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Josh Sigurdson talks with Mark Gonzales about the STABLE Act and GENIUS Act as the US House Committee passes the legislation making the cashless society a reality.

While cryptocurrencies were birthed from the idea of decentralization and resisting central banks and the mainstream financial system, they are quickly being used for the opposite as this new stablecoin legislation ensures KYC (Know Your Customer) surveillance.

Under an emergency order it would be incredibly easy to force people to use things like Tether as the go-to currency for trade. Every transaction would be tracked and traced and it's likely people would be forced to use a specific government made wallet to use it.

While Trump claims he banned CBDCs (Central Bank Digital Currencies), this only applies to the Federal Reserve. The Treasury can still release a digital currency and with this recent legislation, utilizing Tether, it is possible to simply use digital promissory notes on Tether.

Meanwhile, systemic risk of bank runs increase dramatically as the markets melt down and people attempt to withdraw from banks in big numbers. Basel 3 is in place and could result in bail ins at any time.

Chocolate Finance recently took a 500 million dollar hit from withdrawals in only 2 weeks.

Let's get real about preparing.

Stay tuned for more from WAM!

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