Stable, Genius, and Other Lies: How a CBDC Got Signed While Everyone Cheered
I wrote the first version of this on the evening of July 18, 2025 — the day the GENIUS Act was signed into law. The news was calling it a triumph: crypto is finally going mainstream. People were cheering. I couldn’t shake the feeling we were applauding the cage. Nearly a year later, I don’t have to wonder anymore. So let me show you what I saw that night, and what’s happened since. ...