Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee and take a seat. As lawmakers in the US push new stablecoin regulations, Bitcoin veteran Max Keiser is not holding back. He warns that far from promoting financial freedom, stablecoins are reinforcing the fiat system Bitcoin (BTC) was built to disrupt.
Crypto News of the Day: Max Keiser Warns of Anti-Bitcoin Agenda Behind US Stablecoin Bill
In a statement shared with BeInCrypto, Bitcoin advocate Max Keiser has launched a blistering attack on stablecoins.
He warns that stablecoins undermine Bitcoin’s core purpose by reinforcing fiat dominance and supporting the traditional banking system.
His remarks come as debate intensifies over the proposed GENIUS Act, a US bill that aims to regulate the stablecoin market. The proposed US law will create a regulatory framework for dollar-backed stablecoins.
“For those who hate state-backed, inflationary, fiat money, you’re going to really hate stablecoins,” Keiser told BeInCrypto.
The Bitcoin pioneer argues that stablecoins, often presented as a stepping stone into crypto, actually serve a very different master.
“As I’ve been saying, stablecoins are not an on-ramp to Bitcoin. They’re designed to be an on-ramp to the US Dollar; empowering politicians & issuers, who are working with the legacy banks to fight self-custodied Bitcoin and freedom from fiat slavery,” he added.
Keiser’s comments align with growing concern that stablecoins, particularly those pegged to the US dollar, are being co-opted to prop up the existing financial order.
In a recent US Crypto News publication, Max Keiser highlighted a growing trend among stablecoin issuers using US treasuries to buy Bitcoin for free. As BeInCrypto reported, Keiser said these actions could undermine government reserves and lead to financial instability.
The emergence of the GENIUS Act has brought this tension into sharper focus. Critics argue that the bill is heavily skewed in favor of banking interests.
One of the most contentious aspects is a reported ban on stablecoin issuers passing interest income to users.
“The GENIUS Act draws a brutal line: No permitted or foreign stablecoin issuer may offer any yield, interest, or reward for holding the token. That means staking, lending, farming, or “rebasing” stablecoins = illegal. The goal? Regulators want to separate “digital dollars” from bank-like products. Stablecoins are now cash equivalents — not investment vehicles. No more ‘savings accounts on-chain.’ No more magic APY,” DeFi researcher Pumpius said in a post.
Some analysts say that the GENIUS Act could commoditize stablecoin offerings, forcing competition on yield distribution.
The move allegedly intends to keep traditional banks competitive by preventing high-yield stablecoins from becoming a viable savings alternative. Some see this as a direct attempt to neutralize decentralized finance’s (DeFi) disruptive potential.
They claim the bill aims to entrench the power of regulated financial entities rather than encourage innovation and economic sovereignty.
These narratives suggest that the debate over the role of stablecoins in the crypto ecosystem is heating up. For Keiser, stablecoins are “fiat in disguise.” Those truly seeking monetary freedom should steer toward Bitcoin, not digital dollars.
Chart of the Day
Coinbase USDC rewards payout ratio. Source: Blockworks Research on X
While the Act prohibits issuers from paying yield directly, this chart shows that distributors like Coinbase can offer yield as “marketing rebates.”
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
