The President of the United States, Donald Trump, enacted the GENIUS Act on Friday, along with the approval of two other cryptocurrency bills, also known as the CLARITY Act and the anti-CBDC Act. Although some lawmakers and the crypto community hailed it as a milestone for the digital asset industry, Peter Schiff harshly criticized the Trump administration.
Schiff believes that the primary goal of these bills is to bolster the legitimacy of Bitcoin, describing it as a "decentralized Ponzi scheme." According to the critic, these legislative initiatives are being used to inflate expectations around Bitcoin and other digital assets. "The industry is using them to promote Bitcoin and other cryptocurrencies, so that insiders can cash out their profits at higher prices. It's a low point in legislative terms," wrote Schiff.
A day earlier, U.S. President Donald Trump also spoke about signing an executive order to facilitate investment in Bitcoin and cryptocurrencies for 401K retirement plans. Schiff believes that such promotion of digital assets would only accelerate the collapse of the U.S. dollar. "Bitcoiners can celebrate, as most bought Bitcoin to profit from the dollar's decline. But, ironically, gold will come out ahead, as Bitcoin will also crash," he added.