Rebel Capitalist News You Should Be Terrified Of The "Genius Act" (Here's Why)
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Jul 29, 2025 The podcast dives into the controversial Genius Act, highlighting its potential to enhance centralized control over financial transactions. It raises alarms about the monopolistic tendencies that may benefit large banks. The discussion also underscores the dangers of consolidating financial data, warning it could destabilize resource allocation. Furthermore, the implications of digital currencies are examined, stressing the need for scrutiny and transparency in backing these currencies, advocating for freedom in financial practices.
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CBDC Requires Single Ledger
- A functional CBDC requires having all transactions on one centralized ledger.
- This centralized ledger allows the central bank to monitor and control transactions in real time.
Genius Act Favors Banks' Stablecoins
- The Genius Act bans non-bank stablecoins from paying interest, giving banks a competitive edge.
- This creates a monopoly where banks, like JP Morgan, dominate stablecoin issuance by paying interest only they can afford.
Centralized Ledger Enables Surveillance
- If JP Morgan controls stablecoins, all transaction data will centralize on one ledger they control.
- Palantir can aggregate this data, enabling government surveillance and AI-driven social credit systems.
