US President Donald Trump on Tuesday (Jul 11) took to social media to wish everyone a “HAPPY CRYPTO WEEK”. He said that the House will soon vote on a “tremendous” bill to make America the “undisputed, number one leader in digital assets”. He added that the GENIUS Act will put the United States “lightyears ahead” of China, Europe and other nations. He further urged all republicans to vote for the bill, saying that it will make the country “bigger and better than before”. This comes as the US House of Representatives is set to pass a series of crypto-related bills this week.&nbsp;The US president wrote on his Truth Social platform, “HAPPY CRYPTO WEEK! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets - Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!).”&nbsp;He further added, “This is our moment - Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!”&nbsp;<h2>What is GENIUS Act?</h2>&nbsp;The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data. It will help build a clearer framework for banks, companies and other entities to issue digital currencies. A stablecoin is a type of cryptocurrency that attempts to keep its value stable, while crypto assets like Bitcoin are volatile in nature.&nbsp;The bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

The GENIUS bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

US President Donald Trump on Tuesday (Jul 11) took to social media to wish everyone a “HAPPY CRYPTO WEEK”. He said that the House will soon vote on a “tremendous” bill to make America the “undisputed, number one leader in digital assets”. He added that the GENIUS Act will put the United States “lightyears ahead” of China, Europe and other nations. He further urged all republicans to vote for the bill, saying that it will make the country “bigger and better than before”. This comes as the US House of Representatives is set to pass a series of crypto-related bills this week. The US president wrote on his Truth Social platform, “HAPPY CRYPTO WEEK! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets - Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!).” He further added, “This is our moment - Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!” What is GENIUS Act? The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data. It will help build a clearer framework for banks, companies and other entities to issue digital currencies. A stablecoin is a type of cryptocurrency that attempts to keep its value stable, while crypto assets like Bitcoin are volatile in nature. The bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

The GENIUS bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

‘HAPPY CRYPTO WEEK!’: Trump urges Republicans to vote ‘YES’ ahead of GENIUS Act voting in House

History may be in the making for the crypto world. Shares of Circle and Coinbase surged on Wednesday after the US Senate passed the long-awaited GENIUS Act, a landmark bill aimed at regulating stablecoins and giving the digital dollar its clearest legal status yet.&nbsp;Circle, issuer of the second-largest stablecoin, ended the day 33.8 per cent higher. Coinbase jumped 16 per cent, while Robinhood, another crypto-friendly platform, rose 4.5 per cent, as reported by Reuters.<h2>GENIUS Act clears Senate, what happens next?