NiftyNoon: The GENIUS Act Passes in the Senate 🏛️📜📈
The Senate's overwhelming bipartisan passage of the GENIUS Act provides a regulatory framework for stablecoins, marking a historic win for the industry (June 18, 2025)
Nifty Thought:
In a landmark move for the crypto industry, the U.S. Senate has passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a decisive 68-30 bipartisan vote. This is the first major piece of digital asset legislation to ever clear the Senate, representing a significant step toward regulatory clarity in the United States. The bill establishes crucial guardrails for stablecoin issuers, mandating that they back their tokens one-to-one with cash and short-term U.S. Treasuries. It also imposes strict transparency requirements and regulatory supervision, a move celebrated by industry leaders as a "historic step forward" that could pave the way for wider adoption.
While the bill now heads to the House of Representatives, it does so with considerable momentum. However, it is not without its critics. Some lawmakers, including Senator Elizabeth Warren, have raised concerns that the legislation has loopholes for foreign tokens and fails to address potential conflicts of interest related to President Donald Trump's involvement with a stablecoin issuer. Despite these objections, the bill passed without amendments addressing these specific issues. The overwhelming sentiment remains positive, with Treasury Secretary Scott Bessent projecting that with such regulation, the stablecoin market could potentially grow to nearly $3.7 trillion by the end of the decade. This development is a clear win for establishing the U.S. as a leader in crypto innovation.
Highlighted News:
📜 The Senate just passed the GENIUS Act — landmark legislation to establish the first regulatory framework for payment stablecoins:
https://x.com/BankingGOP/status/1935092899978387824
🪙 @SecScottBessent claims stablecoins could grow into a $3.7 trillion market by the end of the decade:
https://x.com/SecScottBessent/status/1935027160374210573
📝 The GENIUS Act Summarized:
https://x.com/TFTC21/status/1935027661421822149
🤝 Announcing the Global Markets Alliance, a historic alliance of leading wallets, exchanges, and custodians to bring capital markets onchain and set standards for the interoperability of onchain stocks:
https://x.com/ondofinance/status/1934959287811412130?s=46
🔵 Kinexys by @jpmorgan is launching JPMD, a USD deposit token for institutional clients, on Base:
https://x.com/base/status/1935055475252543823
Project and Community News:
$100,000,000 liquidated from the crypto market in the past 60 minutes: https://x.com/watcherguru/status/1935000970603200589?s=46
Coinbase is seeking SEC approval to offer blockchain-based stock trading: https://x.com/coindesk/status/1934982002026893747?s=46
Eyenovia, a publicly traded company, is buying $50M worth of HYPE and staking all of it: https://x.com/mlmabc/status/1935051798701609329
The Next Layer of Circle - Circle Payments Network: https://x.com/circle/status/1934688026598494561?s=46
@Solana becomes the #1 chain by 24-hour Net Flows: https://x.com/solanafloor/status/1934907372842983881?s=46
The world’s largest bank, JPMorgan, has filed a trademark for what appears to be a stablecoin called ‘JPMD’ on Base: https://x.com/tier10k/status/1935049683715637687?s=46
Thailand exempts crypto capital gains tax for 5 years: https://x.com/watcherguru/status/1934948473947746333?s=46
According to Reuters, BBVA, Spain’s second-largest bank, has been advising its private banking clients since September 2024 to allocate 3% to 7% of their portfolios to cryptocurrencies based on their risk appetite: https://x.com/WuBlockchain/status/1935068175965851690
@vaneck_us Announcing their investment in @ubyx_: https://x.com/vaneck_us/status/1934953929479180757?s=46
Introducing Coinbase One Basic: https://x.com/coinbase/status/1934718464104538450?s=46
infiniFi partners with Ethena: https://x.com/infinifilabs/status/1934993204065017954
Edit Positions Live on Wasabi: https://x.com/wasabi_protocol/status/1935061063000801632?s=46
Pumpfun(@pumpdotfun), recently suspended by X, has sold a total of ~4.1M $SOL($741M) at an average price of ~$180 since May 19, 2024: https://x.com/lookonchain/status/1934875568274837802
@pudgypenguins book is now available for pre-order: https://x.com/pudgypenguins/status/1934736542402072631?s=46
Top Shot Team Leaderboard Rewards start now: https://x.com/nbatopshot/status/1934749059824402514?s=46
AguilaTrades(@AguilaTrades) seems a bit greedy and never takes profits: https://x.com/lookonchain/status/1934993227565965671
Quick Stats:
👾 Blur ETH Daily Volume: 337.37 ETH (▼ 26.3%)
🌊 OpenSea ETH Daily Volume: X,XXX ETH (▲▼► X.XX%)
🟠 BTC : $104,799.01 (▼ 0.77%)
🔷 ETH: $2,512.02 (▼ 1.47%)
🟣 Solana: $146.55 (▼ 2.50%)
🟪 Polygon: $0.19 (▼ 2.79%)
Top NFT Sales:
CryptoPunks #3308: 99.75 ETH
CryptoPunks #1512: 40.10 ETH
CryptoPunks #2462: 40.52 ETH
NFT Daily Winners:
🐧 Pudgy Penguins: 9.00 ETH (▲ 2.67%)
😡 Mad Lads: 35.400 SOL (▲ 2.23%)
🐱 Quantum Cats: 0.02 BTC (► 0.00%)
🏳🌈 Chromie Squiggles: 4.59 ETH (► 0.00%)
🧙♂️ Taproot Wizards: 0.16 BTC (► 0.00%)
NFT Daily Losers:
🚬 CryptoPunks: 41.44 ETH (▼ 0.12%)
🦧 Bored Ape Yacht Club: 11.71 ETH (▼ 0.34%)
💼 Ordinal Maxi Biz: 0.02 BTC (▼ 1.56%)
⛩ Azuki: 2.10 ETH (▼ 2.17%)
👩🏻 Milady Maker: 2.03 ETH (▼ 3.10%)
🧦 Bitcoin Puppets: 0.03 BTC (▼ 4.01%)
🍭 Mocaverse: 1.29 ETH (▼ 4.44%)
🏴☠ Captainz: 0.35 ETH (▼ 4.44%)
👾 Tensorians: 2.366 SOL (▼ 4.49%)
🐵 NodeMonkes: 0.03 BTC (▼ 5.22%)
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