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I don't know why I'd trust crypto companies with my company's money given the general lack of regulation; outrageous history of massive fraud, scams, security

I don't know why I'd trust crypto companies with my company's money given the general lack of regulation; outrageous history of massive fraud, scams, security breaches and simply insiders running away with money; short history of these companies; lack of trusted deposit insurance; lack of reversibility; suspicious claims of guaranteed high "risk free" rates of return; and frankly, the general seediness of seemingly everyone involved. I mean, for goodness sake, "normie"? Come on.

nailer 8mo ago
[flagged]
- Aloisius 8mo ago
  It mentions it once. More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them. And of course, even if a US-based stablecoin is well regulated, it still doesn't make these foreign "savings" account companies offering guaranteed high rates of return is a safe place to park your money. Everything about it feels scammy. The claim of compliance against non-existent regulations, too good to be true guaranteed high rates of return, companies set up in questionable jurisdictions and the emotional appeals of not being a sucker and fear of missing out? All that's missing is a suggestion that there's a limited time left to act.
  - nailer 8mo ago
    > It mentions it once. > > (tranferring USDC or another GENIUS-compliant stablecoin on Solana). > > The Genius act regulates stablecoin provision. US-issued stablecoins are backed by government bonds with proof of reserves. USDC and PyUSD are compliant already, USAT exists because USDT isn't compliant. No. > More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them. No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27.
    - Aloisius 8mo ago
      > No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27. The law itself isn't the regulations. The law authorizes and directs regulators to create the regulations. Moreover, the GENIUS Act doesn't become effective until January 18, 2027 (18 months after it was passed) or 120 days after regulators issue final regulations, whichever is earlier.[1][2] The regulations for it are still being developed across dozens of state and federal regulatory agencies. The only thing someone like Tether did was get an existing bank to issue it which is a basic requirement to qualify as stablecoin issuer at all. [1] Pub. L. 119–27, § 20 [2] https://dacfp.com/the-genius-act-in-plain-english/ https://dacfp.com/the-genius-act-in-plain-english/

nailer 8mo ago

[flagged]

Aloisius 8mo ago
It mentions it once. More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them. And of course, even if a US-based stablecoin is well regulated, it still doesn't make these foreign "savings" account companies offering guaranteed high rates of return is a safe place to park your money. Everything about it feels scammy. The claim of compliance against non-existent regulations, too good to be true guaranteed high rates of return, companies set up in questionable jurisdictions and the emotional appeals of not being a sucker and fear of missing out? All that's missing is a suggestion that there's a limited time left to act.
- nailer 8mo ago
  > It mentions it once. > > (tranferring USDC or another GENIUS-compliant stablecoin on Solana). > > The Genius act regulates stablecoin provision. US-issued stablecoins are backed by government bonds with proof of reserves. USDC and PyUSD are compliant already, USAT exists because USDT isn't compliant. No. > More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them. No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27.
  - Aloisius 8mo ago
    > No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27. The law itself isn't the regulations. The law authorizes and directs regulators to create the regulations. Moreover, the GENIUS Act doesn't become effective until January 18, 2027 (18 months after it was passed) or 120 days after regulators issue final regulations, whichever is earlier.[1][2] The regulations for it are still being developed across dozens of state and federal regulatory agencies. The only thing someone like Tether did was get an existing bank to issue it which is a basic requirement to qualify as stablecoin issuer at all. [1] Pub. L. 119–27, § 20 [2] https://dacfp.com/the-genius-act-in-plain-english/ https://dacfp.com/the-genius-act-in-plain-english/