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21Shares Launches 2x Leveraged Dogecoin ETF (TXXD), as Taurus Integrates with Kaiko

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Crypto asset manager 21Shares announced the launch of the 21Shares 2x Long Dogecoin ETF (ticker: TXXD), providing investors with leveraged exposure to Dogecoin (DOGE) through a regulated U.S.-listed product on Nasdaq.

This marks 21Shares’ first leveraged ETF and expands its U.S. lineup to 16 crypto exchange-traded products (ETPs) globally. The debut coincides with the finalization of 21Shares’ acquisition by FalconX, a leading digital asset prime brokerage managing over $8 billion in assets, which is expected to enhance liquidity and global distribution for such products.

Seeks to deliver 200% (2x) of Dogecoin’s daily price performance, before fees and expenses. Due to daily compounding, returns over periods longer than one day may significantly differ from 2x the underlying asset’s return—making it suitable only for short-term trading.

Designed for sophisticated, active investors comfortable with high volatility and leverage risks. It’s not intended for buy-and-hold strategies. Fees: Annual expense ratio of 1.89%, issued by 21Shares US LLC.

Tradable like a stock via banks or brokers; no direct crypto wallet needed. Builds on 21Shares’ collaboration with the House of Doge official arm of the Dogecoin Foundation, following their earlier launch of Europe’s first endorsed Dogecoin ETP.

21Shares manages >$11B across 55 products as of September 2025. High volatility; compounding effects; suitable for short-term only. DOGE Price ~$0.15, down ~5-8% amid broader market pressure.

This launch reflects Dogecoin’s maturation from a meme coin to an asset with institutional appeal, driven by its vibrant community and real-world adoption. Analysts see it as a sign of growing demand for altcoin derivatives, potentially spurring similar products from competitors.

However, DOGE’s price has declined over 50% from its 2021 peak, trading in a falling wedge pattern that could signal a rebound if ETF inflows materialize. The FalconX acquisition announced earlier in 2025 allows 21Shares to operate independently under CEO Russell Barlow while leveraging FalconX’s infrastructure for better trading and expansion in the U.S., Europe, and Asia-Pacific.

For investors, TXXD offers a convenient way to amplify DOGE bets without direct crypto handling, but experts emphasize monitoring positions closely due to leverage’s amplifying losses in downturns. If you’re considering investing, consult a financial advisor—leveraged products carry substantial risks.

While the ETF debuted amid a DOGE price dip down ~5-8% to around $0.147 on launch day, its implications extend far beyond immediate market reactions. As the first leveraged DOGE ETF in the U.S., TXXD could attract significant capital from risk-tolerant traders, potentially driving DOGE demand through underlying swaps, futures, and derivatives.

Analysts at Traders Union note that expanding ETP access, combined with ongoing holder accumulation DOGE’s HODL rate remains high at ~70%, lays a “foundation for future upside” despite short-term weakness. Early trading data shows modest initial volumes, but if inflows mirror those of recent Solana or XRP ETFs.

DOGE could see a 10-20% rebound, especially if it breaks its falling wedge pattern. DOGE has declined ~53% YTD, trading below key moving averages, but the ETF’s 2x daily reset could exacerbate swings—gains compound in uptrends, losses in downtrends.

TXXD elevates DOGE from “social media novelty” to a tradable asset class, signaling regulators’ comfort with altcoin derivatives. This follows 21Shares’ FalconX acquisition $8B AUM prime broker, enabling deeper liquidity and global distribution—potentially unlocking $1B+ in institutional flows across 21Shares’ 16 ETPs.

Experts like Federico Brokate emphasize its role in “simplifying participation” for pros, while House of Doge CEO Marco Margiotta calls it a boost for community-driven growth. The launch coincides with Solana and XRP ETF approvals, hinting at a “flurry” of meme/altcoin funds.

This could pressure the SEC to fast-track non-leveraged DOGE ETFs, fostering a more mature crypto derivatives market but raising concerns over speculative bubbles. TXXD allows 2x DOGE exposure via standard brokerage accounts—no crypto wallets or margin hassles—targeting “sophisticated investors” comfortable with volatility.

Leverage isn’t for buy-and-hold; daily compounding can erode returns in choppy markets, a 10% DOGE drop becomes ~20% for TXXD, plus decay. 21Shares warns of “significant deviation” over multi-day holds, making it ideal for day traders only.