</h2>The bipartisan vote marks a watershed moment for crypto oversight in the United States. The GENIUS Act—short for Guaranteed Electronic National Infrastructure for US-dollar Stablecoins-&nbsp;now moves to the Republican-controlled House of Representatives.&nbsp;&nbsp;If cleared, it will head to President Donald Trump for final approval, likely before the end of summer, as per Reuters.For an industry long trapped in regulatory ambiguity, this could mean a full reset.&nbsp;“If signed into law, we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet,” analysts at brokerage Bernstein wrote, as quoted by Reuters.<h2>Why markets cheered the bill</h2>Circle, which went public on the New York Stock Exchange earlier this month, has become one of the biggest beneficiaries of the stablecoin momentum. Its shares, initially priced at $31, closed at $199.59, with another 4.4 per cent jump after hours, according to Reuters.&nbsp;The company’s flagship token, USDC, co-developed with Coinbase, now boasts a market capitalisation of $61.4 billion, according to data from CoinGecko. The stablecoin also underpins much of Coinbase’s revenue from digital dollars, which surged 51 per cent in the first quarter as USDC hit a new record high.&nbsp;“This is history in the making,” said Circle CEO Jeremy Allaire on social platform X. “This legislation will drive US economic and national competitiveness for decades to come.”<h2>What the GENIUS Act will change</h2>If passed into law, the GENIUS Act will introduce tough transparency and reserve standards. All stablecoins will need to be fully backed by highly liquid assets such as US dollars or short-term Treasury bills, while issuers will be required to disclose the composition of their reserves publicly each month. Crucially, the bill will bring the sector under formal oversight by US regulators, offering long-awaited legal clarity.&nbsp;According to Reuters, analysts at Barclays said the bill could become one of two major crypto laws expected to pass in 2025, offering the industry its most comprehensive regulatory base to date.&nbsp;“While stablecoin demand is already impressive, the new bill can accelerate that demand,” said Andrew Rocco, strategist at Zacks Investment Research, as quoted by Reuters.<h2>Wider crypto sector stands to benefit</h2>Though the law is focused on dollar-pegged tokens, its ripple effects could lift the entire digital asset industry. Analysts at KBW said that providing legal status to stablecoins could act as a strong tailwind for Bitcoin and other major cryptocurrencies.&nbsp;The legislation may also pave the way for large corporates and traditional banks to develop their own regulated stablecoins.&nbsp;“This bill lends credibility to the entire digital asset space,” Rocco added, as quoted by Reuters.<h2>The bigger picture: Crypto goes mainstream?</h2>The global stablecoin market is now worth $256 billion, as per CoinGecko. With regulation now moving swiftly through Congress, analysts say the market could grow significantly, especially if stablecoins become embedded into e-commerce, cross-border trade, and digital financial infrastructure.&nbsp;For Coinbase and Circle, the rally may just be the beginning. But for the broader economy, the GENIUS Act could mark a turning point, the moment the US decided to embrace digital dollars, not resist them.&nbsp;(With inputs from the agencies)

