The government still can't fix the roads, but it has already passed a law that could make the digital dollar more reliable than the real one.
This week, the U.S. Senate — suddenly showing rare unanimity (everyone apparently invested in CRCL) — passed a law with the pompous name GENIUS. This is not a joke, this is an acronym. The full name: Guiding and Establishing National Innovation for US Stablecoins. Or, simply put: 'let's finally stop pretending that stablecoins are dangerous toys for techno-anarchists.'
Circle is soaring like SpaceX — only without Elon.
Do you remember the company Circle? The issuer of USDC, the very stablecoin you used to pay in DeFi casinos and at NFT fairs in 2021. They just conducted an IPO at $31. Today the price is $200. Guess why? Because now they are playing by new rules — and these rules are written by the U.S. Senate, not in a Telegram chat.
What does the GENIUS law do?
• Stablecoins must be backed 1:1 by real dollars.
• Reserve audits — every month, like the IRS, only the other way around.
• If the issuer collapses — your tokens are protected. That is, perhaps for the first time in crypto history, you won't be left with an empty wallet and an angry tweet.
But where's the catch?
Well... for now, he is not visible. Unless now large banks and even Amazon can legally issue their stablecoins. That is — guess who will soon compete with Circle? Right: those who already have your data, your face ID, and half of your salary.
Coinbase is celebrating, Visa is missing out.
After the law was passed, Coinbase's shares soared. Because now their favorite USDC is not just 'a cryptocurrency of luck', but an officially approved payment asset by the Senate.
And Visa and Mastercard are sweating: their cardboard empires may soon face real competition from... smart contracts.
What's next?
The law has gone to the House of Representatives. And if they don't include a circus program there, then in the next couple of months the U.S. will officially recognize stablecoins as part of the financial system. This is no longer 'money of the future', this is money of the present.
Circle has shown that crypto is not dead. It just put on a suit and went for an IPO.
And now — attention, question: if stablecoins are now legal and approved by law, what to do with those who jailed people for them just two years ago?
This is no longer a question for the market. This is a question for history.