Deal

Cardinal Zen urges Society of St. Pius X to trust Pope Leo #Catholic Cardinal Joseph Zen, a prominent supporter of the Traditional Latin Mass, has urged the Society of St. Pius X (SSPX) to avoid schism by listening to Pope Leo XIV’s explanations of the Second Vatican Council.In a comment posted to X in Italian on Friday, the 94-year-old Chinese prelate weighed in on the ongoing discussions between the Holy See and the society, which has said it will consecrate bishops without papal approval.Zen’s comment follows those of Cardinals Gerhard Müller and Robert Sarah, who criticized the society for moving forward with its plan to consecrate bishops in defiance of the Vatican.“Pope Leo is one who listens! He understands and will make his children understand that certain things perpetrated in the name of the so-called ‘spirit of the council,’ but contrary to the Church’s tradition, are not of the council,” the cardinal wrote.He noted that even traditionalists are divided over the SSPX consecrations. “A schism must be avoided at all costs, because it will cause serious and lasting damage to the Church; but on the other hand, we must also respect a major problem of conscience: ‘How can we force someone to follow teachings that clearly deny the holy tradition of the Church?’” Zen said.Zen also accused the prefect of the Dicastery for the Doctrine of the Faith (DDF), Cardinal Víctor Manuel Fernández, of wanting “to dismantle the Church’s traditions.”“The SSPX has been sent to dialogue with the head of the Dicastery for the Doctrine of the Faith, but is there any hope to be gained from this dialogue?” he said.He also compared the discussions between the SSPX and the DDF to the biblical story of Joseph and his brothers. He identified the SSPX as Joseph, Fernández as Joseph’s brothers, and Pope Leo XIV as Reuben, who saved Joseph from his brothers.The SSPX — which exclusively celebrates the Traditional Latin Mass — published a statement in February defending its decision to consecrate bishops and the breakdown in discussions with the Vatican. Under canon law, a bishop who consecrates another bishop without a papal mandate incurs automatic excommunication along with the one who was consecrated.Zen slammed synodality at the consistory of cardinals in January. He is also an outspoken critic of the Chinese Communist Party (CCP) and the 2018 Vatican-China deal.

Cardinal Zen urges Society of St. Pius X to trust Pope Leo #Catholic Cardinal Joseph Zen, a prominent supporter of the Traditional Latin Mass, has urged the Society of St. Pius X (SSPX) to avoid schism by listening to Pope Leo XIV’s explanations of the Second Vatican Council.In a comment posted to X in Italian on Friday, the 94-year-old Chinese prelate weighed in on the ongoing discussions between the Holy See and the society, which has said it will consecrate bishops without papal approval.Zen’s comment follows those of Cardinals Gerhard Müller and Robert Sarah, who criticized the society for moving forward with its plan to consecrate bishops in defiance of the Vatican.“Pope Leo is one who listens! He understands and will make his children understand that certain things perpetrated in the name of the so-called ‘spirit of the council,’ but contrary to the Church’s tradition, are not of the council,” the cardinal wrote.He noted that even traditionalists are divided over the SSPX consecrations. “A schism must be avoided at all costs, because it will cause serious and lasting damage to the Church; but on the other hand, we must also respect a major problem of conscience: ‘How can we force someone to follow teachings that clearly deny the holy tradition of the Church?’” Zen said.Zen also accused the prefect of the Dicastery for the Doctrine of the Faith (DDF), Cardinal Víctor Manuel Fernández, of wanting “to dismantle the Church’s traditions.”“The SSPX has been sent to dialogue with the head of the Dicastery for the Doctrine of the Faith, but is there any hope to be gained from this dialogue?” he said.He also compared the discussions between the SSPX and the DDF to the biblical story of Joseph and his brothers. He identified the SSPX as Joseph, Fernández as Joseph’s brothers, and Pope Leo XIV as Reuben, who saved Joseph from his brothers.The SSPX — which exclusively celebrates the Traditional Latin Mass — published a statement in February defending its decision to consecrate bishops and the breakdown in discussions with the Vatican. Under canon law, a bishop who consecrates another bishop without a papal mandate incurs automatic excommunication along with the one who was consecrated.Zen slammed synodality at the consistory of cardinals in January. He is also an outspoken critic of the Chinese Communist Party (CCP) and the 2018 Vatican-China deal.