Circle’s stock rose 33.8%, Coinbase 16%, and Robinhood 4.5%. The bill moves to the House for approval, potentially heading to President Trump soon. 

History may be in the making for the crypto world. Shares of Circle and Coinbase surged on Wednesday after the US Senate passed the long-awaited GENIUS Act, a landmark bill aimed at regulating stablecoins and giving the digital dollar its clearest legal status yet. Circle, issuer of the second-largest stablecoin, ended the day 33.8 per cent higher. Coinbase jumped 16 per cent, while Robinhood, another crypto-friendly platform, rose 4.5 per cent, as reported by Reuters. GENIUS Act clears Senate, what happens next? The bipartisan vote marks a watershed moment for crypto oversight in the United States. The GENIUS Act—short for Guaranteed Electronic National Infrastructure for US-dollar Stablecoins- now moves to the Republican-controlled House of Representatives. If cleared, it will head to President Donald Trump for final approval, likely before the end of summer, as per Reuters. For an industry long trapped in regulatory ambiguity, this could mean a full reset. “If signed into law, we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet,” analysts at brokerage Bernstein wrote, as quoted by Reuters. Why markets cheered the bill Circle, which went public on the New York Stock Exchange earlier this month, has become one of the biggest beneficiaries of the stablecoin momentum. Its shares, initially priced at $31, closed at $199.59, with another 4.4 per cent jump after hours, according to Reuters. The company’s flagship token, USDC, co-developed with Coinbase, now boasts a market capitalisation of $61.4 billion, according to data from CoinGecko. The stablecoin also underpins much of Coinbase’s revenue from digital dollars, which surged 51 per cent in the first quarter as USDC hit a new record high. “This is history in the making,” said Circle CEO Jeremy Allaire on social platform X. “This legislation will drive US economic and national competitiveness for decades to come.” What the GENIUS Act will change If passed into law, the GENIUS Act will introduce tough transparency and reserve standards. All stablecoins will need to be fully backed by highly liquid assets such as US dollars or short-term Treasury bills, while issuers will be required to disclose the composition of their reserves publicly each month. Crucially, the bill will bring the sector under formal oversight by US regulators, offering long-awaited legal clarity. According to Reuters, analysts at Barclays said the bill could become one of two major crypto laws expected to pass in 2025, offering the industry its most comprehensive regulatory base to date. “While stablecoin demand is already impressive, the new bill can accelerate that demand,” said Andrew Rocco, strategist at Zacks Investment Research, as quoted by Reuters. Wider crypto sector stands to benefit Though the law is focused on dollar-pegged tokens, its ripple effects could lift the entire digital asset industry. Analysts at KBW said that providing legal status to stablecoins could act as a strong tailwind for Bitcoin and other major cryptocurrencies. The legislation may also pave the way for large corporates and traditional banks to develop their own regulated stablecoins. “This bill lends credibility to the entire digital asset space,” Rocco added, as quoted by Reuters. The bigger picture: Crypto goes mainstream? The global stablecoin market is now worth $256 billion, as per CoinGecko. With regulation now moving swiftly through Congress, analysts say the market could grow significantly, especially if stablecoins become embedded into e-commerce, cross-border trade, and digital financial infrastructure. For Coinbase and Circle, the rally may just be the beginning. But for the broader economy, the GENIUS Act could mark a turning point, the moment the US decided to embrace digital dollars, not resist them. (With inputs from the agencies)

