NewsBriefs - US Senate advances GENIUS Act to regulate stablecoins

Jun 11, 6:48 PM 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

• Jul 15, 9:53 PM 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 Hide

  

• Jul 11, 11:18 AM 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 Hide

  

• Jul 10, 4:26 PM 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  The US Treasury Department and IRS have repealed a rule requiring decentralized exchanges and other crypto protocols to report customer transaction information for tax purposes.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 Hide

  

• Jul 10, 4:02 PM 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 Hide

  

• Jul 10, 4:23 AM 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 Hide

  

• Jul 10, 2:12 AM 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 Hide

  

• Jul 9, 5:45 PM 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 Hide

  

• Jul 8, 5:45 PM 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 Hide

  

• Jul 8, 2:23 AM 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 Hide

  

• Jul 7, 8:25 PM The Block

  Pump.fun sets July 12 date for PUMP token sale

  Pump.fun, a Solana-based platform for creating meme coins, is set to list its new PUMP token on Gate exchange with a sale beginning on July 12. The sale, scheduled to last 72 hours, will offer 150 billion tokens at $0.04 each in USDT with 15% of the total 1 trillion token supply available. Pump.fun, experiencing significant trading activity on Solana, has until now generated approximately $700 million in cumulative revenue since its inception. The upcoming token sale could potentially implement a revenue-sharing feature for token holders.

  Expand Hide

  

• Jul 7, 2:00 PM The Block

  Paradigm leads $11.5 million funding round for Kuru Labs to develop decentralized exchange

  Paradigm has led a Series A funding of $11.5 million for Kuru Labs, which is constructing a decentralized exchange using a hybrid model combining automated market maker (AMM) and central limit order book (CLOB) functionalities on the Monad Layer 1, Ethereum-compatible platform. This architecture merges traditional and crypto exchange features, offering liquidity and enabling placement of limit orders.

  Expand Hide

  

• Jul 7, 1:33 PM The Block

  CoreWeave to acquire Core Scientific in $9 billion deal strengthening US data-center capabilities

  CoreWeave has agreed to acquire bitcoin miner Core Scientific in a $9 billion all-stock transaction, providing CoreWeave over a gigawatt of US data-center power for scaling artificial intelligence operations. Core Scientific shareholders will receive 0.1235 CoreWeave Class A shares per Core Scientific share, valuing each share at about $20.40. The deal, expected to close in Q4 2025, comes after Core Scientific filed for Chapter 11 bankruptcy in 2022 and will result in Core Scientific shareholders owning less than 10% of the new entity.

  Expand Hide

  

• Jul 3, 9:12 PM Decrypt

  SEC pauses Grayscale ETF trading approval, citing regulatory concerns

  Grayscale expressed surprise at the SEC's decision to pause the approval of its Digital Large Cap Fund ETF, which includes cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Cardano. This action reflects an evolving regulatory environment. Despite the setback, Grayscale remains committed to launching its product as an exchange-traded fund and is actively working with stakeholders to fulfill all regulatory prerequisites.

  Expand Hide

  

• Jul 2, 9:19 PM Bitcoin Sistemi

  KBC to offer Bitcoin and Ethereum purchasing options this fall

  KBC, a leading Belgian financial institution, is set to offer Bitcoin (BTC) and Ethereum (ETH) purchasing options through its Bolero investment platform beginning this fall. This makes KBC the first major bank in Belgium to integrate direct crypto transactions. The bank is currently undergoing regulatory processes to become an official crypto asset service provider. Initiatives for user education and secure transaction platforms are highlighted as part of their forthcoming services.

  Expand Hide

  

• Jul 2, 5:24 PM The Block

  BlackRock's Bitcoin ETF surpasses its S&P 500 fund in revenue

  BlackRock's iShares Bitcoin ETF (IBIT) generates more revenue than its $624 billion iShares Core S&P 500 ETF (IVV), primarily due to a higher expense ratio. Despite being significantly smaller in size with $70 billion in assets, IBIT earns slightly more through its 0.25% expense ratio compared to the 0.03% charged by the S&P 500 ETF. The increase in IBIT's assets under management reflects growing investor interest in Bitcoin and supports the trend of higher fees for niche crypto exposures.

  Expand Hide