Gold advocate and long-time crypto critic Peter Schiff has taken aim at the U.S. government’s latest pro-crypto move, calling the newly signed GENIUS Act, CLARITY Act, and anti-CBDC bill a “legislative low point.”
While the crypto community, including Ripple CEO Brad Garlinghouse, cheered the passing of these bills as a historic win for digital assets, Schiff warned that they may actually weaken the U.S. dollar and boost what he calls a “decentralized Ponzi scheme” in Bitcoin.
Rather than rallying on the news, crypto prices dipped. Bitcoin (BTC) fell 2%, while top altcoins like Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and Solana (SOL) pulled back after recent gains.
Schiff believes this proves the legislation is more about hype than substance.
“The industry is using these bills to hype Bitcoin and other cryptos so insiders can cash out at higher prices,” he said, warning that the bills are fueling short-term gains at the cost of long-term stability.
The GENIUS Act supports dollar-pegged stablecoins, which is a move praised by industry leaders like Rum’s Chris Pavlovski and Coinbase CEO Brian Armstrong, who claim it will strengthen the dollar’s global position.
But Schiff strongly disagrees.
“Stablecoins are only as strong as the U.S. dollar itself,” he argued, calling the idea “nonsense” and warning that this supposed stability will fade as the dollar continues to weaken.
He remains firm in his belief that gold, not Bitcoin or stablecoins, is the real store of value.
Alongside the new bills, Trump is also pushing for an executive order to allow 401(k) retirement investments in Bitcoin and crypto.
Schiff sees this as a dangerous move that could speed up the dollar’s decline.
“Bitcoiners may cheer, as most bought Bitcoin to profit from a dollar crash. But ironically, gold will be the winner – Bitcoin will crash too,” he said.
Schiff’s warnings raise serious questions about where the U.S. is headed with its new pro-crypto stance. While many see these bills as a step forward, critics like Schiff argue they may backfire, risking more harm to the economy than help.
As crypto regulation takes shape, the debate is far from over: are these bills laying the groundwork for a digital future or opening the door to financial trouble
Crypto prices dipped as traders feared the bills were more hype than substance, allowing insiders to sell at higher prices.
Trump plans an executive order to allow 401(k) investments in Bitcoin and crypto, a move Schiff says is risky for the U.S. economy.
Schiff believes Bitcoin will crash alongside the dollar and gold will emerge as the real winner in the coming financial shift.
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