Shares of Circle and Coinbase surged after the US Senate passed the GENIUS Act, a pivotal bill regulating stablecoins and affirming the digital dollar's legal status.

Circle, Coinbase shares soar as Senate passes landmark stablecoin bill: What it means for crypto’s future

In a sweeping move against crypto crime, US authorities have seized $225.3 million in digital assets tied to a sprawling international investment fraud ring.&nbsp;&nbsp;The bust marks the largest-ever recovery from a cryptocurrency confidence scam, exposing a sophisticated laundering network and underscoring the rise of financial cybercrime.&nbsp;The seizure, announced on 18 June 2025, follows a civil forfeiture complaint filed by the US Attorney’s Office for the District of Columbia. Investigators from the FBI and US Secret Service tracked hundreds of thousands of blockchain transactions, unmasking illicit flows used to defraud over 400 victims worldwide, including dozens in the US.&nbsp;“This seizure marks the largest cryptocurrency seizure in US Secret Service history,” said Shawn Bradstreet, Special Agent in Charge, as quoted by Reuters. “These scams prey on trust, often resulting in extreme financial hardship.”&nbsp;US Attorney Jeanine Ferris Pirro added, “With the support of President Trump and Attorney General Bondi, this office is working to return stolen funds to victims—and strip criminals of their digital loot,” as per the DOJ press release.<h2>Legal breakthrough under evolving US crypto law</h2>The enforcement action, though civil, not criminal, was enabled by advanced anti-money laundering (AML) laws and represents a growing trend in crypto-related litigation. Prosecutors filed the complaint in the District of Columbia District Court, leveraging new tools to trace decentralised criminal networks.&nbsp;It coincides with a renewed push to regulate crypto under the GENIUS Act, which recently passed the US Senate and is now headed for a House vote. The bill aims to create federal oversight for stablecoins and digital asset infrastructure, long viewed as a blind spot in financial regulation.<h2>Crypto’s expanding footprint in the US</h2>The seizure highlights the scale of the US crypto ecosystem. Circle’s USDC stablecoin, which was co-founded with Coinbase, has a market capitalisation of $61.4 billion, making it the second largest in the world, according to Reuters.&nbsp;According to Bloomberg, Coinbase—the largest publicly listed crypto exchange in the US—handled approximately 11 per cent of global crypto transactions in 2024, with the US accounting for nearly 25 per cent of all stablecoin activity. The country remains the world’s single largest market for digital assets.<h2>Crypto scams surge to record levels</h2>The action comes amid a dramatic rise in crypto scams. According to Chainalysis, investment fraud and confidence scams generated between $9.9 and $12.4 billion in illicit proceeds in 2024, a year-on-year increase of over 35 per cent.&nbsp;These scams, often labelled “pig butchering,” involve long-term deception, where victims are emotionally manipulated into transferring funds into fake crypto investment platforms.&nbsp;Meanwhile, the FBI’s Internet Crime Complaint Centre (IC3) reported $5.8 billion in reported losses from crypto-related fraud in 2024, up from $5.6 billion in 2023. Institutional thefts are also surging, with $2.2 billion stolen in hacks last year alone, as per Chainalysis.<h2>The global trail: From Southeast Asia to the US</h2>US law enforcement reportedly traced scam proceeds through laundering networks spanning Southeast Asia, including Philippine-linked addresses, and illicit trading platforms in Myanmar and Thailand.&nbsp;As per The Wall Street Journal, one syndicate, Huione, was linked to North Korean hackers and laundered over $28 billion via crypto exchanges and shell companies, prompting recent US Treasury sanctions.&nbsp;“These are not lone-wolf scammers,” said FBI Special Agent Sanjay Virmani, as quoted by Reuters. “They are coordinated criminal networks exploiting international gaps in oversight.”<h2>Victims to receive restitution</h2>The US government has secured custody of the funds and is now working to return them. Victims can report their cases via the FBI’s IC3 portal (www.ic3.gov), using code BT06182025 for case identification.&nbsp;The investigation is led by Assistant US Attorneys Kevin Rosenberg and Rick Blaylock Jr., along with the DOJ’s Computer Crime &amp; Intellectual Property Section (CCIPS). The stablecoin firm Tether also played a key role by cooperating with investigators.<h2>What’s next?&nbsp;</h2>While the Trump administration recently disbanded the National Cryptocurrency Enforcement Team, the DOJ says crypto enforcement remains a top priority. Deputy Attorney General Todd Blanche has pledged “aggressive pursuit of decentralised fraud rings,” according to internal memos reported by CNN.&nbsp;Still, the threat continues to evolve. Experts warn of rising use of AI-driven phishing scams, making it harder for even tech-savvy investors to detect fraud.&nbsp;“This is the Wild West of finance. And it’s not just the West—it’s the Wild North, East and South too,” said Pirro at the press conference, as quoted by CNN.&nbsp;As digital currencies become mainstream, so too do the risks. The record-breaking $225 million seizure is not just a headline—it’s a glimpse into the murky world of decentralised crime.&nbsp;But with new legislation, public–private cooperation, and more tech-savvy investigators, the tide may be turning. Crypto isn’t going anywhere—but neither are the scammers. Now, regulators must race to keep&nbsp;up.&nbsp;&nbsp;(With inputs from the agencies)&nbsp;

