The GENIUS Act does not eliminate government control over money, make Bitcoin tax-free, or legalize decentralized finance. Instead, it challenges the longstanding monopoly of certain banks and regulators over global dollar clearing, complicating their ability to monitor dollar usage based on political agendas. This legislation represents a significant shift from a surveillance-based financial system towards greater monetary freedom and access to the US dollar, especially amidst rising threats to its global reserve status. The author reflects on their 'Crypto Dream' where Bitcoin serves as a tool for financial accessibility and freedom, while also addressing fears of financial authoritarianism. Recent lobbying efforts have led to increased acceptance of crypto, including the approval of a Bitcoin ETF amid a backdrop of de-dollarization. The GENIUS Act's passage may mark an end to the 'crypto nightmare' of increased surveillance and could signal progress towards financial empowerment and broader access to dollars and crypto, as geopolitical circumstances evolve.

Source 🔗