The 94-year-old Chinese prelate weighed in on the ongoing discussions between the Holy See and the Society of St. Pius X in a post on X.

Read More
Democratic lawmaker asks ICE director if he’s ‘going to hell’ in fiery hearing #Catholic A Democratic lawmaker asked U.S. Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons whether he believes he is “going to hell” in a contentious hearing with the House Homeland Security Committee on Tuesday, Feb. 10.Lyons — along with U.S. Citizenship and Immigration Services Director Joseph Edlow and Customs and Border Protection Commissioner Rodney Scott — testified before the committee as Congress negotiates potential reforms and funding for the agencies.On Feb. 3, Congress voted to extend funding for the Department of Homeland Security (DHS), which operates the three agencies, until Feb. 13 to end a four-day partial government shutdown. A deal has not yet been reached to extend funding further.At the hearing, Democratic lawmakers accused ICE of terrorizing the streets, using excessive force, and lacking accountability. Republicans defended ICE and rebuked Democratic officials in certain states for refusing to cooperate with federal immigration enforcement.One of the fiercest exchanges came from Rep. LaMonica McIver, D-New Jersey, who praised protesters for “peacefully rejecting your cruel agenda in the streets.” She said ICE believes it is “the highest power who decides which people deserve dignity, protection, and due process” and said “you are wrong [and] we are here for answers.”“How do you think judgment day will work for you, with so much blood on your hands?” McIver asked Lyons, to which he responded that he would not entertain the question.“Do you think you’re going to hell?” she followed up, before being chastised by Committee Chair Andrew Garbarino, R-New York, who told her to avoid personal attacks on witnesses and maintain decorum.McIver said “you guys are always talking about religion here, and the Bible.” She changed the subject slightly and asked Lyons whether he could name agencies that “routinely kill American citizens and still get funding,” which he also said was a question he was “not going to entertain.”“Once again, questions that you cannot answer and that is exactly why … we should not be funding this agency,” McIver said. “The people are watching you; they are watching you. And this is why we need to abolish ICE.”Lawmakers debate ICE operations, future of agencyThe killings of two American citizens at ICE protests — Renée Good and Alex Pretti — were a focal point of the hearing, and two examples that Democrats used to accuse ICE of excessive force and lacking accountability.Democratic Rep. Eric Swalwell, D-California, referenced both killings and criticized DHS Secretary Kristi Noem for referring to those who died as “domestic terrorists.” He asked Lyons whether he would apologize to the families or reject that characterization.Lyons said he would not comment on an ongoing investigation but would welcome a private conversation with the families.Democrats are split on whether to reform ICE or abolish it altogether.Rep. Seth Magaziner, D-Rhode Island, brought up instances in which he believes ICE used excessive force and suggested reforms are necessary before Congress awards funding.“It’s not just the actions of the agents in the field,” he said. “It is the lack of accountability from the top that has caused public trust to erode, and there needs to be major reforms before we vote to give any of you any more funding.”Alternatively, Rep. Delia Ramirez, D-Illinois, called for abolishing ICE and the entire DHS, which Congress formed to address terrorism threats after the Sept. 11, 2001, attacks. Ramirez said DHS was created to “violate our rights under the pretense of securing our safety.”“I’m going to say it loud and clear and I’m proud to stand by what I say,” she said. “DHS cannot be reformed. It must be dismantled and something new must take its place.”Rep. Michael McCaul, R-Texas, commented during the hearing that Democratic lawmakers “have called to abolish ICE [and] now they’re trying to shut it down” amid the negotiations and discussion during the hearing.He criticized the lack of coordination from Democratic-led “sanctuary” states and cities, which do not cooperate with ICE, saying the policies in Minneapolis “created a perfect storm for our officers being thrown into this situation.”Rep. August Pfluger, R-Texas, similarly expressed concern about ICE funding moving forward, based on the debates between the two parties.