This action, announced on June 18, 2025, stemmed from a civil forfeiture complaint by the US Attorney Office, with investigations revealing illicit funds affecting over 400 victims globally. 

In a sweeping move against crypto crime, US authorities have seized $225.3 million in digital assets tied to a sprawling international investment fraud ring. The bust marks the largest-ever recovery from a cryptocurrency confidence scam, exposing a sophisticated laundering network and underscoring the rise of financial cybercrime. The seizure, announced on 18 June 2025, follows a civil forfeiture complaint filed by the US Attorney’s Office for the District of Columbia. Investigators from the FBI and US Secret Service tracked hundreds of thousands of blockchain transactions, unmasking illicit flows used to defraud over 400 victims worldwide, including dozens in the US. “This seizure marks the largest cryptocurrency seizure in US Secret Service history,” said Shawn Bradstreet, Special Agent in Charge, as quoted by Reuters. “These scams prey on trust, often resulting in extreme financial hardship.” US Attorney Jeanine Ferris Pirro added, “With the support of President Trump and Attorney General Bondi, this office is working to return stolen funds to victims—and strip criminals of their digital loot,” as per the DOJ press release. Legal breakthrough under evolving US crypto law The enforcement action, though civil, not criminal, was enabled by advanced anti-money laundering (AML) laws and represents a growing trend in crypto-related litigation. Prosecutors filed the complaint in the District of Columbia District Court, leveraging new tools to trace decentralised criminal networks. It coincides with a renewed push to regulate crypto under the GENIUS Act, which recently passed the US Senate and is now headed for a House vote. The bill aims to create federal oversight for stablecoins and digital asset infrastructure, long viewed as a blind spot in financial regulation. Crypto’s expanding footprint in the US The seizure highlights the scale of the US crypto ecosystem. Circle’s USDC stablecoin, which was co-founded with Coinbase, has a market capitalisation of $61.4 billion, making it the second largest in the world, according to Reuters. According to Bloomberg, Coinbase—the largest publicly listed crypto exchange in the US—handled approximately 11 per cent of global crypto transactions in 2024, with the US accounting for nearly 25 per cent of all stablecoin activity. The country remains the world’s single largest market for digital assets. Crypto scams surge to record levels The action comes amid a dramatic rise in crypto scams. According to Chainalysis, investment fraud and confidence scams generated between $9.9 and $12.4 billion in illicit proceeds in 2024, a year-on-year increase of over 35 per cent. These scams, often labelled “pig butchering,” involve long-term deception, where victims are emotionally manipulated into transferring funds into fake crypto investment platforms. Meanwhile, the FBI’s Internet Crime Complaint Centre (IC3) reported $5.8 billion in reported losses from crypto-related fraud in 2024, up from $5.6 billion in 2023. Institutional thefts are also surging, with $2.2 billion stolen in hacks last year alone, as per Chainalysis. The global trail: From Southeast Asia to the US US law enforcement reportedly traced scam proceeds through laundering networks spanning Southeast Asia, including Philippine-linked addresses, and illicit trading platforms in Myanmar and Thailand. As per The Wall Street Journal, one syndicate, Huione, was linked to North Korean hackers and laundered over $28 billion via crypto exchanges and shell companies, prompting recent US Treasury sanctions. “These are not lone-wolf scammers,” said FBI Special Agent Sanjay Virmani, as quoted by Reuters. “They are coordinated criminal networks exploiting international gaps in oversight.” Victims to receive restitution The US government has secured custody of the funds and is now working to return them. Victims can report their cases via the FBI’s IC3 portal (www.ic3.gov), using code BT06182025 for case identification. The investigation is led by Assistant US Attorneys Kevin Rosenberg and Rick Blaylock Jr., along with the DOJ’s Computer Crime & Intellectual Property Section (CCIPS). The stablecoin firm Tether also played a key role by cooperating with investigators. What’s next? While the Trump administration recently disbanded the National Cryptocurrency Enforcement Team, the DOJ says crypto enforcement remains a top priority. Deputy Attorney General Todd Blanche has pledged “aggressive pursuit of decentralised fraud rings,” according to internal memos reported by CNN. Still, the threat continues to evolve. Experts warn of rising use of AI-driven phishing scams, making it harder for even tech-savvy investors to detect fraud. “This is the Wild West of finance. And it’s not just the West—it’s the Wild North, East and South too,” said Pirro at the press conference, as quoted by CNN. As digital currencies become mainstream, so too do the risks. The record-breaking $225 million seizure is not just a headline—it’s a glimpse into the murky world of decentralised crime. But with new legislation, public–private cooperation, and more tech-savvy investigators, the tide may be turning. Crypto isn’t going anywhere—but neither are the scammers. Now, regulators must race to keep up. (With inputs from the agencies)

US authorities seized $225.3 million in digital assets linked to a major international investment fraud ring, marking the largest recovery from a cryptocurrency confidence scam.

US seizes $225 million in the biggest crypto scam; is this a turning point for regulation?

