Bitcoin

The bipartisan attack on PBMs signals rising political appetite to regulate intermediary business models. This comes as crypto intermediaries (exchanges, custodians, stablecoin issuers) face increasing scrutiny. The PBM playbook—demonizing middlemen who extract fees while raising costs—could be repurposed against crypto exchanges and DeFi protocols in future political cycles.

Tennessee and Arkansas are implementing regulations targeting pharmacy benefit managers amid bipartisan criticism.

Tennessee and Arkansas Move to Regulate Pharmacy Benefit Managers as Bipartisan Anger Grows

State PBM regulations quietly advance a patchwork of crypto-friendly pharmacy payment rails, creating a backdoor for stablecoin adoption in healthcare.