For years, only a few big banks controlled the pipes that moved U.S. dollars between countries. If you or your business landed on their bad side, or on Washington’s bad side, those pipes could be shut off instantly.
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The GENIUS Act changes that. It lets stablecoin systems help move dollars too. This means fewer single points of control, less risk of being frozen out, and more ways for dollars to reach people and businesses around the world.
GENIUS Act Pushes Back Against the Crypto Nightmare
The original crypto dream was money that worked for everyone, anywhere, without asking permission. The nightmare was the opposite: a world where every payment was tracked, approved, or blocked by governments and banks.
U.S. laws over the past few decades have moved toward that nightmare. Rules like the Patriot Act turned banks into government watchmen, and “Operation Chokepoint” showed how whole industries could be cut off even if they were legal.
The GENIUS Act isn’t perfect, but it’s one of the first real signs that things can move in the other direction.
GENIUS Act Comes after Years of Attacks on Crypto
In recent years, crypto has been under heavy attack. Politicians like Senator Elizabeth Warren and regulators like Gary Gensler pushed for strict rules that Coinbase CEO Brian Armstrong said were meant to “unlawfully kill our entire industry.”
Those attacks didn’t fully succeed; courts eventually pushed back. A Bitcoin ETF was approved. Stablecoins exploded in use, moving U.S. dollars over blockchain networks at a scale banks could no longer ignore.
GENIUS Act Hits America’s Real Source of Power
The U.S. dollar is the most powerful currency in the world. That power comes in part from the ability to cut off access to it. But after the 2022 sanctions on Russia, countries like China and members of the BRICS bloc began looking for other options. Debt and high interest rates made it harder for the U.S. to keep that power going.
The GENIUS Act takes a different approach. It uses stablecoins to spread dollars more widely, keeping them in demand even as rivals try to push their own currencies. When Senator Warren tried to require all stablecoin issuers to track every single transaction, Senator Kirsten Gillibrand warned it would “kill the industry before it got off the ground.”
Right now, the GENIUS Act means more ways to get dollars and more freedom to use crypto alongside them. But the same political forces that passed it could one day reverse course. Big finance players like BlackRock (BLK) are already deep in crypto, and their power could influence what comes next.
Still, a monopoly that lasted decades has been broken. That doesn’t happen often.
Investors interested in crypto should stay informed by tracking the prices of their favorite cryptocurrencies and using technical analysis tools on the TipRanks Cryptocurrency Center. Click on the image below to find out more.
