The U.S. Department of Justice has initiated a significant civil forfeiture action targeting more than $225 million in cryptocurrency, linked to sophisticated “pig butchering” scams and crypto investment fraud. This
The United States Senate has passed the GENIUS Act, giving the crypto industry its first legislative win. The bill passed the Senate thanks to bipartisan support and is the first major crypto legislation to clear the chamber. The bill now moves to the House, where it must be reconciled with the House’s stablecoin bill, the STABLE Act. Senate Passes Genius Act The United States Senate officially passed the GENIUS Act after months of deliberations, false starts, and stops. The landmark legislation officially establishes a framework for trading and issuing stablecoins in the United States. The bill received bipartisan support and passed with a 68-30 vote, with 18 Democrats joining the Republicans in supporting the legislation. However, a Senate Republican, Josh Hawley, opposed the bill, joining Democrats in opposition to provisions in the legislation that would allow big tech firms to issue stablecoins and track user spending data under specific conditions. The GENIUS Act mandates stablecoins be backed by liquid assets like the US Dollar, and short-term Treasury Bills. Stablecoin issuers will also be required to disclose the composition of their reserves. It also mandates regular audits for issuers with a market capitalization greater than $50 billion and adds more compliance rules for foreign issuers like Tether. The bill also bars non-financial public companies like Meta and Amazon from issuing stablecoins until they meet specific risk and privacy requirements. It also gives stablecoin holders priority in bankruptcy proceedings. It also grants Treasury Secretary Scott Bessent sweeping powers. Bessent told a Senate appropriations subcommittee during a hearing that the stablecoin market could grow to $2 trillion over the next few years. Bessent stated on Tuesday, “A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy.” The Next Step The GENIUS Act now heads to the House, where it must be reconciled with the STABLE Act. The STABLE Act advanced out of the committee in May, with both proposals differing on state versus federal oversight and the treatment of foreign stablecoin issuers. A reconciliation of the bills must be required before any form reaches President Donald Trump’s desk for approval. President Trump has endorsed stablecoin regulation and is pushing for a bill to be signed into law by August. Senator Cynthia Lummis said the GENIUS Act was supposed to be the easiest crypto bill to pass but took months of deliberations to reach the Senate floor. The bill only passed after fierce negotiations. “We thought it would be easiest to start with stablecoins. It has been extremely difficult. I had no idea how hard this was going to be.” Crypto Industry Hails Landmark Legislation While the bill faces several hurdles in the House, its passage from the Senate marks a turning point for the ecosystem and its political clout. Crypto industry leaders were quick to call the vote a landmark victory. Liat Sherat, Vice President of Global Policy and Regulation at Elliptic, stated, “The U.S. approving its first major federal legislation focused on stablecoins is a pivotal step in shaping the country’s digital asset future and addressing oversight of the rapidly growing digital asset ecosystem.” Amanda Tuminelli, Executive Director of the DeFi Education Fund, called it a big win for the US and innovation, stating, “This is a win for the U.S., a win for innovation, and a monumental step towards appropriate regulation for digital assets in the United States.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
More on Galaxy Digital Holdings Ltd., Tether USD, etc. Galaxy Digital Holdings Ltd. (BRPHF) Q1 2025 Earnings Call Transcript Galaxy Digital Holdings Ltd. 2025 Q1 - Results - Earnings Call Presentation Galaxy Digital: A Speculative, But Catalyst-Rich Bet Senate passes landmark stablecoin bill Stablecoins could reshape banking, but not without disruptions
Coinbase Derivatives and Nodal Clear are working to integrate the USDC stablecoin as collateral in regulated U.S. futures markets, aiming to launch the new framework in 2026. If approved by the Commodity Futures Trading Commission (CFTC), the plan is expected to mark the first time a stablecoin is formally accepted as collateral for margined futures in the U.S. Coinbase Custody Trust would hold the USDC. Nodal Clear, a CFTC-regulated and part of the Deutsche Börse-owned EEX Group, would handle clearing. The two firms said they are collaborating with U.S. regulators to bring the offering to market. “Our commitment to integrate USDC as collateral reflects our dedication to enhance trading capabilities for US market participants, improve operational efficiency through almost instant money movement,” Boris Ilyevsky, CEO of Coinbase Derivatives, said in a statement . Coinbase touted the move as a “meaningful milestone” in its push to turn USDC into a “true cash equivalent.” The stablecoin, the second-largest behind Tether’s USDT, is also set to be integrated into Shopify over Base. The announcement follows Coinbase Derivatives’ partnership with Nodal Clear to launch round-the-clock futures trading of BTC and ETH in the United States.