In a downturn, this could accelerate liquidations, as seen in past crypto winters. Deepens 21Shares’ tie-up with House of Doge, advancing “institutional adoption and real-world utility beyond meme status.” This could spur ecosystem growth—more devs, payments integrations, and community tools—while FalconX’s infrastructure aids expansion into Europe/Asia.

Marks 21Shares’ first U.S. leveraged product, positioning it as a leader in high-vol altcoin ETPs >$11B AUM globally. Competitors like Bitwise or VanEck may follow with similar DOGE/SHIB funds, intertwining tradfi and crypto further.

TXXD could catalyze DOGE’s resurgence by injecting institutional capital and credibility, but its leveraged nature demands caution—volatility cuts both ways. For context, DOGE’s market cap ~$21B trails ETH but outpaces many alts; sustained ETF success might close that gap.

Taurus Integration with Kaiko Aggregator Reflect on Blockchain’s Interoperability

Swiss-based digital asset infrastructure provider Taurus announced a strategic integration with Kaiko, a leading cryptocurrency data analytics firm.

This move embeds Kaiko’s standardized pricing and liquidity data feeds directly into the Taurus platform, enhancing its offerings for institutional clients like banks. The partnership aims to deliver “regulator-ready” market information to support key operations in digital assets, including custody, trading, valuation, and compliance.

Kaiko aggregates and standardizes data from over 100 centralized and decentralized exchanges, covering pricing, liquidity metrics, trade volumes, and order books. This data will now be accessible in real-time within Taurus’s infrastructure, streamlining processes and reducing reliance on fragmented sources.

Taurus serves nearly 40 top-tier financial institutions, including State Street and Deutsche Bank. The integration helps these clients meet governance standards amid growing demand for tokenized assets and crypto trading, while minimizing operational costs and risks.

Taurus, founded in 2018, raised $65 million in a 2023 Series B round led by Credit Suisse now part of UBS to fuel global expansion, including a recent U.S. office launch. Kaiko, which secured $53 million in 2022 funding, has established itself as a go-to provider for institutional-grade crypto data.

Elodie De Marchi, COO of Kaiko: “Market data is the foundation of every digital asset transaction. By partnering with Taurus, we are embedding our data into a trusted infrastructure already used by leading banks and financial institutions.”

Taurus Executives: The integration aligns with Taurus’s mission to provide a “strongest possible foundation” for digital asset strategies, reflecting the industry’s shift toward transparent, compliant data as institutional adoption accelerates.

This collaboration underscores the maturing crypto ecosystem, where reliable data is critical for bridging traditional finance (TradFi) and digital assets. As stablecoins and tokenization gain traction—e.g., recent reports highlight stablecoins as a liquidity backbone amid market volatility—partnerships like this could accelerate capital inflows while prioritizing regulatory alignment.

Taurus’s earlier launches, such as the interbank Taurus-NETWORK in April 2025 for seamless digital asset settlement, further position it as a key enabler for global banks.

Tokenization means converting real-world assets (RWAs) or financial instruments into digital tokens on a blockchain. These tokens represent ownership or rights and can be traded, settled, or used as collateral 24/7 with programmable features.

Why traditional finance is embracing tokenization nowInstant (T+0) or atomic (DvP) settlement ? Reduces counterparty risk and frees up billions in collateral BCBS estimates $100 bn+ capital relief possible globally.

A $100 million private-credit deal can now be sliced into $100 tokens and traded globally 24/7. ? Whitelisting, KYC/AML baked into smart contracts (e.g., BlackRock BUIDL only allows approved addresses).

Tokenized Treasuries or MMFs are now accepted as collateral on DeFi protocols (Aave, Morpho, Ondo, etc.) and in tri-party repo with traditional custodians. Regulatory green lights like the MiCA + DLT Pilot Regime. Banks, OCC and Fed signals on stablecoins and blockchain pivots

Siemens issues €60m digital bond on Polygon. Mar 2024 – BlackRock launches BUIDL on Ethereum ? becomes fastest-growing tokenized fund ever. Nov 2024 – UBS issues first cross-border tokenized bond under Swiss DLT law.

