3 reasons why this doesn't affect your crypto holdings. TL;DR: The EM rotation cuts US exposure in stocks, but not in crypto. 1. The dollar rail. Nearly every position, trade, and yield strategy settles through stablecoins backed by US Treasuries. Under the GENIUS Act, law since July 2025, issuers must be able to freeze, seize, and burn tokens on lawful order. --> The base layer of this asset class is US policy. 2. Clarity Act. The Clarity Act needs 60 Senate votes with roughly two weeks before the August recess, and no floor vote scheduled. That is a binary US political event, priced tick by tick. Crypto trades on Washington's clock. 3. The yield stack. GENIUS already bans issuer-paid interest, which routes stablecoin float into on-chain vaults. The open Senate fight is whether exchanges and affiliates get banned from paying it too. Most vault collateral bottoms out in a regulated stablecoin, so even DeFi yield inherits the freeze vector. Conclusion: I treat crypto as part of my US sleeve, and the diversification has to happen outside it. In the future i'll be paying the most attention to : - who curates - what backs it - and what can be frozen