In a defining moment for the crypto industry, the United States Senate has passed the GENIUS Act, a bill that sets up the first comprehensive regulatory framework for stablecoins, or digital tokens pegged to the US dollar.&nbsp;The bipartisan legislation, which passed with a 68-30 vote on Tuesday, marks a historic step in regulating the fast-growing stablecoin market. But it also arrives amid growing scrutiny of President Donald Trump’s personal and political ties to the digital asset industry.&nbsp;As reported by Reuters, the bill officially named the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires stablecoin issuers to hold full reserves in liquid assets like US dollars and short-term Treasury bills.&nbsp;&nbsp;It also mandates monthly public disclosures and compliance with anti-money laundering norms.<h2>Why stablecoins matter</h2>Stablecoins are a subset of cryptocurrencies designed to maintain a fixed value, typically pegged 1:1 to the US dollar. Unlike volatile tokens like Bitcoin, stablecoins allow for faster, cheaper digital payments, posing a direct challenge to traditional financial rails.&nbsp;According to a Deutsche Bank study, stablecoin transaction volumes exceeded $28 trillion in 2024, surpassing Visa and Mastercard combined.&nbsp;&nbsp;US-based platforms such as Coinbase, Stripe, and Shopify are already integrating stablecoin-based payments like USDC, signalling a broader shift in the way Americans move money.<h2>A political win for the crypto lobby</h2>The GENIUS Act is the crypto industry’s first major legislative win in Washington. As per Reuters, the sector spent more than $119 million lobbying Congress and backing pro-crypto candidates during the 2024 elections.&nbsp;It also comes as President Trump ramps up efforts to shape crypto policy. His campaign has been actively courting crypto donors, and his allies have been pushing for regulatory clarity in what’s now considered the most pro-crypto Congress in US history.&nbsp;Bo Hines, who chairs Trump’s Council of Advisers on Digital Assets, has said the White House wants a stablecoin law on the books by August.&nbsp;But that aggressive push has raised eyebrows and drawn criticism.<h2>Trump’s billion-dollar crypto empire</h2>According to recent financial disclosures cited by Reuters, Trump earned at least $57 million in 2024 from crypto-related ventures.&nbsp;&nbsp;He holds nearly 16 billion WLFI tokens, governance rights in World Liberty Financial, a crypto firm he partially owns. On paper, those holdings could be worth close to $1 billion.&nbsp;Trump’s digital asset portfolio doesn’t stop there. His crypto ventures include:      •     A meme coin named $TRUMP      •     A $2.5 billion bitcoin reserve      •     Plans for Bitcoin and Ethereum ETFs via Truth.Fi      •     A newly launched mining firm called American Bitcoin&nbsp;While the White House claims Trump’s assets are held in a family-managed trust, critics argue the legislation doesn’t go far enough in addressing presidential conflicts of interest.&nbsp;Senator Jeff Merkley, a Democrat from Oregon, accused Republicans of “rubber-stamping Trump’s crypto corruption,” warning that the bill paves the way for financial self-dealing at the highest levels of government.<h2>House battle looms: STABLE vs GENIUS</h2>Though the Senate has passed the GENIUS Act, the bill still faces hurdles in the Republican-controlled House of Representatives, which is reviewing its own version dubbed the STABLE Act.&nbsp;Both bills agree on key guardrails: no yield-bearing stablecoins and mandatory full-reserve backing. But they diverge on regulatory oversight.&nbsp;&nbsp;While the GENIUS Act centralises supervision with the US Treasury, the House bill splits it among the Federal Reserve, the Comptroller of the Currency, and other agencies.Reconciling the two bills is expected to be complex, congressional aides told Reuters.<h2>A clash of ideologies</h2>The bill’s passage underscores a broader clash in Washington over how to balance innovation and regulation in the crypto space.&nbsp;Senator Elizabeth Warren and others have warned that the GENIUS Act lacks sufficient safeguards, including restrictions on foreign stablecoin issuers and Big Tech players seeking to issue their own digital currencies.&nbsp;In response, the Conference of State Bank Supervisors called for “critical changes” to avoid weakening state-level financial oversight.&nbsp;Despite these concerns, supporters say the bill is a crucial first step.&nbsp;“This is a major milestone,” said Andrew Olmem, a former Trump adviser and current partner at law firm Mayer Brown, as quoted by Reuters. “It finally gives the industry a rulebook.”<h2>What’s next?</h2>With Trump’s crypto holdings under the spotlight and the House gearing up for its own stablecoin debate, the battle over how the US regulates digital money is far from over.&nbsp;But one thing is clear, digital dollars are no longer a fringe idea.&nbsp;&nbsp;With political power and big money behind them, stablecoins are entering the American financial mainstream, and the rules are just beginning to be written.&nbsp;(With inputs from the agencies) &nbsp;

The GENIUS Act sets the stage for US stablecoin regulation amid rising scrutiny of Trump’s billion-dollar crypto empire and political lobbying in Washington.