The passage of the bill is being called a major win for the crypto industry.
In crypto news today: Crypto market is red today The Block Moves Larry Cermak to President and Kaleb Jessee to CEO Bybit Kazakhstan and Bank CenterCredit Launch Direct Fiat Channel Etherlink Hackathon 2025: Summer of Code Launches with $40,000 in Prizes __________ Crypto market is red today The global cryptocurrency market capitalization has decreased by another 3.5% to $3.36 trillion. At the time of writing, the daily crypto trading volume is at $112 billion, similar to the levels seen yesterday. All the top 10 coins per market capitalization dropped today. Bitcoin (BTC) is down by 0.6%, below the $105,000 level, currently trading at $104,570. This is the smallest decrease in this category. Furthermore, Ethereum (ETH) decreased by 1.7%, now changing hands at $2,508. This is the second-smallest decrease in this category. The highest fall is 3.3% recorded by Tron (TRX) , now standing at $0.2696. Meanwhile, only six of the top 100 coins are green at the time of writing. Kaia (KAIA) saw the highest rise in this category, having appreciated 2.4%, now trading at $0.1613. On the other side, Virtuals Protocol (VIRTUAL)’s 8.6% is the category’s highest drop. The coin currently changes hands at $1.63. Read more: Why Is Crypto Down Today? – June 18, 2025 The crypto market is down again today. Just two of the top 100 coins have recorded increases over the past 24 hours. Moreover, the cryptocurrency market capitalization has decreased by another 3.9% to $3.38 trillion. The total crypto trading volume is at $112 billion, similar to the levels seen yesterday.Crypto Winners & LosersAll top 10 coins per market cap are down today.Bitcoin (BTC) fell by 1.6% and below the $105,000 level, now trading at $104,971.Also, Ethereum... The Block Moves Larry Cermak to President and Kaleb Jessee to CEO The Block , a provider of crypto news and data, has announced a strategic leadership transition. This specifically concerns the President, CEO, Head of Growth, and Editor-in-Chief positions. Excited to embark on a new role here at the Block. Even more excited to give the freedom back to @lawmaster to be able to really invest his time on the projects that help us move our brand/voice forward! LFG https://t.co/YnNThd89IW — Kaleb Jessee (@ThruThePhog) June 18, 2025 Larry Cermak has served as CEO since March 2023 and is now President. He will focus on advancing research, data capabilities, and product innovation. Moreover, Chief Revenue Officer Kaleb Jessee has succeeded Cermak as Chief Executive Officer. Meanwhile, Tim Copeland, previously Editor-in-Chief, has transitioned to Head of Growth, and Adam James has been appointed Editor-in-Chief. You may also like: Foresight Ventures Acquires The Block in $70 Million Deal Crypto news site The Block has been sold to venture capital group Foresight Ventures in a $70 million deal.Foresight Ventures will acquire a 80% share of the company, Axios reported. The Block CEO Larry Cermak said in an X post on Monday that the acquisition would provide the company with more capital to “build out new exciting products” and expand into Asia and the Middle East.Cermak also announced that he would be remaining as CEO. Foresight CEO Forest Bai will become... Bybit Kazakhstan and