“Today’s episode contends that the proposed GENIUS Act, framed as stablecoin regulation and innovation, is actually a means to legalise a system of programmed digital currency, or “scrip,” issued by corporations and institutions. This, Dr. Jaime Hoerricks argues, will trap the poor in fragmented economic ecosystems where their access to earned value is conditional and controlled by the issuer, unlike traditional public money. In the source article, they highlight concerns for workers, students, migrants, and marginalised groups who could be paid in tokens usable only within specific systems, leading to loss of autonomy, added costs, and potential exclusion. Ultimately, Dr. Hoerricks believes this legislation facilitates surveillance and control, not financial inclusion or freedom, and calls for resistance to what they see as a system of “programmable poverty” and “algorithmic governance.”
Here’s the link to the source article: https://open.substack.com/pub/autside/p/the-coin-and-the-collar-the-genius
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