In a defining moment for the crypto industry, the United States Senate has passed the GENIUS Act, a bill that sets up the first comprehensive regulatory framework for stablecoins, or digital tokens pegged to the US dollar. The bipartisan legislation, which passed with a 68-30 vote on Tuesday, marks a historic step in regulating the fast-growing stablecoin market. But it also arrives amid growing scrutiny of President Donald Trump’s personal and political ties to the digital asset industry. As reported by Reuters, the bill officially named the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires stablecoin issuers to hold full reserves in liquid assets like US dollars and short-term Treasury bills. It also mandates monthly public disclosures and compliance with anti-money laundering norms. Why stablecoins matter Stablecoins are a subset of cryptocurrencies designed to maintain a fixed value, typically pegged 1:1 to the US dollar. Unlike volatile tokens like Bitcoin, stablecoins allow for faster, cheaper digital payments, posing a direct challenge to traditional financial rails. According to a Deutsche Bank study, stablecoin transaction volumes exceeded $28 trillion in 2024, surpassing Visa and Mastercard combined. US-based platforms such as Coinbase, Stripe, and Shopify are already integrating stablecoin-based payments like USDC, signalling a broader shift in the way Americans move money. A political win for the crypto lobby The GENIUS Act is the crypto industry’s first major legislative win in Washington. As per Reuters, the sector spent more than $119 million lobbying Congress and backing pro-crypto candidates during the 2024 elections. It also comes as President Trump ramps up efforts to shape crypto policy. His campaign has been actively courting crypto donors, and his allies have been pushing for regulatory clarity in what’s now considered the most pro-crypto Congress in US history. Bo Hines, who chairs Trump’s Council of Advisers on Digital Assets, has said the White House wants a stablecoin law on the books by August. But that aggressive push has raised eyebrows and drawn criticism. Trump’s billion-dollar crypto empire According to recent financial disclosures cited by Reuters, Trump earned at least $57 million in 2024 from crypto-related ventures. He holds nearly 16 billion WLFI tokens, governance rights in World Liberty Financial, a crypto firm he partially owns. On paper, those holdings could be worth close to $1 billion. Trump’s digital asset portfolio doesn’t stop there. His crypto ventures include:       •     A meme coin named $TRUMP       •     A $2.5 billion bitcoin reserve       •     Plans for Bitcoin and Ethereum ETFs via Truth.Fi       •     A newly launched mining firm called American Bitcoin While the White House claims Trump’s assets are held in a family-managed trust, critics argue the legislation doesn’t go far enough in addressing presidential conflicts of interest. Senator Jeff Merkley, a Democrat from Oregon, accused Republicans of “rubber-stamping Trump’s crypto corruption,” warning that the bill paves the way for financial self-dealing at the highest levels of government. House battle looms: STABLE vs GENIUS Though the Senate has passed the GENIUS Act, the bill still faces hurdles in the Republican-controlled House of Representatives, which is reviewing its own version dubbed the STABLE Act. Both bills agree on key guardrails: no yield-bearing stablecoins and mandatory full-reserve backing. But they diverge on regulatory oversight. While the GENIUS Act centralises supervision with the US Treasury, the House bill splits it among the Federal Reserve, the Comptroller of the Currency, and other agencies. Reconciling the two bills is expected to be complex, congressional aides told Reuters. A clash of ideologies The bill’s passage underscores a broader clash in Washington over how to balance innovation and regulation in the crypto space. Senator Elizabeth Warren and others have warned that the GENIUS Act lacks sufficient safeguards, including restrictions on foreign stablecoin issuers and Big Tech players seeking to issue their own digital currencies. In response, the Conference of State Bank Supervisors called for “critical changes” to avoid weakening state-level financial oversight. Despite these concerns, supporters say the bill is a crucial first step. “This is a major milestone,” said Andrew Olmem, a former Trump adviser and current partner at law firm Mayer Brown, as quoted by Reuters. “It finally gives the industry a rulebook.” What’s next? With Trump’s crypto holdings under the spotlight and the House gearing up for its own stablecoin debate, the battle over how the US regulates digital money is far from over. But one thing is clear, digital dollars are no longer a fringe idea. With political power and big money behind them, stablecoins are entering the American financial mainstream, and the rules are just beginning to be written. (With inputs from the agencies)

The US Senate has passed the landmark GENIUS Act, giving stablecoins their first clear rulebook as Trump’s deep crypto ties spark conflict-of-interest concerns.

GENIUS Act: US Senate passes landmark crypto bill amid Trump’s billion-dollar stablecoin push

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‘HAPPY CRYPTO WEEK!’: Trump urges Republicans to vote ‘YES’ ahead of GENIUS Act voting in House

Circle, Coinbase shares soar as Senate passes landmark stablecoin bill

US seizes $225 million in the biggest crypto scam

GENIUS Act: US Senate passes landmark crypto bill