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Weekly Recap: Senate Passes GENIUS Act

Happy weekend Defiers!

Crypto markets are on track for a second week of losses as the conflict in the Middle East drags on. Bitcoin traded as low as $102,400 on Friday, while most major altcoins posted heavy losses over the past seven days.

The U.S. Senate passed the GENIUS Act, advancing the stablecoin regulation bill to the House of Representatives. This marks the crypto industry's first major legislative win.

Top U.S. bank JPMorgan Chase is piloting ‘deposit tokens’ on Base, representing tokenized bank deposits. The move comes as Coinbase seeks SEC approval to launch tokenized stocks, further blurring the lines between DeFi and TradFi.

Meanwhile, Tron reportedly plans to go public through a reverse merger, with a Trump-affiliated company managing the deal.

Plus, Nobitex, Iran’s largest crypto exchange, was hacked for over $80 million.

Enjoy!

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Top stories this week

GENIUS Act Gains Senate Approval, But Key Regulatory Questions Remain

The U.S. Senate passed its GENIUS stablecoin regulation bill by a 68-to-30 margin, with 18 Democrats voting in favor, sending the bill to the House and marking the crypto industry's first major legislative win.

Banking Giant JPMorgan Tests Deposit Tokens on Base

JPMorgan Chase, the largest bank in the United States, is testing its own dollar-pegged asset, dubbed a “deposit token,” on Base, Coinbase’s Ethereum Layer 2 network.

Meanwhile, Coinbase is reportedly seeking SEC approval to offer tokenized stocks.

Crypto Markets Dip as Geopolitical Tensions and Fed Uncertainty Weigh on Risk Appetite

Crypto markets are on track for another red week as escalating tensions between Iran and Israel, combined with economic uncertainty and a cautious Federal Reserve, weighed on investor sentiment.

Tron’s Plans to Go Public Raise Eyebrows Over Trump Family Ties

Layer 1 blockchain Tron plans to go public through a reverse merger, raising political questions about President Donald Trump’s possible influence due to founder Justin Sun’s ties to the Trump family.

Iran’s Largest Crypto Exchange Nobitex Hacked for Over $80 Million Amid Israeli-Iran Conflict

Nobitex, one of the largest crypto exchanges in Iran, has lost $81.7 million in a crypto hack tied to the growing cyber front in the ongoing conflict between Israel and Iran.

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