What do you think about the Genius act passing on June 17th?

The GENIUS Act is the government's way of taking control over a part of cryptocurrency that was supposed to be free from centralized authority. It forces stablecoin creators to follow strict rules, report to federal agencies, and only hold certain kinds of assets, effectively turning stablecoins into digital versions of traditional money under government watch. This law goes against the original idea of crypto as a decentralized system, and instead pushes it closer to the same financial system people were trying to escape. It gives regulators more power while removing privacy, flexibility, and independence from users and developers.