Tokenization has moved from pilot to production. The biggest drivers are no longer crypto-native firms but the world’s largest asset managers like BlackRock, Franklin Templeton, universal banks, and central securities depositories.

The integration of institutional-grade data feeds is one of the final pieces making tokenized assets truly “regulator-ready” for global banks. Expect 2026–2027 to be the breakout years for tokenized private credit and corporate bonds.

Foxconn Says $1.4bn Nvidia-Backed Supercomputing Center to Be Ready H1 2026

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Foxconn said on Friday that the $1.4 billion supercomputing center it is building with Nvidia will be ready in the first half of 2026, signaling its tightening grip on the AI hardware world.

When completed, it will stand as Taiwan’s largest advanced GPU cluster, underscoring just how fast the AI race is turning into a full-blown infrastructure sprint.

The 27-megawatt facility will run on Nvidia’s new Blackwell GB300 chips. Neo Yao, who leads Visonbay.ai — Foxconn’s newly created unit for AI supercomputing and cloud operations — said the center will also become Asia’s first GB300 AI data facility. The announcement was made at Foxconn’s tech day, attended by key partners including Nvidia, OpenAI, and Uber.

At the event, Nvidia vice president Alexis Bjorlin pointed to an accelerating shift in how companies use AI infrastructure.

“As GPU technology accelerates, building individual facilities may no longer make economic sense,” she said.

Renting compute power, according to her, could offer a stronger return by letting organizations scale usage based on product cycles and business demands.

Foxconn already plays a central role in the industry as Nvidia’s main manufacturer of AI racks — the server assemblies that house GPUs, cabling, and other specialized equipment needed for high-intensity AI workloads. This positioning has made the iPhone assembler one of the prime beneficiaries of the global boom in data center construction, as cloud firms funnel extraordinary amounts of money into AI research and infrastructure expansion.

The momentum inside the sector is unmistakable. Foxconn issued a positive outlook last week, saying AI orders will be a major driver of growth heading into 2026. In an interview with Reuters published earlier on Friday, Chairman Young Liu said Foxconn plans to invest $2 billion to $3 billion each year in AI. He added that the company now has the ability to produce 1,000 AI racks per week, a number that is expected to rise sharply next year.

The tech day also featured an appearance by Foxconn founder Terry Gou and by Spencer Huang, a product line manager in Nvidia’s robotics division, and the son of Nvidia founder Jensen Huang. He said Nvidia is working with Foxconn to bring AI into factories and manufacturing lines, a partnership that ties directly into Foxconn’s ambition to broaden its industrial footprint.

The wide-ranging event included a push into electric vehicles, a sector Foxconn sees as another pillar of its transformation. Liu said EV volumes are reaching the threshold where automakers can now outsource more production to Foxconn. The company showcased its “Model A” electric vehicle on stage, with Chief Strategy Officer Jun Seki explaining that the EV was designed by Japanese engineers.

Foxconn intends to create a dedicated unit in Japan for customers there, and production of the Model A will move to Japan in the future, Liu added.

Across the tech world, the speed of investment has raised discussion about whether an AI-driven infrastructure bubble is forming. The race to build ever-larger GPU clusters is pushing companies to spend at levels rarely seen in such a short period. Investors are piling in with the hope of catching the next frontier of computing, while cloud providers and enterprises are scrambling to secure enough capacity to stay competitive. Analysts say the mismatch between projected long-term AI demand and the near-term flood of spending is stirring familiar questions about sustainability.

Foxconn, like several others, is sprinting ahead, positioning itself right at the center of the global buildout. The company has moved far beyond its identity as Apple’s top iPhone assembler, recasting itself as a heavyweight in AI infrastructure, EV manufacturing, and industrial automation.

Nigeria Orders Immediate Shutdown of 41 Unity Schools as Fresh Waves of Abductions Reignite National Fear

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The Nigerian government has ordered principals of 41 Federal Unity Colleges to shut down the schools immediately. The directive, dated November 21, 2025, came from the Federal Ministry of Education and carried the approval of Education Minister Tunji Alausa.

With the country once again reeling from a resurgence of school attacks, the circular said the closure was necessary in light of “recent security challenges” and the urgent need to “prevent any security breaches.”

