On June 17, the US senate passed the GENIUS Act, which was seen as a big win for the cryptocurrency sector. The bill aims to regulate a type of cryptocurrency known as “stablecoins”, but a closer look at the law reveals that it could, quite easily, lead to the next global economic crash.
To understand the GENIUS Act, we can look back to the early days of cryptocurrencies. They were created as decentralised currencies whose supply – and, thus, value – would not be determined by people in dark suits in Washington DC or Frankfurt, but rather by a complex, globalised computer system.
