Donald Trump and Elon Musk are moving full speed ahead on a corrupt and dangerous bill to let them issue their OWN private money - which could bring down our entire financial system.
The Senate could vote THIS WEEK so please write or call your Senators today.
In March, the historically corrupt and dangerous GENIUS Act passed the Senate Banking Committee with five Democratic votes: Angela Alsobrooks (MD), Ruben Gallego (AZ), Mark Warner (VA), Lisa Blunt Rochester (DE) and Andy Kim (NJ).
Kirsten Gillibrand (NY) is the Democratic co-author of the bill, and she was rewarded with a “Crypto Champion” award from the crypto industry, along with Angela Alsobrooks (MD).
Trump is no GENIUS, but he is corrupt. This year, Trump has made nearly $3 BILLION on his corrupt crypto deals. Right after The Banking Committee voted on the bill, Trump launched his own stablecoin (USD1) and it’s already being used to finance corrupt business deals in the Middle East.
Musk is no GENIUS either. 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.
The 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 Trump, Musk and their 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.
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