Jim Rickards warns of a massive financial panic fueled by stablecoins and unregulated digital assets under the Genius Act. He cites Vietnam’s biometric IDs and account freezes as a “trial run” for centralized control. Governments could monitor, freeze, or confiscate funds. A run on banks triggered by AI could cause stablecoin holders to sell treasuries, risking a market freeze and unprecedented financial turmoil.
Vietnam Freezes 86 Million Bank Accounts Overnight, US is Next Under Genius Act: Jim Rickards
