Galaxy’s Alex Thorn Rebuts NYT Criticism, Calls GENIUS Act a Win for Dollar Dominance and Innovation

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Why Alex Thorn Thinks the GENIUS Act is the Best Thing Since Sliced Bread! 🍞💰

Well now, gather ’round, folks! In a most entertaining fashion, our dear friend Alex Thorn, the sage of Galaxy, has taken to the digital airwaves to rebut the New York Times’ criticisms with all the fervor of a cat in a room full of rocking chairs. He called those critiques “lazy and incongruous,” which, if you ask me, is a fancy way of saying they were about as useful as a screen door on a submarine. 🐟

Thorn, bless his heart, is here to tell us that the GENIUS Act is like a breath of fresh air in a stuffy room, introducing strict federal oversight where none existed before. Now, I know what you’re thinking: “Ain’t that just a recipe for disaster?” But fear not! Thorn assures us that this legislation is more about establishing clear rules than it is about letting the stablecoin wild west run amok. He’s got rules for collateral, KYC/AML, consumer protection, and even bankruptcy remoteness—whatever that means! 🤷‍♂️

“This is a dollar dominance bill, not a crypto bill,” Thorn proclaims, as if he’s just discovered fire. He believes this Act will upgrade the U.S. dollar faster than a squirrel on a caffeine high, using blockchain technology to make transactions quicker than a jackrabbit on a date. 🐇💨

Now, here’s the kicker: the bill includes a ban on yield for stablecoin holders. Some folks in the crypto world are throwing a fit about this, claiming it’s like taking candy from a baby. But Thorn argues it’s all about keeping the money where it belongs—away from the banks and money markets that are already sweating bullets. And let’s not forget the blacklist model for compliance, which sounds like something out of a spy novel, allowing open access while keeping the lawmen happy. 🕵️‍♂️

Thorn sees the GENIUS Act as a bipartisan success, a veritable love fest between policymakers, blockchain experts, and national security officials. Who knew they could all play nice? If this bill crosses the finish line, it might just be one of the most consequential overhauls of the U.S. payments and monetary system since they invented the dollar bill itself! 💵

With stablecoin circulation topping a whopping $250 billion, Thorn argues that the GENIUS Act is the regulatory clarity that traditional finance has been waiting for, like a kid waiting for Christmas morning. It’s all about keeping the U.S. in the driver’s seat of the global financial landscape, and who wouldn’t want that? 🚗💨

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2025-05-23 22:46