George Kamel - Did Trump Just Rock the Banking Industry? (Breaking Down the GENIUS Act)

Episode Date: October 6, 2025

Did Trump just rock the banking industry by signing America’s first-ever crypto law? Are we one step closer to crypto being a legitimate investment? Buckle up, buttercups, because we’re about to answer both of those questions by breaking down the all-new GENIUS act.    Next Steps: • 🎥 Watch my video The Truth About Trump’s “Big Beautiful Bill” (How It Affects Your Wallet). • 📈 Are you on track with the Baby Steps? Get a free personalized plan. • 💵 Start your free budget today. Download the EveryDollar app! Connect With Our Sponsors: • Get 20% off when you join DeleteMe. • Get up to 40% off Cozy Earth with code GEORGE. • Go to FAIRWINDS Credit Union for an exclusive account bundle!   Explore More From Ramsey Network: 🎙️ The Ramsey Show 🍸 Smart Money Happy Hour 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💡 The Rachel Cruze Show 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership   Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Did Trump just rock the banking industry by signing America's first ever crypto law? Are we one step closer to crypto being a legitimate investment? Buckle up Buttercups, because we're about to answer both of those questions by breaking down the all-new Genius Act. Now with more genius. Probably can't tell, but I am flexing my brain like crazy right now. By the end of the video, you'll know exactly what the Genius Act is, plus what it means for banks, the crypto world, and most importantly, you. Because you're the most important thing in my world.

And hopefully by the end, you'll have a better understanding of crypto in general, which I think I should win a Nobel Peace Prize for. Okay, like I mentioned a second ago, the Genius Act is the first piece of crypto legislation to make it onto the books in the U.S. The full name? The Guiding and Establishing National Innovation for U.S. Stable Coins Act, which is clearly the result of locking six interns in a conference room and saying, no one leaves until it spells something. And I want to make me look like a genius. And they went, got it. Who's name in these?

Just name it. Stop giving things acronyms. Doge, mega, genius. What are we doing? Simply put, the Genius Act creates federal rules for stable coins, which is a type of cryptocurrency. And the act makes sure

that they're fully backed by real cash or treasuries. And the goal here is to keep things safe, clear, and honest for everyone. Now, if all of that sounds Swahili to you, no, it doesn't. This does. Google it. Google it.

You can Google it. for real though, the whole concept of cryptocurrency is super confusing. So let me try to break it down for you in the simplest way possible. Cryptocurrency is a type of digital or virtual money. But unlike the money in your bank account, it doesn't come from a government or a central authority like the U.S. Treasury. Instead, it is created and tracked through something called the blockchain, which is basically a giant digital record book that keeps track of every single transaction made with a specific coin. It's like money, but fake, but also real, but also in a very real sense, fake.

Every time someone sends or receives crypto, that transaction gets added to the blockchain. It's public, secure, and really hard to change, which is why its users are so gung-ho. You can store your crypto in a digital wallet, which is basically an app or device that keeps your crypto safe and lets you send or receive it. Then you can either trade it like stocks, hoping its value goes up over time, or use it to buy things from sellers that accept crypto as a form of payment. Yes, it's confusing and complicated, but somehow that is still way simpler than any crypto bro would explain it to you, and still so much easier to understand than the rules of

Katan. This is real. So you can trade four of the same resource for one, if anything, unless you're on a port, then it might be three to one or sometimes two to one, but only for that specific resource. You get two points for the longest road, but only if it's continuous and not broken by someone else's settlement, unless you build around it somehow. And don't forget, you need exactly 10 points to win, but two of those might be secret cards you can't reveal until the very yet. I don't want to play your game, Grandma. Oh my gosh. You don't know. You don't how to use an iPhone, but you understand Catan? Take away your Social Security. It's an abomination. Watch your mouth, young man. Now, most traditional cryptocurrencies like Bitcoin,

Ethereum, and Solana aren't tied to any kind of real asset, which means their value is mostly based on scarcity and hype, leading to significant volatility. However, some types of crypto do tie their value to a real asset, and those are called stablecoins. The goal of stablecoins is to make cryptocurrency safer, more predictable, and less volatile. And this leads to us to the first important thing to know about the Genius Act. It only applies to stable coins. It's easy to see crypto regulation in a headline and think Bitcoin, Ethereum, and that Pepe the Frog coin just became better investments. But hold your horsies and freeze your frogs, because all of those unstable coins are not helped by this new legislation. So what exactly does

the Genius Act do for stable coins? That brings us to important thing to know, number two. The government is getting involved. The Genius Act has deputized a handful of government organizations to keep the digital streets safe in the crypto world for the very first time. Specifically, the OCC, the Fed, the FDIC, and the NCUA are now involved in overseeing stable coins. Basically, you've got the world's most boring Avengers lineup out there. You've got the Fed, the FDIC, the NCAA, and Janice from accounting, who honestly is the most exciting one because she keeps a Nerf crossbow at her desk. What? Nerf isn't cool anymore?

