The City of London’s flagship weekly, The Economist reported on July 23 that a “big bang” in cryptocurrency use is about to “revolutionize” the global financial system, thanks largely to the passage of President Trump’s GENIUS Act in the United States, which explicitly rules out any government regulation of the crypto market. Europeans have also endorsed the idea of crypto, but have drafted laws requiring a modicum of oversight by regulators.
The article conveys some concern over the implications of unleashing this new tidal wave of speculation, in typically backhanded British fashion: “Their use as anything other than a tool for speculation and financial crime has been repeatedly found wanting,” they write; in fact, “the more useful stablecoins and tokens prove to be, the greater the risk.”
