Get Ready To Pay In ZuckBucks

[Passages]

The GENIUS Act isn’t just a crypto giveaway — it could turn tech giants into unregulated banks.

National Politics
May 23, 2025
Luke Goldstein

Amid a flood of industry lobbying in Washington, D.C., and Democrats’ capitulation, the Senate is set to pass the GENIUS Act, a sweeping cryptocurrency law that could spread fraud-ridden, destabilizing digital currencies across the banking system. But lawmakers and consumer protection experts warn that the bill has an even more serious problem: It would allow Elon Musk and other Big Tech tycoons to issue their own private currencies.

That means we could soon live in a world where all online transactions will require us to pay for goods in billionaires’ own made-up monopoly money, for which tech giants will be able to charge exorbitant transaction fees.

This scenario isn’t just a pipe dream. It’s a long-running project by tech platforms to control payment networks. In the past few weeks, Meta began laying the groundwork once again to launch its own cryptocurrency.

SNIP
If it becomes law, any banking or even nonbanking enterprise could get a license to deal stablecoins with minimal oversight. This could riddle the entire financial system with volatility and make illicit activity like fraud and terrorism undetectable while providing major new markets to the companies issuing the cryptocurrencies. The El Salvador-based firm Tether is currently the largest trading platform for these currencies and has faced numerous U.S. lawsuits for fraud.
https://www.levernews.com/get-ready-to-pay-in-zuckbucks/?utm_source=bsky&utm_medium=link&utm_campaign=bsky-prefill

Theft by any other name is still theft.

[bucolic_frolic]

1. Gonna leave DU.

Time to go into money laundering.

[Passages]

2. Incredible isn't it?

USA has sunk so low.

[NoMoreRepugs]

3. Shithole country we are......says my friend Yoda.