So the OCC, the Office of the Controller of the Currency, will now be in charge of many Stablecoin companies. and it will work with other federal agencies to watch over stablecoin use in banks and credit unions. So what exactly are they keeping tabs on? Well, stablecoin companies are now required to keep one real dollar for every token they make. So basically, these government bodies will be making sure stable coins are actually stable coins. What's my take? Well, regulation may sound like a buzzkill here,

but it actually helps bring some much-needed structure to a space that's been running like a chucky cheese with no manager. Which means there's no kid crying in the ball pit, another kid eating pizza off the floor. and as we recently learned, a giant rat being taken away in handcuffs for credit card fraud. Charles embezzlement cheese. It's what the E stands for, kids. Finally, important thing to know, number three, the Genius Act is already affecting the banking industry. One of the big reasons crypto came about in the first place

was a desire for a decentralized currency on behalf of people with little faith in the U.S. dollar. Translation, money that operates separately from the banking system. As you can imagine, that means traditional banks haven't exactly been the biggest fans of crypto, since it was designed to compete with them and work around them. Well, now that stable coins are being regulated, and as a result becoming more attractive to some investors,

banks are feeling even more left out, a la me during the school yard pick for kickball. The result? Some of the big dogs in the industry are no longer running from crypto, but rather trying to get in on the game. Specifically, Bank of America, Citigroup, and J.P. Morgan Chase are all in various stages of considering launching their own stable coin.

Hey, guess if you can't beat them, join them. Which is how I almost became a Girl Scout. Couldn't say no to the do-c-dose-dough, so I just did. And I know you can buy the cookies without joining editors. Do not put me in a girl. Do not put me in a Girl Scout. I said don't. I got the legs for it, just saying.

Wow, that's weird. Okay, so to recap, the Genius Act only applies to stable coins. It gets a handful of government agencies involved in regulating crypto, and it's already making waves in the banking industry. And now we need to answer an important question. What exactly does the Genius Act mean for everyday people like me and you? Before we tackle that question, let me ask you another one. What do you love most about your bed sheets?

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You can also use the link in the description. And remember, always be cozy. And you know what's not cozy? Getting targeted by fishing attacks and other types of online scams. That is no fun, and it's why I use DeleteMe, another sponsor of today's video. Delete Me cleans up your digital footprint by making sure your personal info isn't floating around on any data broker sites, which helps shrink the target on your back for spammers and scammers. In every few months, they'll send you a customized report, letting you know exactly what they've done and how much time they've saved you.

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Here's why. For starters, remember that we're only talking about stable coins here. And most of the popular coins people love to chase after, like Bitcoin and Ethereum, do not fall into this category. Those are still totally unregulated, totally volatile, and still a risky investment. So what about stable coins? Well, personally, I still have no plans to invest in stable coins, and you shouldn't either.

Look, stable coins are obviously way safer than their unstable rivals in the crypto world. But the reality is that even the most popular stable coins like Tether and USDC still don't have the proven track record of traditional investing options like mutual funds. Plus, when it comes to the stock market, you can actually understand what's going on, unlike crypto. Company share goes up in value, your money grows with it. It's that simple. And you should never invest in anything you do not understand.

So yes, I think this regulation is. is good, but it's not the end-all-be-all. Because single stocks, whole-life insurance, CDs, annuities, those are all regulated, yet they remain horrible investing options. So the bottom line here, crypto is still more speculation than investment, and it's still Mary Kay for young men,

and the government would have to do a whole lot more before that changes. Now, if you're dead set on putting money into crypto, I'm not going to jump over the desk and attack you like this guy. What is wrong? Okay, that was more violent than I remember, and I hope you're doing okay,

the Honorable Mary Kay. That's her real name. Look it up. But if you're going to put any money into crypto, make sure that you're only burning your fun money on it that is not a part of your world designed for investing and building wealth. And do not invest and build wealth until you're debt-free with a fully funded emergency fund, in that order. And make sure you go into it with this understanding that you're basically playing virtual roulette

with anything in this crypto world, except the wheel is invisible, and the dealer is a guy with hashtag Bitcoin in his ex-bio. Best of luck. Now, while the Genius Act may not impact your life very much, another recent development from the Trump administration will likely affect your wallet in one way or another. I'm talking about that big, beautiful bill.

And in this video, I break down exactly how it could impact you and your money. So click here to watch it next or use the link in the description. That's it for today. Be sure to hit like on the video, subscribe to the channel if you haven't already. Thanks for watching. We'll see you next time.