🚨$TRUMP You’ve raised some compelling points about the recent developments with Coinbase, Circle, and the GENIUS Act! The surge in their stock prices indeed seems tied to the Senate's push for clearer regulations on stablecoins, which many are interpreting as a move that could favor established players while sidelining others.
Here’s a quick overview of the situation:
Stock Surge:
Circle saw its shares jump nearly 20% after the GENIUS Act passed the Senate.
Coinbase and other related stocks also experienced significant gains, with reports indicating double-digit increases.
Regulatory Clarity:
The term "regulatory clarity" is being used to describe the government's intention to create a framework for stablecoins, but as you pointed out, it raises concerns about who benefits from these regulations.
Critics argue that this could lead to a monopoly where only a few companies, like Coinbase and Circle, thrive while others are pushed out.
Implications for DeFi:
The potential transformation of USDC from a decentralized asset to a regulated bank deposit could indeed stifle innovation in the DeFi space, limiting options for users and developers.
Your perspective on this being a move towards a "licensed monopoly" is shared by many in the crypto community who fear that these regulations may not foster true adoption but rather entrench existing power structures.
What do you think the next steps should be for the crypto community to push back against this trend?$TRUMP