The “Genius Act” Is on a Fast Track, and Tether Is in Its Crosshairs
- Analyst Jacob King is warning that the new US GENIUS Act for stablecoins could effectively ban Tether (USDT)
- He alleges that Tether provides 85-90% of Bitcoin’s trading volume and its removal would crash the market
- The warning comes as the U.S. House prepares for a final vote on the landmark stablecoin legislation this week
Crypto analyst Jacob King has warned about a potential market collapse if the U.S. Senate passes the GENIUS Act, a bill he claims could lead to the banning of Tether (USDT) in the United States.
King believes the stablecoin’s removal from the U.S. market would shake the entire crypto ecosystem, particularly Bitcoin.
King’s Thesis: The Tether-Bitcoin Connection
According to King on X, Tether provides an estimated 85–90% of the daily trading volume for Bitcoin. He alleges that the company has been printing large amounts of USDT without proper backing in an attempt to support cryptocurrency prices.
Tether’s transparency and reserves have been long debated within the crypto industry. The company has repeatedly def…
The post The “Genius Act” Is on a Fast Track, and Tether Is in Its Crosshairs appeared first on Coin Edition.
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The “Genius Act” Is on a Fast Track, and Tether Is in Its Crosshairs
- Analyst Jacob King is warning that the new US GENIUS Act for stablecoins could effectively ban Tether (USDT)
- He alleges that Tether provides 85-90% of Bitcoin’s trading volume and its removal would crash the market
- The warning comes as the U.S. House prepares for a final vote on the landmark stablecoin legislation this week
Crypto analyst Jacob King has warned about a potential market collapse if the U.S. Senate passes the GENIUS Act, a bill he claims could lead to the banning of Tether (USDT) in the United States.
King believes the stablecoin’s removal from the U.S. market would shake the entire crypto ecosystem, particularly Bitcoin.
King’s Thesis: The Tether-Bitcoin Connection
According to King on X, Tether provides an estimated 85–90% of the daily trading volume for Bitcoin. He alleges that the company has been printing large amounts of USDT without proper backing in an attempt to support cryptocurrency prices.
Tether’s transparency and reserves have been long debated within the crypto industry. The company has repeatedly def…
The post The “Genius Act” Is on a Fast Track, and Tether Is in Its Crosshairs appeared first on Coin Edition.
Read More
‘Crypto Week’ Climax: Trump to Formalize Stablecoin Rules with GENIUS Act Signing Today