Washington’s GENIUS Act promises real competition in money movement, but a fatal blind spot threatens to crown a single king instead. The risk isn’t theoretical. Stripe and Circle are racing toward vertical integration — proprietary blockchains (Tempo, Arc), orchestration, wallets, compliance — bundling the coin, the rail, and the checkout so the UI quietly favors the house brand. That’s not an improvement over the status quo, it’s a moat with better marketing. It’s the 19th
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