Hajia Abdulkadir, Director of Senior Secondary Education, signed the memo on behalf of the minister. The document instructed heads of the affected schools—spread across the North-West, North-East, North-Central, and parts of the South—to enforce the shutdown without hesitation.

It was a move that instantly sent shockwaves through parents’ groups, staff unions, and education circles, capturing the sense of a government scrambling to get ahead of a threat it has battled for more than a decade.

The government’s decision follows a grim week in which the country once again became the stage for coordinated assaults on schools. The latest attacks have revived painful memories that never fully faded: Chibok in 2014, Dapchi in 2018, Kankara in 2020, Jangebe in 2021, Tegina, Birnin Yauri, and now a fresh round of kidnappings unfolding almost in real time.

In Niger State, gunmen struck St. Mary’s Primary and Secondary School in Papiri on Friday. The attackers—witnesses counted more than 60 motorcycles—stormed the compound with precision, shot the gatekeeper (who was left critically injured), and abducted an unspecified number of students.

Barely days earlier, another group of assailants seized 25 schoolgirls during an attack in Maga town, Kebbi State. The tempo of the assaults has unsettled communities across the northern belt, where fear now travels even faster than official information.

In Nasarawa, panic sparked by rumours of two abducted pupils at St. Peter’s Academy in Rukubi spread quickly across WhatsApp groups and community radio stations. The police moved to quash the story, calling the report “false and not reflective of the true state of affairs,” but the speed at which the rumor travelled underlined the anxiety in the air.

With tension rising, President Bola Tinubu directed the Minister of State for Defence, Bello Matawalle, to relocate to Kebbi immediately to coordinate rescue operations. The president also postponed his planned trips to Johannesburg and Angola, signaling the seriousness with which the administration is treating the latest wave of attacks.

Officials familiar with the matter said the presidency is worried about an escalation if security agencies do not regain momentum quickly. The northern states have been the epicenter of school kidnappings for years, and the renewed violence threatens to undo the limited progress made in securing schools under the Safe Schools Initiative.

Education, Interrupted — Again

Federal Unity Colleges have long been symbols of national cohesion—institutions meant to mix students from different ethnic and religious backgrounds. Their shutdown is another unfortunate episode of education interruption, orchestrated by insecurity, which has continued to erode the country’s education system, particularly in regions where children already face steep barriers to learning.

The ministry’s directive did not specify how long the schools would remain closed or whether remote learning arrangements would be put in place. For students preparing for examinations, it raises the specter of yet another disrupted academic calendar.

Nigeria has been here before—too many times. Since 2014, learning institutions have become recurring targets for armed groups seeking ransom, attention, or leverage. The pattern has become grimly familiar: attackers on motorcycles, under-protected schools, frantic rescue operations, traumatized students, and parents left waiting for news.

Global organizations, including UNICEF, have repeatedly condemned the recurring abductions and urged the government to secure schools and prioritize the safety of children. Despite years of advocacy, Nigeria’s learning spaces remain deeply vulnerable.

For many communities, the question now is not how this happened again, but whether the latest wave will finally force a different level of response. The recent wave of insecurity in Nigeria has attracted the attention of the U.S. government, with President Donald Trump threatening to order military action in the country if the government fails to act fast to protect lives, especially targeted Christians.

As AI Gold Rush Accelerates, Wall Street Warns of Cracks Beneath the Frenzy

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The AI boom has turned global markets into a kind of high-voltage arena where money, hype, and fear increasingly share the same stage. That was the mood in New York this week as two veteran finance executives described a financial system hurtling into an AI-driven future without fully accounting for the risks forming beneath its feet.

Speaking at the Reuters Momentum AI 2025 conference, Matthew Danzig, managing director at Lazard, and Joanna Welsh, chief risk officer at Citadel, painted a picture of markets where enthusiasm is running far ahead of fundamentals. AI, Danzig said, has become “the number one topic of conversation” among both investors and corporate executives. And with that obsession comes a predictable scramble: companies racing to define an AI strategy, hunting for proprietary data, and acquiring technology they cannot realistically build on their own.

“Every company that’s a potential target is figuring out their AI angle,” Danzig said, describing an acquisition landscape where nearly any firm can pitch itself as an AI play.

Valuations have drifted into historical extremes as investors pay for future potential, not present income.

