#TheStablecoinDebate WSJ's chief economics commentator just called USDT and USDC "private money" — citing 84% of illicit crypto activity tied to stablecoins and under 1% actual payment use. Drew parallels to 19th-century free banking 📰 Coinbase's policy chief fired back immediately: ~90% of US M2 is already private liabilities. The GENIUS Act mandates 1:1 reserves and bans leverage. Not the same risk at all 💬 Both arguments have merit. Which makes this fight actually interesting 👀 But the timing is what I can't ignore. Congress has to pass GENIUS before August recess. This WSJ piece drops right in the middle of the legislative sprint. Is that a coincidence? 🤔 If the framing sticks with lawmakers, the timeline slips. If GENIUS passes, institutional on-ramps reopen. "84% of illicit activity involves stablecoins" — is that a stablecoin problem, or just what happens when any large-scale payment tool exists? Cash doesn't get this treatment 💀 Who benefits most from this narrative war right now? 👇