GENIUS Act Eroded Bitcoin's Monetary Premium as ARMA Reserve Bill Advances, BTC Near $77,600

Bitcoin trades near $77,600 on May 27 as analysts warn the GENIUS Act materially repriced BTC's monetary premium by fueling a 45% surge in stablecoin market cap—from $211B to $306B—while Bitcoin fell roughly 43% as capital rotated into regulated dollar-denominated rails. The bipartisan American Reserve Modernization Act (ARMA), introduced May 21 by Reps. Begich and Golden with 17 co-signers, proposes a Treasury-managed Federal Bitcoin Reserve with a 20-year sale restriction on seized assets. A brief SEC-induced slide below $76,000 on May 23 erased $33.8 billion in market cap before recovery. The forthcoming CLARITY Act—which the White House is pushing to pass before July 4—now represents the critical next test for whether Bitcoin can reclaim its monetary-hedge narrative.