“It seems like one side of the aisle is in favor of open borders and wants to abolish ICE … and the other side of the aisle wants to enforce laws that are on the books,” he said.During the question and answer, Lyons expressed worry about the rhetoric from Democrats and noted that threats and assaults against ICE agents are on the rise. He said agents are trying to “keep America safe, restore order to our communities, [and] return the rule of law to this country.”“Those who illegally enter our country must be held accountable,” he said.Scott also showed concerns about the ongoing debate and expressed hope that DHS could receive support from both Republicans and Democrats.“I believe consistency and seeing support from the leadership on both sides of this building and the president is very important for our security,” he said. “I think the rhetoric and the … politicizing of law enforcement in general detracts from the general morale of our personnel.”Andrew Arthur, a resident fellow in law and policy at the Center for Immigration Studies, told “EWTN News Nightly” that he sees “much of [the Democratic threats to halt funding] as political theater,” noting that ICE will continue to operate regardless of whether Congress passes the funding bill.He said Democrats hope to take away an issue that made Trump popular during the 2024 election “and turn it into a bad issue for Republicans” in the midterms.Arthur said there may be some shifts in ICE’s approach in Minneapolis now that Border Czar Tom Homan is involved in seeking the “cooperation of state and city governments” that have been “reluctant, if not hostile” to immigration enforcement over the past year.The United States Conference of Catholic Bishops (USCCB) in November 2025 approved a special message with a 216-5 vote that declared opposition to “the indiscriminate mass deportation of people.”Late last month, about 300 Catholic leaders — including 15 bishops — asked Congress to reject ICE funding if the legislation fails to include reforms that have protections for migrants.

Democratic lawmaker asks ICE director if he’s ‘going to hell’ in fiery hearing #Catholic A Democratic lawmaker asked U.S. Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons whether he believes he is “going to hell” in a contentious hearing with the House Homeland Security Committee on Tuesday, Feb. 10.Lyons — along with U.S. Citizenship and Immigration Services Director Joseph Edlow and Customs and Border Protection Commissioner Rodney Scott — testified before the committee as Congress negotiates potential reforms and funding for the agencies.On Feb. 3, Congress voted to extend funding for the Department of Homeland Security (DHS), which operates the three agencies, until Feb. 13 to end a four-day partial government shutdown. A deal has not yet been reached to extend funding further.At the hearing, Democratic lawmakers accused ICE of terrorizing the streets, using excessive force, and lacking accountability. Republicans defended ICE and rebuked Democratic officials in certain states for refusing to cooperate with federal immigration enforcement.One of the fiercest exchanges came from Rep. LaMonica McIver, D-New Jersey, who praised protesters for “peacefully rejecting your cruel agenda in the streets.” She said ICE believes it is “the highest power who decides which people deserve dignity, protection, and due process” and said “you are wrong [and] we are here for answers.”“How do you think judgment day will work for you, with so much blood on your hands?” McIver asked Lyons, to which he responded that he would not entertain the question.“Do you think you’re going to hell?” she followed up, before being chastised by Committee Chair Andrew Garbarino, R-New York, who told her to avoid personal attacks on witnesses and maintain decorum.McIver said “you guys are always talking about religion here, and the Bible.” She changed the subject slightly and asked Lyons whether he could name agencies that “routinely kill American citizens and still get funding,” which he also said was a question he was “not going to entertain.”