This marks the first comprehensive attempt to integrate private stablecoins into the traditional banking framework while simultaneously restricting their autonomy. The $10B threshold for federal oversight creates a two-tier system that could serve as a template for transitioning to CBDCs. The prohibition on interest payments specifically prevents stablecoins from competing with government-issued digital currencies.
GENIUS Act: $250B Stablecoin Control Paves Way for US CBDC
๐ฐ What Happened
The US Congress introduced the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), sponsored by Sen. Bill Hagerty, to regulate the $250B stablecoin market. The act requires 1:1 dollar pegging, federal oversight for issuers holding over $10B, and strict anti-money laundering compliance. Notably, stablecoins will be prohibited from paying interest and issuers must maintain reserves in short-term treasuries or cash.
๐ Prophetic Significance
The GENIUS Act's structure reveals a strategic consolidation of financial control aligning with end-times prophecies about centralized economic authority. The $250B market cap combined with mandatory 1:1 dollar reserves creates unprecedented government visibility into digital transactions. The anti-money laundering requirements enable 'unlimited access to payments' - a crucial infrastructure for the prophesied mark of the beast system (Rev 13:17). This legislation transforms private stablecoins from potential CBDC competitors into controlled stepping stones toward government digital currency, fulfilling Daniel 7's vision of the final kingdom's economic control.