Max Keiser criticizes GENIUS Act, calls stablecoins 'fiat in disguise'

Bitcoin advocate Max Keiser has criticized the proposed U.S. GENIUS Act, warning it supports fiat dominance and undermines Bitcoin’s purpose. The bill seeks to regulate stablecoins by banning yield offerings and framing them as cash equivalents rather than investment tools. Keiser argues that stablecoins reinforce the traditional banking system and limit financial sovereignty. Critics of the bill claim it favors banks by restricting DeFi innovations like staking and lending, potentially stifling competition and innovation in digital finance, BeInCrypto reported.