“Once again, questions that you cannot answer and that is exactly why … we should not be funding this agency,” McIver said. “The people are watching you; they are watching you. And this is why we need to abolish ICE.”Lawmakers debate ICE operations, future of agencyThe killings of two American citizens at ICE protests — Renée Good and Alex Pretti — were a focal point of the hearing, and two examples that Democrats used to accuse ICE of excessive force and lacking accountability.Democratic Rep. Eric Swalwell, D-California, referenced both killings and criticized DHS Secretary Kristi Noem for referring to those who died as “domestic terrorists.” He asked Lyons whether he would apologize to the families or reject that characterization.Lyons said he would not comment on an ongoing investigation but would welcome a private conversation with the families.Democrats are split on whether to reform ICE or abolish it altogether.Rep. Seth Magaziner, D-Rhode Island, brought up instances in which he believes ICE used excessive force and suggested reforms are necessary before Congress awards funding.“It’s not just the actions of the agents in the field,” he said. “It is the lack of accountability from the top that has caused public trust to erode, and there needs to be major reforms before we vote to give any of you any more funding.”Alternatively, Rep. Delia Ramirez, D-Illinois, called for abolishing ICE and the entire DHS, which Congress formed to address terrorism threats after the Sept. 11, 2001, attacks. Ramirez said DHS was created to “violate our rights under the pretense of securing our safety.”“I’m going to say it loud and clear and I’m proud to stand by what I say,” she said. “DHS cannot be reformed. It must be dismantled and something new must take its place.”Rep. Michael McCaul, R-Texas, commented during the hearing that Democratic lawmakers “have called to abolish ICE [and] now they’re trying to shut it down” amid the negotiations and discussion during the hearing.He criticized the lack of coordination from Democratic-led “sanctuary” states and cities, which do not cooperate with ICE, saying the policies in Minneapolis “created a perfect storm for our officers being thrown into this situation.”Rep. August Pfluger, R-Texas, similarly expressed concern about ICE funding moving forward, based on the debates between the two parties.“It seems like one side of the aisle is in favor of open borders and wants to abolish ICE … and the other side of the aisle wants to enforce laws that are on the books,” he said.During the question and answer, Lyons expressed worry about the rhetoric from Democrats and noted that threats and assaults against ICE agents are on the rise. He said agents are trying to “keep America safe, restore order to our communities, [and] return the rule of law to this country.”“Those who illegally enter our country must be held accountable,” he said.Scott also showed concerns about the ongoing debate and expressed hope that DHS could receive support from both Republicans and Democrats.“I believe consistency and seeing support from the leadership on both sides of this building and the president is very important for our security,” he said. “I think the rhetoric and the … politicizing of law enforcement in general detracts from the general morale of our personnel.”Andrew Arthur, a resident fellow in law and policy at the Center for Immigration Studies, told “EWTN News Nightly” that he sees “much of [the Democratic threats to halt funding] as political theater,” noting that ICE will continue to operate regardless of whether Congress passes the funding bill.He said Democrats hope to take away an issue that made Trump popular during the 2024 election “and turn it into a bad issue for Republicans” in the midterms.Arthur said there may be some shifts in ICE’s approach in Minneapolis now that Border Czar Tom Homan is involved in seeking the “cooperation of state and city governments” that have been “reluctant, if not hostile” to immigration enforcement over the past year.The United States Conference of Catholic Bishops (USCCB) in November 2025 approved a special message with a 216-5 vote that declared opposition to “the indiscriminate mass deportation of people.”Late last month, about 300 Catholic leaders — including 15 bishops — asked Congress to reject ICE funding if the legislation fails to include reforms that have protections for migrants.

Top U.S. immigration officials defended their policies during a contentious hearing as lawmakers continue to negotiate potential ICE funding and reforms.

