The fake media is reporting today, “Despite the charted course for GENIUS Act passage by the end of the week, one amendment proposal threatens to derail plans. Senator Dick Durbin (D-IL) is pushing to insert the text of the Credit Card Competition Act (CCCA) into the stablecoin bill, drawing the ire of several lawmakers. The CCCA, introduced on the House floor in 2023, has failed to pass through the legislative process. The bill seeks to mandate major banks to use a payment network apart from Visa and Mastercard, but an amendment proposal to merge it with the GENIUS Act has generated dissent.”
In other words, leading Democratic lawmakers are unwilling to stand up and state to the American people that crypto is a Ponzi scheme. Their only resistance to crypto is to sneak an unrelated poison pill amendment into the GENIUS Act.
Let’s be clear, every Democrat in Congress knows crypto is a scam. Since FTX/SBF in late 2022 this has been acknowledged by everyone, outside the Kool-Aid drinkers. There is massive public opinion against crypto, especially with Trump’s brazen conflict of interest in establishing his own crypto exchange & tokens. Yet the Kool-Aid drinkers are about to get their stablecoin legislation, legitimizing crypto as money and setting up bitcoin for another bull run.
The Laken-Riley Act, the Big Beautiful Bill, and crypto legislation are all together as part of the Trump-Musk crypto-fascist plan to transform our US constitutional democracy into a dictatorial police state. The Democrats are Vichy collaborators in this crypto-fascist process. That’s the rest of story which needs to be understood.
* An amendment requires a simple majority to be approved in the Senate. The Credit Card Competition Act is considered politically toxic because it pits finance capital against restaurants & retailers. Bourgeois politicians don’t like that. So if a Senate majority votes the CCCA amendment in, it’s a signal the GENIUS Act is dead, because everyone votes against the CCCA. This is how Democrats are playing both sides of the legislative fence in this crypto debate.
………..<><><><><><>……….