It seems like the more convoluted the acronym, the more sinister the legislation. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) was recently passed by the government as another example of their drive to regulate and control every new technology regardless of their authority and expertise.
Stablecoins are cryptocurrency tokens pegged to an established government fiat money, such as the United States dollar. This new regulation mandates stablecoin issuers hold assets to fully back their tokens. Short-term government debt seems to be an especially targeted means, and as such, the United States wants crypto holders to absorb government debt while being held to a higher asset responsibility than banks.
It's technically not a central bank digital currency, but one can see how corporate banks and the treasury are seeking to influence or outright control this industry through regulations sold to the public as "transparency and protection." I call BS.
Here's a good interview on this topic and the surrounding issues with more economic analysis.
Hive-Backed Dollars are not direct stablecoins, instead designed to serve as a more stable option backed by a dollar's worth of liquid HIVE on demand. Further, we aren't a corporation. There is no CEO or CFO or other equivalent person in charge. We have no headquarters. We are outside the scope of government regulation yet again. This doesn't mean we won't see scrutiny, of course, but there's no one to threaten. Our witnesses are spread across the globe.
This new law doesn't bring legitimacy to the crypto world, it adds hurdles to innovation in bleeding-edge technology, and seeks to shackle people trying to escape the mess those financiers and politicians made for us. Many of us are here for free speech and free money. Not "free" as in "gratis," but "free" as in "libre," just like the ethos of the open-source software community and copyleft activists.
Government wants to chain us to their sinking ship. The sycophants will insist we need to be protected from ourselves. We must not allow the nanny state to seize our lifeboat.