Bank CenterCredit Launch Direct Fiat Channel Crypto exchange Bybit Kazakhstan has launched a fiat deposit and withdrawal channel in partnership with Bank CenterCredit , a major financial institution in the country. According to the press release, the partnership allows Bybit Kazakhstan users to deposit and withdraw fiat funds in Kazakhstani tenge (KZT) directly through their bank accounts at Bank CenterCredit. Additionally, the team argues that the new fiat channel further positions Bybit Kazakhstan as a key player in the region. It is “a major step in building a secure and regulated crypto-fiat channel tailored for local users.” This latest launch follows the recent rollout of Bybit Kazakhstan’s local platform, with the company following a long-term plan for building within the region. You may also like: Bybit Secures Austria’s MiCA License, Unlocking Access to 29 EU States Bybit, the world’s second-largest crypto exchange by trading volume, has officially planted its flag in Europe. The company has received a Markets in Crypto-Assets Regulation (MiCAR) license from Austria’s Financial Market Authority (FMA), as stated in a May 29 news release.This latest approval positions Bybit to offer regulated crypto services across 29 EEA countries, reaching up to 500 million users. Bybit said it has also launched its European headquarters in Vienna.Regulatory... Etherlink Hackathon 2025: Summer of Code Launches with $40,000 in Prizes Trilitech , the London-based Tezos R&D Hub, and Encode Club , a blockchain education and community platform, have announced the launch of a new hackathon, the Etherlink Hackathon 2025: Summer of Code . Per the press release, it will begin on 3 July at TezDev , the annual blockchain conference for the Tezos ecosystem. Developers from across the world will have a chance to build innovative applications on the Tezos L2 network Etherlink. The event will last for a month, until 3 August, when finalists will present their projects live. Source: etherlink.encode.club The hackathon will feature four distinct tracks, each with awards of $4,050 for first place, $2,700 for second, and $1,350 for third. Additional special awards include a $5,400 Grand Prize for Best Overall Project, a $1,350 Community Choice Award (per public vote), and $1,350 in honorable mentions for promising projects that deserve recognition, the announcement says. Moreover, the event will provide an opportunity for the projects to receive mentorship from experts within the Tezos ecosystem. You may also like: Ethereum Whale Accumulation Hits 7-Year High with 871K ETH Surge — What’s Next for ETH Price? Ethereum is seeing its most aggressive whale accumulation in seven years, raising speculations about what comes next for the world’s second-largest cryptocurrency.According to data from Glassnode, wallets holding between 1,000 and 10,000 ETH added more than 871,000 ETH in a single day on June 12, marking the highest daily net inflow year-to-date.Over the past week, daily accumulation has consistently topped 800,000 ETH, pushing the total held by these wallets to over 14.3 million... __________ Bookmark this page and subscribe to our newsletter for the latest crypto news updates! The post What’s Happening in Crypto Today? Daily Crypto News Digest appeared first on Cryptonews .
