Hi Friend,
Elon Musk and Donald Trump are moving full speed ahead on a bill to let them issue and control their own private money - which could bring down our entire financial system.
Musk's laughably named GENIUS Act took a major step toward becoming law after passing the Senate Banking Committee with five Democratic votes.
Musk is no GENIUS. DOGE has proven he's a cruel, vicious idiot who slashes essential workers and services and then lies about it. And Tesla's stock crash proves he's no GENIUS at business either.
Trump is no GENIUS either - and his crypto company wants to launch its own stablecoin with Binance, a crypto exchange that plead guilty to criminal charges related to money laundering problems.
Musk's GENIUS Act establishes useless financial "safeguards" for the new wild west of Big Tech private currencies (so called “stablecoins”).
It begs for more big financial bailouts when the companies get shaky, and people run to redeem the private currencies for actual cash - the exact kind of run on the banks that caused the Great Depression.
The bill also ignores core consumer protections that apply to the payments we make every day through our debit card or Venmo account. If you get scammed or charged junk fees when using these new private currencies, you may be on your own. (And don't bother calling Kash Patel's FBI.)
It also lacks privacy safeguards to prevent Elon Musk and other Big Tech billionaires from surveilling your transactions. Doesn't that give you the chills?
The bill actually turbocharges a payment system that is already GENIUS for terrorists, cartels, and sanctions targets like Iran and Russia.
It does not close money laundering and terrorist financing vulnerabilities that bad actors can exploit. Recent analyses concluded that stablecoins have become the “new epicentre of crypto fraud” and the “new kingpin of illicit crypto activity.”
For all these reasons, Democrats must stop Elon Musk and his techbro cronies from issuing their own stablecoins, without any guardrails to protect consumers, to protect national security, or to protect the financial stability of our economy.
Tell Chuck Schumer and all Senate Democrats to filibuster the GENIUS Act.
Thanks for all you do!
Bob Fertik, President
Democrats.com
