Mehmet Oz accidentally raises an important point about the Republicans’ far-right megabill
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U.S. Senate Passes First Major Stablecoin Regulation Bill
Above: Scott Bessent at Lancaster House in London, U.K., on June 10, 2025. Image copyright: Chris J. Ratcliffe/Bloomberg/Getty Images
The Spin
Republican narrative
This groundbreaking legislation finally brings much-needed clarity to the stablecoin market while strengthening America's financial dominance. The GENIUS Act ensures the U.S. dollar remains the backbone of digital currency, potentially generating trillions in Treasury demand and lowering national debt. Smart regulation beats heavy-handed government interference every time.
Democratic narrative
The bill reflects a dangerous deregulatory approach that prioritizes industry profits over consumer protection and financial stability. Without adequate anti-corruption safeguards or restrictions on big tech involvement, this legislation creates the same conditions that led to previous financial crises. Thin regulation isn't a smart policy.