Congress, its eye on a futuristic form of finance, is debating legislation that would legitimize stablecoins, a specific type of cryptocurrency linked to the U.S. dollar. But lawmakers eager to do the bidding of this new industry are ignoring the transformation of the American regulatory system and allegations of corruption in the second Trump administration.

To the delight of Silicon Valley, Big Tech and Wall Street, within the next week or two the Senate appears poised to approve the GENIUS Act, a law that would give legal blessing to stablecoins. Despite the bitter partisan strife that defines American politics, about a dozen Democratic senators appear ready to lock arms with almost all Republicans to pass the legislation.

Following the model since the New Deal created our modern inde

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