Read More
Catholic digital assets company about to mint its first stablecoin #Catholic On March 15, a Catholic digital assets company known as Crescite Innovation Corporation will mint its first stablecoin, called Catholic USD.Stablecoins such as Catholic USD are a type of digital asset that is backed by and will have a 1-to-1 value equivalence with the U.S. dollar (and are not to be confused with cryptocurrencies like bitcoin).Catholic USDs can be used to make purchases from or donations to Catholic organizations the same way they would with any other payment method stored in smartphone wallets.Donations and other financial transactions can take place all over the world and will be nearly instantaneous, fee-free, and secure, thanks to blockchain technology, Eddie Cullen, co-founder of Crescite, told EWTN News.With blockchain technology, which has enabled the development of unregulated cryptocurrencies such as bitcoin and regulated digital assets such as stablecoins, traditional banks are no longer required to transfer or store money because all transactions are transparent and verifiable through the blockchain, which securely links together “blocks” of digital records.“Traditional banks are like Blockbuster video, and digital assets are like the streaming services we all use today,” Cullen said.“People will no longer need traditional banks, thanks to this new technology,” he continued.Cullen and his co-founder, Karl Kilb III, started Crescite “because we love the Church,” Cullen said. “We want Catholics to be at the forefront of this new technology, and we’re using it to enable greater access to resources for people and to do good.”“The only difference between us and banks is that they take your money and leverage it to make a profit,” Cullen said. “What we’re doing is we’re taking that leverage, and we’re giving it away to Catholic institutions and causes.”“We created Crescite to be at the intersection of faith and technology, using innovation to help those in need, and society as a whole,” Kilb said. “The Catholic community is global, with numerous organizations, projects, and causes that need sustainable, transparent funding, and we are leveraging blockchain technology to build such an ecosystem.”When a person buys Catholic USD, Crescite will invest that money in vehicles including U.S. Treasury bonds and will put 100% of that yield into a charity fund known as the Catholic Global Mercy Trust.The trust will fund Catholic poverty relief efforts, hospitals, schools, and other causes all over the world.“When we look at our work, it’s really a Catholic digital asset ecosystem,” Cullen said. “We have our stablecoin, and we are going to build upon that.”The money Crescite takes in through the sale of Catholic USD will be custodied, or held, in a digital wallet by a financial technology company known as BitGo, which in January completed its initial public offering (IPO) and began trading on the New York Stock Exchange. It is also chartered under U.S. law and authorized by the Office of the Comptroller of the Currency. BitGo is “the platform that’s issuing the stablecoin,” Cullen said. It and Crescite will have no intermingled investments.The funds Crescite holds are also insured.“Crescite” means to increase or grow in Latin. Cullen said he and Kilb, who co-own the company and founded it together in 2021, chose the name after reflecting on the effects of God’s touch on man-made things, as portrayed in the image of God’s hand touching Adam’s in Michaelangelo’s famous painting on the ceiling of the Sistine Chapel.Cullen said the name also refers to Genesis 1:28, when God tells Adam to “Be fruitful (increase) and multiply.”Bitcoin, the first cryptocurrencyThe first cryptocurrency, which is very different from the stablecoin Crescite is issuing, was bitcoin, which came out in 2009 and whose inventor or inventors, known as Satoshi Nakamoto, is/are still unknown.Bitcoin emerged as “pushback” to the 2008 financial crisis, according to The Catholic University of America Busch School of Business Professor Kevin May, who told EWTN News that consumers wanted something more “sound and reliable” than our current financial system after the crisis.Bitcoin is decentralized and is the only true “open source” cryptocurrency, according to May.Bitcoin’s inventors no longer had “trust in the current financial system,” where “the banks and bankers took bets; when they were right they privatized all the gains, and when they were wrong, they got bailed out and rebought their own shares,” May said. “Hardly any of them got in trouble” while the financial markets and consumers paid for their actions.The value of bitcoin has gone from several pennies at its initial launch to a high of 6,000 in October 2025. Currently, one bitcoin is valued at about ,000.Exchanges now exist where people can buy and sell bitcoin. There are even bitcoin-linked credit cards.Bitcoin, however, is a true cryptocurrency in that it is not insured or backed by any currency, and it is not regulated by the federal government, meaning it could collapse at any moment and investors could lose their money.A benefit of a cryptocurrency like bitcoin, according to May, is that it can “bank the unbanked, especially in societies where you cannot trust the leadership.”He used the example of a coffee farmer in Uganda who