Shadow Ledger Dossier

GENIUS Act / SAB 121: stablecoin issuers wrote the rules they profit from

Orchestrator: Bill Hagerty
70/100
Moderate orchestration evidence
Closure mechanism

Coinbase, Circle, and their reserve managers fund the Fairshake PAC network → PAC network supports senators who sponsor the GENIUS Act → Act codifies a stablecoin regime that scales the donors' fee and float-management revenue → reserve managers (BlackRock, Cantor) collect fees from the newly-legitimised float, with one custody relationship landing in a U.S. Cabinet officer's private partnership.

Trigger event
No trigger event documented yet.
Profit mechanisms — money flows benefiting
Coinbase corporate treasury → Fairshake super-PAC → Senate crypto winners → GENIUS Act →
$45.00M · 7 hops · secondary
⛔ Disclosure not filed
Circle USDC reserves → BlackRock fund fees → BlackRock political spend → SAB 121 reversal →
— · 4 hops · inferential
⛔ Undisclosed beneficial owner
Public cost
No public cost documented yet.
How this score was computed
  1. Financial position: $45.00M → score 0.78
  2. Proximity to trigger: (unknown) → score 0.30
  3. Policy influence: (unknown) → score 0.30
  4. Public cost: qualitative only → score 0.00 (floor used as divisor)
  5. Vanish penalty: 2/2 chains vanish before orchestrator → ×0.50
  6. Raw = (0.78 × 0.30 × 0.30) ÷ 0.05 = 1.40
  7. Final = 1.40 × 0.50 (clamped) = 0.70

Score = (financial position × proximity × policy influence) ÷ public cost, then multiplied by a vanish penalty (chains that go dark before reaching the orchestrator weaken the evidence). Every input is documented above; nothing is hidden inside the number.

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