“The idea that the stablcoins will promote the domain of the dollar is absurd”

The gold economist and defender, Peter Schiff, has strongly criticized the pro-descriptomoned legislative package approved this week by President Donald Trump, qualifying it as a “low legislative point” for the United States.

Genius, Clarity and the Anti-CBDC projects have been held by sector leaders as a historical victory for the industry, but Schiff argues that they represent a systemic risk for the economy and the stability of the dollar.

Schiff’s statements occur in a context of generalized enthusiasm in the community. Voices such as those of the CEO of Ripple, Brad Garlinghouse, and the director of Coinbase, Brian Armstrong, supported the legislation, in particular the provisions that support the use of stable currencies linked to the dollar as an instrument to strengthen the US position. UU. In the global financial system. However, Schiff considers this “absurd” vision and warns that these measures only accelerate the decline of the US currency.

“The stablecoins are as strong as the dollar itself,” Schiff said in an X publication. “The exaggeration that the Stablecoins will help ensure the domain of the dollar is nonsense.”

In his opinion, the narrative that these laws will benefit the economy is only a strategy to artificially inflate Bitcoin prices and allow large investors to liquidate positions with profits.

One of the most controversial points for Schiff is the legal support for the stablcoins. The Genius law seeks to establish a framework for its regulated issuance in the US, what many consider a key step to incorporate digital assets into the traditional financial system.

However, Schiff believes that these initiatives further weaken the bases of the monetary system, adding a dependency layer on an asset – the dollar – that, in his opinion, is already in structural decline.

It is worth noting that, instead of reflecting market confidencethe announcement of the legislation coincided with a price correction. Bitcoin retreated 2% on the same day, while Ethereum (ETH), Ripple (XRP), BNB and Solana (Sun) also suffered falls after a bullish streak.

For Schiff, this shows that the true objective of these laws is promotional, unstructural. “The industry is using these bills so that insiders can charge at higher prices,” he said.

While ecosystem defenders see in these laws a door towards the legitimation of digital assets, Schiff’s warnings reflect a diametrically opposite vision: that these measures do not strengthen the economy, but to pave the path to a major crisis. In that context, the veteran economist insists that only gold can function as a long -term sustainable value reserve.

The debate is still open. The genius law signed by Trump sets an unprecedented regulatory turn in favor of cryptocurrenciesbut they also expose fissures between those who believe in the digitalization of money and those who warn about their possible side effects, as reported by cryptootics.