USDC as a “Stealth CBDC" and The Genius Act - consolidation of power over crypto The GENIUS Act just passed and now USDC is asking for a U.S National Bank License, the truth behind it all is if Circle gets a national bank charter, USDC becomes a government-aligned instrument, whether officially declared a CBDC or not - It becomes a direct arm of the U.S. banking system, with the full regulatory trust of Washington. - It has programmability. - It has state-level oversight. - It has on-chain enforcement mechanisms(blacklisting features baked in) - It has distribution across Ethereum and Base (Coinbase). Don't forget COINBASE It’s the only major crypto exchange: - Publicly traded on U.S. markets. - Fully licensed in all 50 states. - Deeply connected with institutional finance. No other exchange Binance, Kraken, Gemini is anywhere near this level of regulatory and institutional trust. and JPMorgan;the most powerful private bank in the U.S., has a token with the ticker "JPMD" on Base(Coinbase L2) I started using the term: Decentralized Centralization That’s functionally a modular CBDC and Coinbase is the pipeline #coinbase #cryptocurrency #defi #cefi #ciansa #cia #nsa #binance #cbdc #usdc #jpmorgan #kraken #gemini #blackrock #crypto