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Crypto’s New Bailout Fund: Your Savings Account
The GENIUS Act would require banks to prioritize stablecoin owners over customers if there’s a financial collapse.
“We argue that [stablecoins] create interconnections that can amplify shocks in the digital ecosystem and have the potential to spill over into the traditional financial system,” Federal Reserve economists wrote in a November 2024 report. The provision giving preference to cryptocurrency investors over depositors came after the crypto industry delivered millions of dollars to the federal lawmakers now crafting and voting on the GENIUS Act. Venture capital firm Andreessen Horowitz, which has close ties to former White House adviser Elon Musk and is invested in multiple crypto companies, also spent$80,000 on lobbying.
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