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Not really, but Captain America is a big part of American mythology. Remember when Superman died in 1993? It was devastating to a lot of people, even those who weren't avid comic book fans. While Cap isn't as big as Superman, he is a staple of Marvel and a pretty big deal. Also, this represents a fundamental shift in the paradigm of the Marvel universe. The Mutant Registration Act may well win out over liberty and change characters like Spider-man (who actually revealed his secret identity this year), X-Men, etc.
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