𝗧𝗿𝘂𝗺𝗽 𝘀𝗶𝗴𝗻𝗲𝗱 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗨𝗦 𝗰𝗿𝘆𝗽𝘁𝗼 𝗹𝗮𝘄, 𝗚𝗘𝗡𝗜𝗨𝗦, 𝘄𝗵𝗶𝗰𝗵 𝗹𝗲𝗴𝗮𝗹𝗶𝘇𝗲𝘀 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀.

This is not just regulation, this is the official capitulation of crypto to the state. In two minutes, we explain why this is not a "historic victory", but a cold shower:

The law brings stablecoins out of the shadows — now tokens are required to be controlled by the state;

- GENIUS introduces strict reserve requirements: 1 coin = $1;

— The Ministry of Finance now has the right to block suspicious transactions (!). If the payment seems suspicious, it will be instantly frozen;

– Coin issuers are required to identify customers (passport, address, selfie), verify their sources of income and counteract money laundering, terrorism and circumvention of sanctions;

In exchange for complying with the rules, banks were able to legally issue their stablecoins - they did it before, but now it will be official and under the control of the state;

– Any cryptocurrency platform now depends on US approval;

- This is not a law for freedom - this is a law for control.

Cryptans Tear Their Hair Out — Freezing Suspicious Blockchain Transactions Is delirium