Rachael Horwitz

The attempts to position the most boring part of crypto (payments!) as a fever dream of financial anarchy is as bad faith as it is transparent. It’s a boring bill to regulate boring tokens that make dollars programmable, open, and interoperable. That's definitely quietly revolutionary but for regular people who use money on the internet every day.

The Genius Act is basically a regulatory catch-up and while exciting to me, it's actually a straight forward technocratic bill. Stablecoins are literally just a dollar on the internet. A fully reserved, tokenized version of the dollar that can move 24/7, settle in seconds, and be programmed like software.

These authors in this extremely silly piece warn stablecoins might break the dollar system. They *are* the dollar system!! 🤦‍♀️ But better b/c when money moves as easily as email, people don’t need to wait days to get paid, or pay $30 for a wire, or be excluded from the system entirely because they don’t have the right bank or passport. That's why the demand for dollar-backed stablecoins is so huge (even without regulation).

Honestly critics using everything they have on this easy-to-support common sense bill and choosing *not* to keep their powder dry for market structure is very telling.

The attempts to position the most boring part of crypto (payments!) as a fever dream of financial anarchy is as bad faith as it is transparent. It’s a boring bill to regulate boring tokens that make dollars programmable, open, and interoperable. That's definitely quietly revolutionary but for regular people who use money on the internet every day.

The Genius Act is basically a regulatory catch-up and while exciting to me, it's actually a boring, technocratic bill. Stablecoins are literally just a dollar on the internet. A fully reserved, tokenized version of the dollar that can move 24/7, settle in seconds, and be programmed like software.

These authors in this extremely silly piece warn stablecoins might break the dollar system. They *are* the dollar system!! 🤦‍♀️ But better b/c when money moves as easily as email, people don’t need to wait days to get paid, or pay $30 for a wire, or be excluded from the system entirely because they don’t have the right bank or passport. That's why the demand for dollar-backed stablecoins is so huge (even without regulation).

Honestly critics using everything they have on this easy-to-support common sense bill and choosing *not* to keep their powder dry for market structure is very telling.

Crypto people now that lots of normal people want to talk to us (about stablecoins)

Really important to build the muscle from day one to lead through the noise. Crypto founders are particularly good at this because of the nature of this ecosystem.

Thanks @axios!