While the GENIUS Act legitimizes stablecoins and strengthens dollar hegemony, the potential extension of the Patriot Act threatens Bitcoin users’ privacy.

“Bitcoin stands for freedom. If we don’t embrace bitcoin and cryptocurrency, China will. I want it to be mined, minted, and made in the USA. We want America to become the crypto capital of the planet and bitcoin superpower of the world,” proclaimed Donald Trump from the stage of the Bitcoin Conference in Nashville on July 27, 2024, adding the promise to create a national strategic bitcoin reserve.

Just over a year later, that same promise has proven a disappointment for many bitcoiners who hoped for a change in American policy approach toward Bitcoin and digital assets during the tycoon’s second term.

In the months following his election, Trump has shown growing support toward stablecoin issuers, collaborating with regulated entities that configure themselves as private versions of CBDC (Central Bank Digital Currency). The approval of the GENIUS Act has given further legitimacy to this political line, creating a regulatory framework that favors the growth of dollar-pegged stablecoins.

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