dobra sprava (zatial ;) pre par crypto-maximalistov, zla sprava pre vsetkych ostatnych

In 2008, the world learnt the cost of financial opacity the hard way. Wall Street alchemised housing risk into triple-A rated gold, and when the music stopped, we all paid the price. Today, the rhythm is different, but the instruments are familiar. The risk this time doesn’t sit with mortgage-backed securities or subprime borrowers. It sits with governments.

The new CDO is the sovereign bond. And the next crash, if it comes, will be state-led.

...

Investors are rightly asking: what happens if we’re the last ones holding the bag?

When private markets get nervous, they hedge. When governments get nervous, they innovate. The result: a new wave of financial engineering built on sovereign debt. The most ambitious iteration is the tokenisation of Treasuries, wrapping government IOUs in crypto clothing. Stablecoins backed by Treasuries are one flavour. Synthetic credit products, using sovereign debt as collateral for risk-sliced instruments, are another.

It’s the same logic that gave us the collateralised debt obligation: take something illiquid, give it a shiny wrapper, and make it move. But the wrapper doesn’t change the core. Debt is still debt. What’s different this time is who’s doing the repackaging: not banks, but governments.

Enter the GENIUS Act.

...

https://www.forbes.com/sites/jemmagreen/2025/06/08/the-dollars-digital-lifeboat-might-be-a-trojan-horse/