Peter Schiff Blasts Trump’s Crypto Bills: A ‘Legislative Low Point’ 🤦‍♂️

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In a world where the pen is often mightier than the sword, Gold advocate and long-time crypto critic Peter Schiff has once again wielded his quill against the U.S. government’s latest pro-crypto endeavors. The GENIUS Act, CLARITY Act, and anti-CBDC bill, recently signed into law, have been derided by Schiff as nothing short of a “legislative low point.”

Amidst the jubilant cheers of the crypto community, including Ripple CEO Brad Garlinghouse, who hailed these bills as a historic victory for digital assets, Schiff stood resolute, warning that such legislation might indeed weaken the almighty U.S. dollar and bolster what he terms a “decentralized Ponzi scheme”—namely, Bitcoin.

The main purpose of the “landmark” crypto bills is to cloak Bitcoin—nothing more than a decentralized Ponzi scheme—in the trappings of legitimacy. The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. It’s a legislative low point.

— Peter Schiff (@PeterSchiff) July 18, 2025

Contrary to expectations, the crypto market did not rally on the news but rather took a slight dip. Bitcoin (BTC) fell 2%, while top altcoins like Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and Solana (SOL) also retreated after recent gains. Schiff views this as a clear indication that the legislation is more about creating hype than providing substantive support.

“The industry is using these bills to hype Bitcoin and other cryptos so insiders can cash out at higher prices,” he remarked, adding a note of caution that such measures might lead to short-term gains at the expense of long-term stability.

Schiff: Stablecoins Won’t Save the Dollar

The GENIUS Act’s endorsement of dollar-pegged stablecoins has been met with applause from industry leaders such as Rum’s Chris Pavlovski and Coinbase CEO Brian Armstrong, who believe it will fortify the dollar’s global standing. However, Schiff remains unconvinced.

“Stablecoins are only as strong as the U.S. dollar itself,” he contended, dismissing the notion as “nonsense” and predicting that any perceived stability will evaporate as the dollar continues its downward trajectory. Schiff holds steadfast in his conviction that gold, not Bitcoin or stablecoins, is the true store of value.

Trump’s Crypto Push: Bold or Risky?

Complementing the new bills, former President Trump is advocating for an executive order to permit 401(k) retirement investments in Bitcoin and other cryptocurrencies. Schiff views this as a perilous gambit that could accelerate the dollar’s decline.

“Bitcoiners may cheer, as most bought Bitcoin to profit from a dollar crash. But ironically, gold will be the ultimate victor—Bitcoin will crash too,” he prophesied.

How Will This Move Shape Up?

Schiff’s admonitions cast a shadow of doubt over the U.S.’s burgeoning pro-crypto policy. While many perceive these bills as a progressive step, critics like Schiff argue that they could backfire, potentially causing more harm than good to the economy.

As the landscape of crypto regulation continues to evolve, the debate rages on: are these bills paving the way for a digital renaissance or unwittingly sowing the seeds of financial turmoil? 🤔

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2025-07-19 14:40