“It’s markets willing to pay for the future,” he said.

Those expectations are already visible in the numbers. McKinsey & Co., Danzig noted, estimates that the industry will need roughly $7 trillion in capital by 2030 just to finance data-center expansion. It’s an astonishing figure that dwarfs the capital requirements of previous tech cycles. Yet despite the sheer volume of leverage flowing in, investors have shown limited interest in the absence of revenue needed to support that debt.

The tension surfaced again this week in the trading pattern of Nvidia, the silicon powerhouse whose chips have become the backbone of AI infrastructure. After the $4.5 trillion company posted record revenue and a 65% year-over-year jump in net income for its fiscal third quarter, the stock initially surged. Then the sentiment jolted. By Thursday afternoon, Nvidia shares were down 2.2% at $182.46, pulling down other tech names with it as worries about a potential AI bubble re-entered the conversation.

Under the sparkle of record earnings, Welsh warned, lies a market architecture that is becoming increasingly fragile.

Citadel, which manages $71 billion in assets, has been modeling scenarios in which shocks propagate through markets faster than most investors expect.

“Markets are just faster,” Welsh said. “These volatility spikes and pulses, they hit harder, they fade faster, they repeat more often.”

It’s a dynamic that becomes even more concerning when paired with credit-market behavior that Welsh and others have been tracking for months. She said risks are now “starting to converge and stack” with the AI boom, especially as companies issue 30- and 40-year bonds on assets that depreciate in roughly four years. The mismatch is stark because firms are locking themselves into decades of debt for technology that may be obsolete halfway through the current business cycle. Such distortions, she said, strain cash flow and deepen systemic vulnerabilities.

At the lower end of the credit spectrum, the picture is no more reassuring. Welsh pointed to a surge in zero-coupon convertible bonds issued by less creditworthy tech firms — instruments that give investors equity upside in boom times and priority in bankruptcy, but offer no coupon payments. The renewed appetite for these bonds is a signal she has seen before.

“Zero-coupon converts are having a big issuance year, same as they did in 2001, the same as they did in 2021,” Welsh said, invoking two eras that preceded sharp downturns. And when combined with capital flowing into illiquid private credit, she added, the mix becomes combustible. “You can see how there’s some portfolios where… a brush fire could be pretty healthy.”

What she meant was that a small shock, a wobble in tech valuations, a batch of weak earnings, a sudden liquidity squeeze, could ignite far larger disruptions. The market, she implied, has created its own dry tinder.

The broader message from both executives was not that AI’s economic potential is exaggerated. It’s that the infrastructure supporting the boom — from data-center financing to corporate capital structures — may not withstand the speed of the cycle it has created. Investors are pouring money into the future at a pace that leaves little margin if that future arrives more slowly than expected.

Congressman Warren Davidson Introduced the Bitcoin for America Act

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U.S. Representative Warren Davidson (R-OH) introduced the Bitcoin for America Act in the House of Representatives. This legislation aims to modernize federal tax payments by allowing individuals and businesses to settle their tax obligations directly with Bitcoin (BTC).

Crucially, it would eliminate capital gains taxes on these transactions—treating BTC payments like foreign currency transfers—and direct all collected BTC into the U.S. Strategic Bitcoin Reserve, a national holding established by executive order earlier in the year.

The bill builds on President Donald Trump’s March 2025 executive order, which centralized about 200,000 BTC seized from criminal proceedings into a single federal reserve to prevent mismanagement across agencies.

Davidson’s proposal shifts the reserve’s growth strategy from one-off seizures or budget allocations to a voluntary, market-driven inflow from taxpayers, positioning Bitcoin as a hedge against inflation and a tool for U.S. financial leadership.

Taxpayers can transfer BTC to the IRS at its fair market value on the transfer date, satisfying liabilities without triggering capital gains on BTC appreciation. This removes a major barrier under current IRS rules, where using BTC for payments is a taxable event.

Funding the Reserve

100% of BTC received goes into the Strategic Bitcoin Reserve, not general funds. Taxpayers could opt to allocate their BTC specifically to the reserve, bypassing uses like foreign aid.

Applies to federal taxes for individuals and corporations; no minimum or maximum amounts specified. The reserve grows organically without new spending, debt, or market purchases—avoiding price inflation from government buying.

