Tumbling Bitcoin’s last useful business — money laundering — under threat from Tether
Even for a man known for his love of hyperbole, Donald Trump’s landmark crypto legislation in July was a stretch.
Labelled “the Genius Act”, its passage and the anticipation of its signing lit a fire under the price of Bitcoin for the first nine months of this year, carrying it to unimaginable levels.
Then it flamed out.
While the blockchain-based Bitcoin is far and away the world’s most popular cryptocurrency and has gained widespread acceptance in traditional financial circles, it has suddenly hit turbulence.
That’s partly because the US president’s attempt to shield the crypto sphere from regulation has had some unintended side effects, particularly for Bitcoin.
Donald Trump’s legislative efforts to protect crypto have not helped Bitcoin.
