US Crypto Milestone: Landmark Legislation Passed

Today, at 2:30 PM ET, President Trump is expected to sign the GENIUS Act, the US's first cryptocurrency law, into effect. This legislation, which regulates stablecoin issuance, has far-reaching implications for cross-border payments and positions blockchain infrastructure on par with traditional systems like SWIFT. The GENIUS Act is a significant milestone for the industry, which has been seeking official recognition for over a decade. In addition to the GENIUS Act, the House has also passed the CLARITY Act, a comprehensive framework for regulating digital assets. This bill aims to provide clarity on the classification of assets as securities or commodities, although it is still a work in progress. Senate Banking Committee Chair Tim Scott has expressed support for the bill and hopes to finalize it by September 30. Meanwhile, another bill banning the introduction of a central bank digital currency (CBDC) in the US has also been passed. The bill's prospects in the Senate are uncertain. The recent developments have been met with reactions from lawmakers, industry experts, and lobbyists. Our reporters have provided in-depth coverage of the events. The news has also had a positive impact on the markets, with Bitcoin reaching all-time highs and Ethereum experiencing a significant surge. Other Layer-1 platforms, such as SUI, SEI, and SOL, have also seen strong growth, while memecoins have decreased in importance. The week has been filled with other notable news, including Trump's approval of crypto investments in retirement accounts, Coinbase's launch of an innovative 'everything app,' and the start of Roman Storm's criminal trial. CME has also announced plans to explore 24/7 crypto trading for futures and options. With Congress moving into recess, the regulatory and policy news flow may slow down, but the crypto industry is expected to continue making headlines this summer.