Spanish bank BBVA now recommends that its affluent clients allocate 3-7% of their investment portfolios to cryptocurrencies like Bitcoin (BTC). This announcement was made by Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland. BBVA’s Approach To Bitcoin And Crypto Investments Meyer shared this insight during the DigiAssets conference in London, indicating that the bank began advising clients on Bitcoin investments as early as September 2022. He noted that for clients with a higher risk appetite, BBVA is willing to endorse a digital asset allocation of up to 7%. This marks a significant evolution in the bank’s approach, as it has been facilitating client requests for cryptocurrency purchases since 2021 but is now formally advising on portfolio allocations. The timing of BBVA’s endorsement comes as cryptocurrency prices have seen substantial growth, particularly with Bitcoin reaching new record highs near the $112,000 mark in May. This recovery follows a turbulent period in 2022, when the collapse of prominent exchanges like the defunct FTX left many investors facing significant losses. The resurgence of digital currencies has also been bolstered by supportive stances from influential figures, including US President Donald Trump with a pro-crypto agenda taking shape in key roles and bills advancing in the Senate. Despite this increased interest for cryptocurrencies, many private banks typically execute client requests to buy cryptocurrencies, which is relatively rare for them to actively recommend such investments. The European Securities and Markets Authority has previously cautioned that a vast majority of EU banks—approximately 95%—do not engage in crypto activities, highlighting the cautious stance of the financial industry . Plans For More Meyer emphasized that BBVA is likely among the first major global banks to formally advise its wealthy clientele on digital asset investments. In June 2021, the bank launched Bitcoin trading and custody services through its Swiss subsidiary, aiming to establish itself as a leader in adopting blockchain technology. BBVA’s CEO for Switzerland, Alfonso Gómez, remarked at the time that this innovative offering positioned the bank as a benchmark institution in the evolving digital landscape. Currently, the bank’s investment advice focuses on Bitcoin and Ethereum (ETH), with plans to expand recommendations to include additional cryptocurrencies later this year. Meyer expressed confidence in the strategy, suggesting that even a modest 3% allocation could enhance overall portfolio performance without exposing clients to significant risk. BBVA’s interest in digital currencies is not a recent development; the bank has been exploring Bitcoin and blockchain technology since at least 2015. In a forward-looking statement , BBVA acknowledged that institutions embracing digital currencies would likely lead the way in a new monetary system, underscoring their belief in the strategic advantages afforded to early adopters. https://www.tradingview.com/x/g5AHPExr/ When writing, the market’s leading crypto trades at $103,945, recording a drop of 4% in the weekly time frame. Featured image from DALL-E, chart from TradingView.com
BitcoinWorld Massive 1 Billion USDT Minted by Tether: What it Means for the Crypto Market The world of cryptocurrency is always buzzing with activity, and few events grab as much attention as large movements of stablecoins . Recently, the popular blockchain tracking service, Whale Alert, reported a significant transaction: the minting of 1,000,000,000 (one billion) USDT tokens at the Tether Treasury. This substantial injection of the world’s largest stablecoin into the ecosystem raises questions about market demand, potential impact, and the underlying dynamics of the crypto market . What is USDT and Why Does Tether Mint It? Before diving into the implications of this massive minting event, it’s crucial to understand what USDT is. USDT is a stablecoin issued by Tether, designed to mirror the value of the US dollar on a 1:1 basis. Stablecoins like USDT are vital bridges between traditional finance and the volatile crypto world, offering stability for trading, lending, and transferring value without constant exposure to price swings. Tether mints new USDT tokens primarily in response to market demand. When large institutions, exchanges, or high-net-worth individuals want to acquire significant amounts of USDT, they typically go through Tether directly. They provide Tether with an equivalent amount of US dollars (or dollar equivalents), and Tether then issues new USDT tokens to them. This process is intended to ensure that every USDT in circulation is backed by reserves. Reasons for minting can include: Meeting Increased Demand: As more capital flows into the crypto market , particularly from institutional players or during periods of high trading activity, the demand for stablecoins like USDT rises. Facilitating Large OTC Deals: Over-the-counter (OTC) desks often handle large crypto trades that could impact exchange order books. They frequently use stablecoins like USDT to settle these large transactions, requiring significant liquidity. Providing Exchange Liquidity: Cryptocurrency exchanges need deep liquidity in stablecoin pairs (like BTC/USDT, ETH/USDT) to handle trading volume efficiently. Large mints can sometimes precede or coincide with exchanges needing more USDT. The Role of