GENIUS Act: does exempting synthetic stablecoins open a back door?

The GENIUS Act was drafted to cover permitted payment stablecoins, with wording that clearly aims to exclude synthetic coins like Sky's USDS and Ethena's USDe, which are not primarily backed by cash or Treasuries. The piece raises the question of whether that same wording could open a wider path around regulation than intended. The article is cut off mid-sentence, leaving the full argument incomplete.