Davidson argues the bill strengthens U.S. sovereignty in a world where nations like China and Russia are accumulating BTC. Bitcoin’s fixed supply (21 million cap) makes it an appreciating asset, unlike the inflationary dollar.

The Bitcoin Policy Institute (BPI) projects that if just 1% of federal taxes were paid in BTC from 2025–2030, the reserve could accumulate over 2.6 million BTC—valued at ~$230 billion at current prices—creating a “democratic” accumulation model.

Critics, however, worry it could incentivize over-reliance on seizures for reserve growth or complicate IRS enforcement. Supporters like BPI’s Conner Brown hail it as a “bottom-up” alternative to top-down mandates, such as Sen. Cynthia Lummis’s earlier $80 billion purchase proposal.

The bill is in early stages, with no co-sponsors announced yet. It faces hurdles in a divided Congress but aligns with growing pro-crypto momentum.

The Bitcoin for America Act could fundamentally alter U.S. fiscal dynamics by integrating Bitcoin—a deflationary asset with a fixed supply of 21 million coins—into federal revenue streams.

Proponents argue it positions Bitcoin as a hedge against dollar inflation, which has eroded purchasing power by over 20% since 2020. By directing BTC payments into the Strategic Bitcoin Reserve, the government could accumulate holdings without new spending or debt, potentially appreciating in value to offset fiscal deficits.

The Bitcoin Policy Institute (BPI) models that if 1% of federal taxes about $50 billion annually were paid in BTC from 2025–2030, the reserve could grow to over 2.6 million BTC, valued at ~$230 billion today, creating a self-sustaining asset base.

This “democratic” accumulation avoids market distortions from direct purchases, unlike proposals like Sen. Cynthia Lummis’s $80 billion buy plan. However, risks include BTC’s volatility: a 50% price drop could devalue the reserve by tens of billions, straining budgets if liquidated during downturns.

It might also reduce incentives for fiat-based economic activity, as taxpayers holding appreciated BTC could prefer it over dollars, potentially accelerating dollar depreciation. For small and medium enterprises (SMEs), it offers payment flexibility but introduces compliance costs for tracking BTC values.

Organic accumulation via voluntary taxes; appreciates as hedge against inflation. Volatility could lead to short-term losses; over-reliance on seizures if adoption lags. Budget-neutral; reduces debt dependency. Indirect pressure on dollar value; higher IRS processing costs.

Boosts BTC adoption without government buying pressure. Could inflate BTC prices if scaled, benefiting holders unevenly. A core innovation is exempting capital gains taxes on BTC-to-government transfers, treating them like foreign currency exchanges under IRC Section 988.

Currently, using BTC for payments triggers gains on appreciation e.g., buying at $10K and paying at $60K incurs ~$50K taxable gain. This exemption removes that barrier, incentivizing HODLers to pay taxes with BTC and potentially increasing compliance among crypto users.

Valuations would use fair market value at transfer time, simplifying reporting but requiring robust IRS oracles for accuracy.For taxpayers, this democratizes tax options, especially for the unbanked 13% of U.S. households, as BTC enables borderless, permissionless payments.

Businesses could deduct BTC costs more efficiently, but it raises equity concerns: Wealthier BTC holders benefit most from the exemption, while low-income filers might face tech barriers. Legally, it codifies the March 2025 executive order, mandating cold storage and multi-sig custody to prevent past agency losses of private keys.

Enforcement challenges include AML/KYC integration and state-federal alignment, as states like California tax crypto differently. Critics warn it could complicate audits, with inconsistent regs leading to disputes over “fair market value.”

By codifying the reserve, it shields holdings from agency silos, reducing forfeiture risks (e.g., Silk Road BTC losses). It aligns with Treasury’s easing on unrealized gains taxes, potentially paving for broader DeFi integration.

Legally, it invites challenges: Environmental groups might sue over BTC’s energy use proof-of-work consumes ~150 TWh/year, rivaling Argentina’s grid, while privacy advocates decry KYC mandates for transfers. It could preempt state bans, fostering uniformity but overriding local fiat preferences.

Overall, passage could accelerate BTC’s legitimacy, but failure reinforces regulatory silos. With no co-sponsors yet, its fate hinges on 2026 midterms.