could trade in bitcoin and essentially have “his own bank on his cellphone,” without having to deal with a corrupt or inefficient system.The difference between ‘cryptocurrency’ and ‘digital assets’Digital assets like Catholic USD and cryptocurrencies such as bitcoin are alternatives to traditional financial institutions and government-backed currency made possible by blockchain technology.However, the terms “digital assets” and “cryptocurrency” mean different things: Digital assets refer to stablecoins as well as tokenized securities, commodities, and other digital representations of real-world assets that do not imply the unregulated, speculative trading or volatility inherent with bitcoin.Cullen explained that this is a major difference between bitcoin and stablecoins such as Catholic USD, which is actually backed by the U.S. dollar and will be regulated by the recently passed GENIUS Act, which is expected to increase the growth of and trust in stablecoins through clear regulatory rules.Other existing stablecoins include USD1, which, like Catholic USD, is also a U.S. dollar-pegged stablecoin (designed to maintain a 1-to-1 value with the U.S. dollar).USD1 was launched in March 2025 by World Liberty Financial, a decentralized finance (DeFi) platform and cryptocurrency venture closely associated with President Donald Trump and his family, though disclaimers emphasize that the Trump family are not officers or directors and that the cryptocurrency is not politically affiliated or endorsed.A company called Tether Unlimited issued a stablecoin, USDT, which is the longest-running and largest U.S. dollar-pegged stablecoin, launched in 2014 and with a market cap around 4 billion (as of early 2026). It holds roughly 60%-70% of the total stablecoin market share with 534 million users as of early this year.The GENIUS ActPassed with bipartisan support and signed into law by Trump in July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act establishes a clear, regulatory framework that legitimizes payment stablecoins and digital asset infrastructure.It aims to preserve U.S. dollar leadership globally while allowing responsible private-sector innovation under defined guardrails.Under the act, qualified nonbank entities may issue payment stablecoins under federal or state supervision, while banks and affiliates may also participate. This dual pathway is intended to foster competition, reduce concentration risk, and avoid stifling innovation.Critics note the GENIUS Act does not fully address illicit finance risks in decentralized systems such as bitcoin, however.

Catholic digital assets company about to mint its first stablecoin #Catholic On March 15, a Catholic digital assets company known as Crescite Innovation Corporation will mint its first stablecoin, called Catholic USD.Stablecoins such as Catholic USD are a type of digital asset that is backed by and will have a 1-to-1 value equivalence with the U.S. dollar (and are not to be confused with cryptocurrencies like bitcoin).Catholic USDs can be used to make purchases from or donations to Catholic organizations the same way they would with any other payment method stored in smartphone wallets.Donations and other financial transactions can take place all over the world and will be nearly instantaneous, fee-free, and secure, thanks to blockchain technology, Eddie Cullen, co-founder of Crescite, told EWTN News.With blockchain technology, which has enabled the development of unregulated cryptocurrencies such as bitcoin and regulated digital assets such as stablecoins, traditional banks are no longer required to transfer or store money because all transactions are transparent and verifiable through the blockchain, which securely links together “blocks” of digital records.“Traditional banks are like Blockbuster video, and digital assets are like the streaming services we all use today,” Cullen said.“People will no longer need traditional banks, thanks to this new technology,” he continued.Cullen and his co-founder, Karl Kilb III, started Crescite “because we love the Church,” Cullen said. “We want Catholics to be at the forefront of this new technology, and we’re using it to enable greater access to resources for people and to do good.”“The only difference between us and banks is that they take your money and leverage it to make a profit,” Cullen said. “What we’re doing is we’re taking that leverage, and we’re giving it away to Catholic institutions and causes.”“We created Crescite to be at the intersection of faith and technology, using innovation to help those in need, and society as a whole,” Kilb said. “The Catholic community is global, with numerous organizations, projects, and causes that need sustainable, transparent funding, and we are leveraging blockchain technology to build such an ecosystem.”When a person buys Catholic USD, Crescite will invest that money in vehicles including U.S. Treasury bonds and will put 100% of that yield into a charity fund known as the Catholic Global Mercy Trust.The trust will fund Catholic poverty relief efforts, hospitals, schools, and other causes all over the world.