On this edition of Your Call's Media Roundtable, investigative journalist Luke Goldstein discusses passage of The Genius Act, which sets up a crypto industry-friendly regulatory regime for stablecoins, a type of cryptocurrency tied to the value of an asset like the US dollar.
The 308 to 122 vote was bi-partisan, with 206 Republicans and 102 Democrats supporting it.
Senator Elizabeth Warren, D-Massachusetts, says that The Genius Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD.
According to the Lever, the cryptocurrency industry outspent all other industries in this past election cycle, doling out more than a quarter of a billion dollars to help place crypto-friendly lawmakers in Congress and the White House. During his presidential campaign last year, Donald Trump promised to make the United States the "crypto capital of the planet," and has already delivered many crypto wishlist items, including installing crypto-friendly regulators, gutting crypto enforcement actions, and establishing Bitcoin reserves.
Guest:
Luke Goldstein, reporter at the Lever
Resources:
The Lever: Crypto’s New Bailout Fund: Your Savings Account
The Lever: Dems Are Being Pushed to Support Crypto for Political Gain
