Arthur Hayes on Stablecoins, Geopolitics, and Bitcoin’s Next Peak

• Hayes sees the GENIUS Act as effectively putting US stablecoin issuance in the hands of banks or heavily regulated entities
• His logic is that SLR relief opens institutional gateways, bank-regulated stablecoins improve trust and stability, and geopolitical calm signals a renewed risk-on environment
• Hayes believes that all of these factors combined set the stage for new Bitcoin all-time highs

Arthur Hayes outlined a bullish thesis for Bitcoin and crypto at large, centered on three key fronts. 

The first one notes the progress toward excluding UST (US Treasury) stablecoins from the Supplementary Leverage Ratio (SLR) regulation, which would reduce capital charges for banks holding stablecoins. This could unlock more bank involvement, increasing liquidity and institutional support for crypto, but only if US regulators finalize it.

Second, Hayes sees the GENIUS Act (now passed by the Senate) as effectively putting US stablecoin issuance in the hands of banks or heavily regulated entities. He believes this shift is positive for crypto as it brings transparency, trust, and regulatory legitimacy to the stablecoin sector.

Finally, Hayes touched on the current geo…

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