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The GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act, signed into law by President Trump on July 18, 2025, is misnamed. It should have been named the EVIL GENIUS Act, as in one of those evil geniuses in James Bond films.
There has been enough ruckus in the alternative media (AM) about central bank digital currencies (CBDCs) to either stop their introduction or make it extremely difficult politically. Legislation was introduced in March, the Anti-CBDC Surveillance Act (H.R. 1919), and passed in the House of Representatives. It is now stuck in the Senate (S.1124), where its primary sponsor is Ted Cruz and it has five cosponsors. Trump has said he will sign it if it passes the Senate. Surely, if this legislation does pass and is signed into law, the U.S. will never experience the civil-liberties-destroying scourge of CBDCs.
The U.S. may never have CBDCs, but the evil GENIUS Act sets up one of those public-private partnerships so beloved by Trump and his technototalitarian cronies, which has the same civil-liberties-destroying potential.
Stablecoins are a digital currency emitted by private parties, tied in value to a specific currency (or, theoretically, an asset or index). In the case of so-called payment stablecoins, which the GENIUS Act primarily addresses, the stablecoins are tied to the price of the U.S. dollar (USD). Hence, while other cryptocurrencies fluctuate in relation to the dollar, a payment stablecoin does not. This does not mean it won’t gain or lose purchasing power; it actually will, in exactly the same amount as the U.S. dollar. Payment stablecoins simply will retain the same valuation in USD and, as a result, the user won’t be subject to capital gains taxes (which are assessed based on an asset’s valuation in comparison to the U.S. dollar).
“The GENIUS Act and Its Implications for Financial Transaction Freedom,” Tobi Maier, Esq., The Solari Report, 8/13/25
Private stablecoins have the attributes technototalitarians love about CBDCs—surveillance and programmability—which the evil GENIUS Act enables, while CBDCs take all the heat from politicians like Trump and Cruz (he voted for the evil GENIUS Act) posing as foes of totalitarian payments technology.
Any digital transaction is documented and recorded. Third parties can both lawfully and unlawfully obtain . . .
