Crypto Regulation Bill Blocked as US Senators Debate Dollar Devaluation
The value of digital cryptocurrency has skyrocketed over the last decade and a half, leading to calls for government regulation. Bitcoin, the first form of cryptocurrency, was valued at less than a cent per coin in 2009 but peaked at over $126,000 per coin in October 2025 and currently sits around $75,000, representing an increase of 160 million percent since its inception.
Richard Stern, vice president of the Plymouth Institute for Free Enterprise, described cryptocurrency as a 'digital placeholder for ownership over something else.' He explained that it can be a code packet like Bitcoin or a token representing real gold or oil. Since Bitcoin's success, thousands of other cryptocurrencies have been introduced, and the market's estimated value is now $2.3 trillion.
The rise of cryptocurrency has led to concerns about its volatility and lack of regulations, leaving investors vulnerable to frauds and scams. Critics argue that crypto contributes to the devaluing of the dollar by driving investors to alternative currencies when the dollar is weak. However, others say crypto's global reach has contributed to the growing influence of the dollar.
Experts like Stern note that the dollar has lost 88% of its value since leaving the gold standard and that Bitcoin's capped supply is part of what drives demand for cryptocurrencies. The Digital Asset Market Clarity Act passed the House in July 2025 but was blocked by the Senate after Democrats expressed indignation over President Trump's crypto investments.