← Back to context

Comment by Aloisius

1 day ago

I don't know why I'd trust crypto companies with my company's money given the general lack of regulation; outrageous history of massive fraud, scams, security breaches and simply insiders running away with money; short history of these companies; lack of trusted deposit insurance; lack of reversibility; suspicious claims of guaranteed high "risk free" rates of return; and frankly, the general seediness of seemingly everyone involved.

I mean, for goodness sake, "normie"? Come on.

[flagged]

  • It mentions it once.

    More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them.

    And of course, even if a US-based stablecoin is well regulated, it still doesn't make these foreign "savings" account companies offering guaranteed high rates of return is a safe place to park your money.

    Everything about it feels scammy. The claim of compliance against non-existent regulations, too good to be true guaranteed high rates of return, companies set up in questionable jurisdictions and the emotional appeals of not being a sucker and fear of missing out? All that's missing is a suggestion that there's a limited time left to act.

    • > It mentions it once.

      > > (tranferring USDC or another GENIUS-compliant stablecoin on Solana).

      > > The Genius act regulates stablecoin provision. US-issued stablecoins are backed by government bonds with proof of reserves. USDC and PyUSD are compliant already, USAT exists because USDT isn't compliant.

      No.

      > More importantly, not only are those regulations not in effect, the final regulations haven't even been written or approved yet - which brings up certain questions about how a stablecoin could be compliant with them.

      No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27.

      1 reply →