The U.S. government is voting on a bill, the genius bill, "To provide for the regulation of payment stablecoins..." 119th Congress, 1st session, S.394. Genius, "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025”. Introduced by Sen. Bill Hagerty, TN.

Once again, the bill is to "To provide for the regulation of payment stablecoins, and for other purposes."

Even some Democratic Senators have fallen for the idea of a currency, competing with the U.S. dollar, not backed by any asset.

From Sen. Elizabeth Warren, First, the bill gives a clear green light to Trump’s world-historical corruption. “Passing this bill means that we can expect more anonymous buyers, big companies, and foreign governments to use the president’s stablecoin as both a shadowy bank account shielded from government oversight and as a way to pay off the president personally."

Worse still, suppose a normal bank that holds a bunch of stablecoin reserve assets goes belly up. In that case, Georgetown Law professor Adam Levitin writes, “the claims of the stablecoin investors will come ahead of the bank depositors.”

Is it true that anyone can currently create a stablecoin (cryptocurrency)? A stablecoin is theoretically a cryptocoin that is supposed to be backed by some sort of asset. In the case of this new bill, the asset could be U.S. currency, bank deposits, Treasury bills, money market funds, Central bank reserve deposits, or "reverse repurchase agreements with a maturity of 7 days or less that are collateralized by Treasury notes, bills, or bonds on an overnight basis, subject to overcollateralization in line with standard market terms."

It's hard to believe that this is going forward. Why do we need cryptocoins/stablecoins? What are the people that buy cryptocoins hiding?

Besides that, cryptocoins/bitcoins/stablecoins use a lot of our power grid. East Knox bitcoin miner uses nearly 10% of KUB electricity. And what is the result of that power usage? Nothing.

Bitcoin [cryptocoin/stablecoin], the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece — making crypto a significant contributor to global air pollution and climate change."

I remember the savings and loan disaster from the early 80s. Many banks and savings and loans failed, shutting down. Many people lost their entire savings because they invested in accounts that were not insured. If it sounds too good to be true, then it probably is.

What is wrong with this picture?