NewsBriefs - US Senate advances GENIUS Act to regulate stablecoins

Editor-curated news, summarized by AI

  • The Block

    US Senate advances GENIUS Act to regulate stablecoins

    The US Senate has voted 68 to 30 to advance the GENIUS Act, aiming for imminent finalization. The act, set to regulate stablecoins, mandates they be fully backed by US dollars or equivalent assets and requires annual audits for issuers with over $50 billion in market capitalization. President Trump's administration has supported the bill, anticipating his signature before August. Despite partial dissent from some Democrats, the Senate moves forward amid continued discussions and varying stablecoin regulation proposals in the House.

  • Latest


    • The Block

      Polygon experiences hour-long outage following validator exit

      Polygon faced a temporary outage lasting over an hour due to a bug triggered by a validator's exit from the network. Despite the disruption in the Heimdall system, which is crucial for running validators and maintaining consensus, the network's block-producing Bor layer continued to operate normally. This incident occurred shortly after a major upgrade aimed at improving scalability and reducing finality times. Operations, including transaction processing, were maintained, although users may have experienced access issues due to related RPC disruptions.

      Expand
    • The Block

      Bank of Korea establishes new crypto division to focus on stablecoins

      The Bank of Korea has set up a new virtual asset division under its financial payment systems bureau to monitor the crypto market and guide discussions on national currency-based stablecoins. This move reflects South Korea's growing focus on stablecoin development, bolstered by the recent shift in the US approach and local governmental support, aligning closely with private sector initiatives to trademark stablecoin symbols.

      Expand
    • Blockworks

      Orca introduces Wavebreak, a new launchpad for Solana tokens

      Orca has launched Wavebreak, a launchpad for Solana tokens, designed to prioritize human users over bots through the integration of CAPTCHA and a specialized onchain permission structure. This innovation aims to combat the common issue of token sniping by bots in the DeFi sector. Wavebreak will also feature daily user rewards based on trading volume, distinguishing itself amid a competitive landscape of Solana DEXs and memecoin-focused launchpads.

      Expand
    • The Smarter Web Company

      UK’s The Smarter Web Company purchases 225 Bitcoin, yield surpasses 43%

      The Smarter Web Company has announced the acquisition of 225 additional Bitcoin at an average price of £87,096 each, as part of its ongoing Bitcoin treasury strategy. With the new purchase, the company's total Bitcoin holdings have reached 1,825 and it has achieved an impressive year-to-date Bitcoin yield of 43,787%. This move is part of the company's broader '10 Year Plan' to integrate Bitcoin into its financial strategy and secure its position in the future financial ecosystem.

      Expand
    • Decrypt

      Nigeria establishes regulatory sandbox to boost stablecoin firms

      Nigeria has expressed its readiness to support stablecoin businesses under its evolving digital asset rules. This announcement was made by Securities and Exchange Commission Director-General Emomotimi Agama at the Nigeria Stablecoin Summit. The country aims to create a supportive environment for innovation while ensuring market protection. The SEC has already started onboarding stablecoin-focused firms through its regulatory sandbox, aiming to position Nigeria as a stablecoin hub.

      Expand
    • The Block

      xTAO to list on TSXV and raises $22.8 million for Bittensor-focused initiatives

      xTAO, a company dedicated to advancing decentralized AI and Bittensor's ecosystem, announced its upcoming listing on the TSX Venture Exchange under the ticker XTAO.U. The firm successfully closed a $22.8 million funding round from prominent digital asset venture capitals like Digital Currency Group, Animoca Brands, and others. This move marks a significant step in xTAO's mission, using TAO tokens as treasury reserves and enhancing their validator operations to assess and connect Bittensor ecosystem products.

      Expand
    • The Block

      House postpones votes on key crypto legislation after procedural setback

      The US House of Representatives has canceled Tuesday's votes on significant crypto legislation, including the GENIUS Act and Clarity Act, due to a procedural vote failure. The initial attempt to move forward with these bills was defeated 196 to 223. Further voting attempts were planned but have now been postponed, with no subsequent votes scheduled for the day. Discussions and efforts to advance the legislation are expected to continue, despite the setback.

