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@ LogicallyMinded
2025-05-20 08:03:52
Paradoxically, the #GENIUSAct and #STABLEAct may be counterproductive in asserting the dominance of the U.S. dollar within the #crypto ecosystem.
The adoption of the U.S. dollar in crypto is already pervasive. Many decentralized #stablecoin protocols rely to some extend on dollar-backed assets.
By wanting to increase the control U.S. authorities have over the usage of US-backed #stablecoins, the legislators take the risk of undermining this dominant position. #DeFi protocols can’t be stopped and they will seek alternatives to US-backed assets.
This is a perfect example of how a bad regulation can accelerate innovation that goes against the intent of the regulation.