Renowned economist and cryptocurrency critic Peter Schiff has sharply criticized the recently passed cryptocurrency legislation in the United States. The House of Representatives approved three key documents — GENIUS, CLARITY, and Anti-CBDC, and President Donald Trump signed the GENIUS stablecoin bill. However, Schiff is convinced that these innovations do not improve the situation in the industry.
This is reported by Business • Media
Criticism from Peter Schiff
Schiff stated that the main goal of the “epoch-making” cryptocurrency bills is to attempt to grant official recognition to Bitcoin, which he calls a decentralized Ponzi scheme. In his view, the crypto industry is using the adoption of such initiatives to artificially boost interest in Bitcoin and other digital assets, allowing insiders to profitably sell them.
“He also noted that he sees this as one of the lowest points in legislation.”
Furthermore, Schiff believes that promoting investments in digital currencies harms the U.S. economy and weakens the dollar’s position. He argues that even if Bitcoin supporters hope to profit amid the weakening of the national currency, gold will ultimately benefit in the long run, as Bitcoin will also be devalued.
Position of the Crypto Community
At the same time, TRON founder Justin Sun supported the actions of the Trump administration and emphasized that a new era for cryptocurrencies is just beginning in the U.S. He expressed his intention to continue collaborating with the president and his team to develop the crypto industry.
It is worth noting that earlier, independent journalist under the pseudonym L0la L33tz reported that the U.S. government owns only 28,988 BTC.