The GOP just sold out the future of crypto, handing unchecked power to Big Tech on a silver platter

Senate Republicans are moving ahead with a controversial cryptocurrency bill called the GENIUS Act. The bill would completely change the financial system by giving major tech companies huge control over digital currencies and possibly weakening protections for consumers. The act is a major handout to Big Tech and could put financial stability, national security, and personal privacy at risk.

The GENIUS Act is designed to let tech giants such as Amazon, Meta, Google, and Apple develop and run their own stablecoins, which are cryptocurrencies tied to a stable asset like the US dollar. Supporters say this will encourage innovation, but opponents believe it dangerously expands the already massive power of these corporations.

If passed, the bill would break down an important barrier between commerce and banking, a rule that has been in place for almost a hundred years under the Glass-Steagall Act, per MSNBC. That law was created to stop conflicts of interest by preventing banks from taking part in certain commercial activities. The GENIUS Act’s possible reversal of this rule has raised serious worries about financial instability.

The GENIUS Act could hurt everyone but the rich

Democrats have raised concerns about several key parts of the bill. They point out that Big Tech already has vast amounts of personal data, which is already a big worry for privacy advocates. Critics argue the GENIUS Act would make this problem worse by potentially letting these companies use their own cryptocurrencies to gain financial control over users. For example, Google could restrict access to Gmail, or Meta could limit Instagram use, based on whether someone holds their cryptocurrency. The possibility for misuse and manipulation is clear.

Beyond privacy, national security is another major concern. Cryptocurrencies are already known to be used in illegal activities like money laundering and funding terrorist groups. The FBI, for instance, reported that nearly $10 billion of the roughly $17 billion lost to scams last year involved cryptocurrencies. Opponents say the GENIUS Act does nothing to reduce these risks and might even make such crimes easier.

It is especially hard not to be skeptical since Cryptocurrency is synonymous with scams. These currencies have gotten a lot more suspicious after Logan Paul’s CryptoZoo scam, and it’s hard to trust anyone with the kind of power.

Still, a large amount of money has been spent to support the bill, including threats to challenge lawmakers who oppose it in primary elections. One notable example is the reported $40 million spent on attack ads against a Senator who was skeptical of crypto, leading to their election loss. These aggressive lobbying efforts show the financial backing behind the push for the GENIUS Act.