Crypto's New Bailout Fund: Your Savings Account
The GENIUS Act would require banks to prioritize stablecoin owners over customers if there’s a financial collapse.
After a flood of crypto industry campaign cash, the U.S. Senate is poised to pass a financial deregulation bill ensuring that when a bank goes out of business, the savings of cryptocurrency owners would be made whole before those of other bank customers.
During a bank collapse, the language buried deep in the bill could effectively require financial institutions to drain money from regular depositors’ savings and checking accounts and give it to cryptocurrency investors to reduce those investors’ losses.
The Senate legislation, known as the GENIUS Act, aims to establish a light-touch legal framework to allow banking and nonbanking institutions, such as cryptocurrency exchanges and even social media companies, to issue a form of cryptocurrency called stablecoins. The bill comes after pro-crypto interests spent at least $4 million since January lobbying Congress, the White House, and regulators on the bill and other matters, disclosures show.
Included in the legislation is a provision declaring that if a bank goes bankrupt or becomes insolvent, “the claim of a person holding payment stablecoins issued by the payment stablecoin issuer shall have priority over all other claims against the payment stablecoin issuer.”
https://www.levernews.com/cryptos-new-bailout-fund-your-savings-account/
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My second thought was: Time to get out the pitchforks and torches. 
To stay in power, they pretend jeebus is coming any minute and those evil Dems are so bad. Since 1980 by the way. 45 years ago. It's worked, of course, because the average American is stupid. *George Carlin cited. 
