Galaxy’s Alex Thorn Rebuts NYT Criticism, Calls GENIUS Act a Win for Dollar Dominance and Innovation

In a point-by-point rebuttal shared via Galaxy’s newsletter and on X, Thorn called the criticisms “lazy and incongruous,” defending the legislation as a major step forward for U.S. financial infrastructure.

Thorn emphasized that the GENIUS Act introduces strict federal oversight where none currently exists. Despite fears that the bill would enable unchecked stablecoin growth or create systemic risks, Thorn argued it does the opposite—establishing clear rules around collateral, KYC/AML, consumer protection, and bankruptcy remoteness.

“This is a dollar dominance bill, not a crypto bill,” Thorn wrote, asserting the Act would upgrade the U.S. dollar by leveraging blockchain technology to enhance settlement speed and global accessibility.
The bill includes a ban on yield for stablecoin holders—a provision some in crypto oppose—designed to prevent capital flight from banks and money markets. It also incorporates a blacklist model for compliance, allowing open access while enabling legal enforcement.

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Thorn sees the GENIUS Act as a bipartisan success, shaped by years of collaboration between policymakers, blockchain experts, and national security officials.

“If it gets across the finish line, it will be one of the most consequential overhauls of the U.S. payments and monetary system in decades.”
With stablecoin circulation topping $250 billion, the GENIUS Act, Thorn argues, offers the regulatory clarity needed for traditional finance to engage meaningfully with digital assets—while reinforcing U.S. leadership in the evolving global financial landscape.

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