Congress aims to make digital dollars easier to use than Bitcoin solidifying the ‘digital gold’ narrative

US lawmakers and regulators are actively developing a framework, exemplified by the GENIUS Act and OCC proposals, to create regulated, dollar-backed stablecoins that are easier to use for payments. This initiative aims to extend the dollar's reach into digital finance, supporting real-time cross-border transfers and increasing demand for U.S. Treasuries through reserve holdings. This policy direction effectively sorts digital assets: stablecoins are being shaped as transactional money, while Bitcoin maintains its position as a scarce, external asset valuable precisely because it sits outside sovereign liabilities. While this narrows Bitcoin's potential role as everyday transactional currency in regulated markets, it solidifies its narrative as 'digital gold'—a savings, collateral, and macro hedging asset defined by scarcity and distance from sovereign monetary systems. The proposed tax treatment, simplifying regulated stablecoin transactions while tightening rules elsewhere, further reinforces this split, leading to clearer, though narrower, roles for both digital dollars and Bitcoin.

(Source：CryptoSlate)