Dear, Mr. Pick
My name is James Douglas Edward, and I have been following the GENIUS Act since it passed in the senate on May 19, 2025. I know the bill is not complete and there will be another vote but you should know that if the 1 to 1 capitalization requirement of stablecoins is enforced, as stipulated in the act, it will create an over capitalization of the banking system. As the crypto prices rise it will be ever more difficult for the banks to raise the required capital - interest rates will rise and businesses will fail. Once the crypto prices have risen high enough the capitalization requirements will be too great and stablecoins backed by banks and other institutions will default causing their institutions to fail. Although this is an excellent way for the American government to pull money out of circulation I believe it will lead to massive unemployment and housing losses (worse than 2008). Please do not create a stablecoin at Morgan Stanley, and if you must, please provide a price cap so that you are not sunk by over capitalization. Furthermore, invest in foreign financials like those of England and China - I believe China has outlawed cryptocurrencies and they should be in a good position moving forward. If Morgan Stanley can side step the upcoming capitalization crisis they will be in an excellent position to lend to large American businesses which is the core of Morgan Stanley's business.
Sincerely,
James Douglas Edward
Twitter: @_KingOfBritain
Web Page: https://king-edward-of-britain.neocities.org/Investing/Cryptocurrency/Future/CryptoFuture_index
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