Putin adviser: US weaponizing crypto to shed $35T debt burden

Amid the never-ending tensions on the global geopolitical scene, the cryptocurrency industry has been one of the points of contention, and recently, Anton Kobyakov, the advisor to Russian President Vladimir Putin, has accused the United States of weaponizing crypto.

Specifically, Kobyakov said that “the US is now trying to rewrite the rules of the gold and cryptocurrency markets” in an effort to solve its astronomical $35 trillion national debt, in his speech during the Eastern Economic Forum in Vladivostok, shared in an X post by user Megatron on September 8.

How Putin’s adviser sees the US crypto efforts

Indeed, he referred to the crypto and gold sectors as “essentially alternatives to the traditional global currency system,” adding that the US activities here indicate that it was trying to urgently address the increasing loss of confidence in its national currency.

Furthermore, Kobyakov said the US was pushing everyone into the ‘crypto cloud’ where it plans to move the debt, devalue it, and “start from scratch.”

“As in the 1930s and the 1970s, the US plans to solve its financial problems at the world’s expense, this time by pushing everyone into the ‘crypto cloud.’ Over time, once part of the US national debt is placed into stablecoins, Washington will devalue that debt. (…) That’s the reality for those who are so enthusiastic about crypto. 

Meanwhile, the US Senate has passed a bill known as the GENIUS Act for regulating stablecoins, signing it into law on June 17 this year in a 68-30 vote, paving the way for the governmental oversight of stablecoins and making them more suitable for everyday use.

As it happens, the decision came months after the Securities and Exchange Commission (SEC) approved the first yield-bearing stablecoin, known as YLDS, as a registered public security, launched by decentralized finance (DeFi) platform Figure Markets and offered through its subsidiary Figure Certificate Company.