This isn't the only reason cryptocurrencies have suddenly rebounded. CFTC: Under the GENIUS Act, the rules have been expanded to allow national trust banks to issue dollar-pegged stablecoins. This will be allowed as collateral for derivatives with the December 2025 amendment to Letter 25-40. Until now, most dollar stablecoins (e.g., USDT, USDC) have been issued by companies regulated by US states (e.g., Tether, Circle, etc.). But now, US banks can directly issue stablecoins. This means that a secure, bank-backed dollar stablecoin supply based on 1:1 collateralization is possible, and bank-issued stablecoins are recognized as collateral in the CFTC-regulated derivatives market. This significantly lowers the barrier to entry for institutional investors into crypto. The GENIUS Act passed last summer and has been relatively quiet, so I've been focusing on the recent market structure bill. But I've been doing something for the past six months. Now, I've been so slammed that I'm starting to expect the US to become a crypto capitalist. It's not working, but I'm glad for the rebound.