Bitcoin Sidelined by U.S. Crypto Milestone
The GENIUS Act, the first U.S. law focused solely on cryptocurrency, establishes federal regulations for stablecoins, marking crypto's legal debut without mentioning Bitcoin. This shift in focus highlights Bitcoin's diminishing relevance in Washington as stablecoins, linked to the U.S. dollar, gain favor for their practicality and regulation. While Wall Street continues to embrace Bitcoin as an investment asset, its omission from the legislation signals a pivot towards stablecoins at the political level, questioning Bitcoin's role in the evolving crypto landscape.
- The GENIUS Act underscores a shift in crypto power dynamics, spotlighting stablecoins over Bitcoin.
- Bitcoin’s absence from new legislation may impact its future significance in a regulated crypto environment.