The Spring Meetings of the International Monetary Fund and the World Bank are usually placid, forgettable affairs.
Not this year. Several central bankers returned home with a visceral sense of dread. The reason? The specter of the GENIUS Act — the stablecoin bill barreling toward passage by the U.S. Congress hot on the heels of President Donald Trump’s March 6 executive order establishing a strategic cryptocurrency reserve.
Central bankers have hitherto seen cryptocurrencies as a nuisance that, thankfully, lacked the capacity to cause serious ruptures in the monetary systems under their care. But now they think that Trump’s team are counting on cryptocurrencies pegged to the dollar as part of their strategy to rejig the global monetary system (and make the boss and his family a fortune in the process).
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