With the passing of Crypto bills like the GENIUS Act, CLARITY Act, and anti-CBDC laws this week, Peter Schiff slams the US president over his signing the bills into law. Bitcoin critic Schiff added that these are just tools to hype BTC, and that the stablecoin bill would do no good to the already collapsing US dollar.
The passing of the landmark bills has proved to be a sell-the-news event for the crypto market, with Bitcoin (BTC) down 2% today, while altcoins like ETH, XRP, BNB, SOL, etc. see some pullback after a mega rally.
Peter Schiff Calls Crypto Bills “A Legislative Low Point”
US President Donald Trump signed the GENIUS Act into law on Friday, along with passing two other “Crypto bills,” aka CLARITY Act, anti-CBDC Act. Although some lawmakers and the crypto community called it a landmark moment for the digital assets industry, Peter Schiff has slammed the Trump administration.
Schiff believes that the primary purpose behind these bills is to boost legitimacy for Bitcoin, describing it as “decentralized Ponzi scheme”. According to the critic, these legislative efforts are being leveraged to inflate hype around Bitcoin and other digital assets. “The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. It’s a legislative low point,” wrote Schiff.
A day before, US President Donald Trump also talked of signing an executive order to facilitate 401K retirement investment in Bitcoin and crypto. Schiff believes that such a promotion for digital assets would only accelerate the collapse of US dollar. “Bitcoiners may cheer, as most bought Bitcoin to profit from a dollar crash. But ironically, gold will be the winner as Bitcoin will crash too,” he added.
Stablecoins Won’t Lead to US Dollar Dominance
With Donald Trump signing the GENIUS Act bill into law along with other crypto bills, crypto industry veterans like Paolo Ardoino stated that this would “cement the dollar’s global dominance.”
However, Peter Schiff called this narrative “nonsense”. With the US Dollar losing its strength over time, Schiff believes that the USD-pegged stablecoins will be only “as stable as the U.S. dollar itself” and that this stability will also erode over time.
Schiff has been an ardent critic of Bitcoin for years and believes that Gold is the only store of value. He has also criticized the Trump administration several times in the past for taking a pro-crypto stance.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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