It’s Sunday which means it’s Crypto weekly 🧵 time with me and @maaria:

Crypto was not immune from the market wide sell-off of risk assets caused by Trump's numerous tariff announcements this week. Bitcoin fell as low as $77k and Ethereum fell below $1800 for the first time since 2023. Gold on the other hand reached an all time high of $3000/oz. 

Here are my favorite stories:
-The Senate Banking Committee is pushing forward stablecoin legislation with the GENIUS Act. The draft legislation creates a framework for regulating privately-issued stablecoins – states would have oversight over stablecoin issuers with a market capitalization under $10 billion, while larger issuers would be regulated by the Federal Reserve and banking regulator the OCC.

-US residents reportedly missed out on between $1.8 - $5 billion of cryptocurrency from airdrops due to geoblocking restrictions, costing federal and state governments between $284 million to $1.1 billion in tax revenue.

I'm not Peter Schiff here but who's up for the conversation that gold is still more influential than Bitcoin in the eyes of the world. Bitcoin is still in its infancy?