      Expand
    • Cointelegraph

      SASAC in Shanghai considers policy response to stablecoins despite China's crypto ban

      Shanghai is showing signs of openness towards stablecoins as the Shanghai State-owned Assets Supervision and Administration Commission recently discussed strategic responses to digital currencies. This initiative aligns with growing expert and corporate calls in China for a yuan-pegged stablecoin. The People's Bank of China is also focusing on stablecoins' potential to enhance global payment systems and is considering regulatory approval for yuan-backed stablecoins. Calls for stablecoin development in China suggest the urgency of the matter, with suggestions to use Hong Kong as a testing ground.

      Expand
    • The Block

      Treasury Department and IRS repeal controversial crypto broker rule

      The US Treasury Department and IRS have repealed a rule requiring decentralized exchanges and other crypto protocols to report customer transaction information for tax purposes. This move ends a protracted controversy over the rule, which was deemed unenforceable by crypto advocates due to privacy and feasibility concerns, and threatened the growth of the DeFi sector and broader crypto industry in the US.

      Expand
    • Ethereum Foundation

      Ethereum Foundation expands EcoDev to accelerate ecosystem growth

      Ethereum Foundation is expanding its Ecosystem Development (EcoDev) initiatives to better support and accelerate the growth of the Ethereum ecosystem. The new EcoDev structure focuses on areas such as enterprise relations, developer growth, app relations & research, and founder success. Furthermore, the expansion includes enhancing ecosystem support through strategic funding initiatives, grant support, and operational assistance via the Launchpad team.

      Expand
    • Hyperliquid

      Hyperliquid lists PUMP-USD hyperps with up to 3x leverage

      Hyperliquid has launched PUMP-USD hyperps, offering users the ability to long or short the upcoming PUMP token with up to 3x leverage. Hyperps, which operate like perpetual contracts, do not require external oracles for price determination, relying instead on a funding rate connected to the mark price's moving average. This structure aims to provide more stable prices and reduce manipulation risks, especially critical in pre-launch futures trading environments. Traders should be cautious of potential risks, including low liquidity and high volatility.

      Expand
    • The Block

      YZi Labs collaborates with 10X Capital to launch BNB treasury company aiming for US IPO

      YZi Labs, linked to former Binance CEO Changpeng 'CZ' Zhao, is supporting 10X Capital to launch a BNB treasury company targeting a public listing on a major US stock exchange. The company aims to provide US investors access to BNB, the 4th largest crypto token by market cap, focusing on the BNB Chain ecosystem. Details about the specific exchange listing and fundraising goals were not disclosed.

      Expand
    • CoinDesk

      Circle forms USDC revenue sharing deal with crypto exchange Bybit

      Circle has established a revenue sharing agreement with Bybit, providing terms similar to existing deals meant to boost USDC adoption on the exchange platform. This strategy mirrors arrangements with other exchanges like Coinbase and Binance, where Circle allocates a portion of the interest from its reserves and other financial incentives to facilitate the deployment and usage of the USDC stablecoin. This move comes as Circle seeks to expand its footprint in the competitive stablecoin market, where USDC's circulation is significant but trails behind leader Tether.

      Expand
    • Bitcoin Sistemi

      Peanut the Squirrel meme coin PNUT jumps following Elon Musk's statement

      Following a social media post by Elon Musk about a squirrel named Peanut on platform X, the price of the cryptocurrency memecoin PNUT experienced a significant increase. Musk's reference to Peanut in the context of US governance criticism reiterated his notable impact on crypto markets through his statements.

      Expand
    • The Block

      Murano Global Investments pursues Bitcoin treasury strategy with $500 million equity deal

      Murano Global Investments, a Nasdaq-listed company focusing on Mexican hotels and resorts, has announced a bitcoin treasury strategy to enhance capital efficiency and liquidity using operating cash flows, real estate assets, and capital market access. The company has entered a Standby Equity Purchase Agreement with Yorkville to secure up to $500 million, mainly for bitcoin acquisition, reinforcing the balance sheet against inflation and systemic risks. Murano has also joined the Bitcoin for Corporations alliance to support corporate bitcoin adoption and is exploring additional initiatives like accepting bitcoin payments and bitcoin reward programs.

      Expand
    Loading...