead of the people who caused it.

#5 | Posted by SpeakSoftly at 2025-06-06 03:58 PM | Reply | Newsworthy 1

Governments have already basically legalized these Ponzi schemes, they shouldn't protect them and regulate them. Crypto bros told us it was all secure and should be unregulated!

#6 | Posted by Derek_Wildstar at 2025-06-06 07:42 PM | Reply