“When we look at our work, it’s really a Catholic digital asset ecosystem,” Cullen said. “We have our stablecoin, and we are going to build upon that.”The money Crescite takes in through the sale of Catholic USD will be custodied, or held, in a digital wallet by a financial technology company known as BitGo, which in January completed its initial public offering (IPO) and began trading on the New York Stock Exchange. It is also chartered under U.S. law and authorized by the Office of the Comptroller of the Currency. BitGo is “the platform that’s issuing the stablecoin,” Cullen said. It and Crescite will have no intermingled investments.The funds Crescite holds are also insured.“Crescite” means to increase or grow in Latin. Cullen said he and Kilb, who co-own the company and founded it together in 2021, chose the name after reflecting on the effects of God’s touch on man-made things, as portrayed in the image of God’s hand touching Adam’s in Michaelangelo’s famous painting on the ceiling of the Sistine Chapel.Cullen said the name also refers to Genesis 1:28, when God tells Adam to “Be fruitful (increase) and multiply.”Bitcoin, the first cryptocurrencyThe first cryptocurrency, which is very different from the stablecoin Crescite is issuing, was bitcoin, which came out in 2009 and whose inventor or inventors, known as Satoshi Nakamoto, is/are still unknown.Bitcoin emerged as “pushback” to the 2008 financial crisis, according to The Catholic University of America Busch School of Business Professor Kevin May, who told EWTN News that consumers wanted something more “sound and reliable” than our current financial system after the crisis.Bitcoin is decentralized and is the only true “open source” cryptocurrency, according to May.Bitcoin’s inventors no longer had “trust in the current financial system,” where “the banks and bankers took bets; when they were right they privatized all the gains, and when they were wrong, they got bailed out and rebought their own shares,” May said. “Hardly any of them got in trouble” while the financial markets and consumers paid for their actions.The value of bitcoin has gone from several pennies at its initial launch to a high of $126,000 in October 2025. Currently, one bitcoin is valued at about $70,000.Exchanges now exist where people can buy and sell bitcoin. There are even bitcoin-linked credit cards.Bitcoin, however, is a true cryptocurrency in that it is not insured or backed by any currency, and it is not regulated by the federal government, meaning it could collapse at any moment and investors could lose their money.A benefit of a cryptocurrency like bitcoin, according to May, is that it can “bank the unbanked, especially in societies where you cannot trust the leadership.”He used the example of a coffee farmer in Uganda who could trade in bitcoin and essentially have “his own bank on his cellphone,” without having to deal with a corrupt or inefficient system.The difference between ‘cryptocurrency’ and ‘digital assets’Digital assets like Catholic USD and cryptocurrencies such as bitcoin are alternatives to traditional financial institutions and government-backed currency made possible by blockchain technology.However, the terms “digital assets” and “cryptocurrency” mean different things: Digital assets refer to stablecoins as well as tokenized securities, commodities, and other digital representations of real-world assets that do not imply the unregulated, speculative trading or volatility inherent with bitcoin.Cullen explained that this is a major difference between bitcoin and stablecoins such as Catholic USD, which is actually backed by the U.S. dollar and will be regulated by the recently passed GENIUS Act, which is expected to increase the growth of and trust in stablecoins through clear regulatory rules.Other existing stablecoins include USD1, which, like Catholic USD, is also a U.S. dollar-pegged stablecoin (designed to maintain a 1-to-1 value with the U.S. dollar).USD1 was launched in March 2025 by World Liberty Financial, a decentralized finance (DeFi) platform and cryptocurrency venture closely associated with President Donald Trump and his family, though disclaimers emphasize that the Trump family are not officers or directors and that the cryptocurrency is not politically affiliated or endorsed.A company called Tether Unlimited issued a stablecoin, USDT, which is the longest-running and largest U.S. dollar-pegged stablecoin, launched in 2014 and with a market cap around $184 billion (as of early 2026). It holds roughly 60%-70% of the total stablecoin market share with 534 million users as of early this year.The GENIUS ActPassed with bipartisan support and signed into law by Trump in July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act establishes a clear, regulatory framework that legitimizes payment stablecoins and digital asset infrastructure.It aims to preserve U.S. dollar leadership globally while allowing responsible private-sector innovation under defined guardrails.Under the act, qualified nonbank entities may issue payment stablecoins under federal or state supervision, while banks and affiliates may also participate. This dual pathway is intended to foster competition, reduce concentration risk, and avoid stifling innovation.Critics note the GENIUS Act does not fully address illicit finance risks in decentralized systems such as bitcoin, however.

Catholic entrepreneurs Eddie Cullen and Karl Kilb want to use new financial technologies to benefit the Catholic Church and its charitable work.

Read More