INSUBCONTINENT EXCLUSIVE:
Some Democrats supported the GENIUS Act, arguing that some regulation is better than none as cryptocurrency activity increases globally and
the technology has the potential to revolutionize the US financial system.But Hand told Ars that "we've already seen what happens when there
are no protections" for consumers, like during the FTX collapse.She joins critics that the BBC reported are concerned that stablecoin
investors could get stuck in convoluted bankruptcy processes as tech firms engage more and more in "bank-like activities" without the same
oversight as banks.The only real assurances for stablecoin investors are requirements that all firms must publish monthly reserves backing
their tokens, as well as annual statements required from the biggest companies issuing tokens
Those will likely include e-commerce and digital payments giants like Amazon, PayPal, and Shopify, as well as major social media
companies.Meanwhile, Trump seemingly wants to lure more elderly people into investing in crypto, reportedly "working on a presidential order
that could allow retirement accounts to be invested in private assets, such as crypto, gold, and private equity," the BBC reported.Waters, a
top Democrat on the House Financial Services Committee, is predicting the worst
"consumer harm" and planting "the seeds for the next financial crisis."The House of Representatives passed two other crypto bills this week,
industry has been pushing since spending more than $119 million backing pro-crypto congressional candidates last year, a Coinbase policy
official, Kara Calvert, told The New York Times.