Tether Treasury and Whale Alert The mention of the minting occurring at the “Tether Treasury” is standard. The Tether Treasury is the designated address or wallet controlled by Tether where new tokens are issued and existing ones are burned (destroyed). Think of it as Tether’s central bank for USDT. Whale Alert is a popular service that tracks and reports large cryptocurrency transactions across various blockchains. Their notification about the 1 billion USDT mint is significant because it provides public visibility into these large-scale movements that might otherwise go unnoticed by the average user. Their reports are often the first signal of potential large capital flows entering or moving within the cryptocurrency ecosystem. What Does a 1 Billion USDT Mint Signal? A mint of this magnitude is not an everyday occurrence, although large mints have become more common as the crypto market has grown. Here are some potential signals and implications: Strong Demand: The most direct signal is robust demand for USDT. Someone, or multiple entities, requested and paid for 1 billion new USDT tokens. This suggests significant capital is looking to enter or move within the crypto space using the most liquid stablecoin. Potential for Inflows: While minting USDT doesn’t automatically mean the funds will be used to buy Bitcoin or other cryptocurrencies immediately, it provides the liquidity to do so. Often, large USDT mints are seen as a precursor to potential buying pressure in the wider crypto market , as the minted USDT is moved to exchanges or trading desks. Increased Market Liquidity: Adding 1 billion USDT increases the total circulating supply and overall stablecoin liquidity available for trading and other decentralized finance (DeFi) activities. This can facilitate larger trades and potentially reduce slippage on exchanges. Investor Confidence (in USDT): Despite ongoing controversies surrounding Tether’s reserves, large mints indicate that major players continue to trust and utilize USDT for its liquidity and widespread acceptance across exchanges. Potential Uses of the Newly Minted USDT Where might this 1 billion USDT end up? Several destinations are common for large stablecoin transfers: Cryptocurrency Exchanges: A significant portion could be sent to major exchanges (like Binance, Coinbase, Kraken, etc.) to increase their USDT reserves, providing liquidity for trading pairs, or for large clients to buy other cryptocurrencies. OTC Desks: Large trading firms and institutional investors often use OTC desks for private, large-volume trades. The minted USDT could be used to settle these deals without impacting public exchange prices. DeFi Protocols: While less likely for the entire 1 billion, parts could flow into decentralized finance protocols for lending, borrowing, or yield farming, further boosting activity in that sector. Corporate Treasuries: Some companies are holding stablecoins as part of their treasury management, though 1 billion is a substantial amount for a single corporate balance sheet unless they are deeply involved in crypto. Are There Any Challenges or Controversies Related to Tether and USDT? It’s impossible to discuss Tether and large USDT mints without acknowledging the controversies. The primary concern revolves around the composition and sufficiency of Tether’s reserves. Critics and regulators have questioned whether Tether holds enough liquid assets (specifically US dollars or cash equivalents) to back every USDT token 1:1, especially given the size of the circulating supply (which now includes this new billion). Tether provides regular attestations and reports on its reserves, stating that USDT is backed by a mix of cash, cash equivalents, short-term deposits, commercial paper, corporate bonds, funds, precious metals, and other assets, including cryptocurrencies. However, the lack of a full, independent audit and past issues regarding reserve composition have fueled skepticism. Large mints often reignite these discussions, prompting calls for greater transparency. Another point of discussion is the potential impact on the crypto market . While Tether maintains mints are demand-driven, some argue that large, unbacked mints could theoretically be used to manipulate crypto prices, although this is a highly debated topic and evidence is often circumstantial. How Does This Affect the Crypto Market? The immediate effect of a 1 billion USDT mint is often speculative, but the potential implications for the broader crypto market are significant: Potential for Bullish Sentiment: Many traders view large USDT mints as a bullish signal, interpreting it as ‘dry powder’ entering the market, ready to be deployed into Bitcoin, Ethereum, and altcoins. Increased Liquidity: More USDT means more pairs can be traded with higher volume and less price impact on exchanges. Reinforced USDT Dominance: Such a large mint reinforces USDT’s position as the dominant stablecoin, despite competition from USDC, DAI, and others. Focus on Stablecoin Regulation: Large stablecoin movements inevitably draw attention from regulators globally, potentially accelerating discussions around stablecoin oversight. It’s important to note that while the *potential* for buying exists, the minted USDT doesn’t automatically translate into immediate price pumps. The funds could sit on exchanges, be used for OTC deals that don’t affect public prices, or be held for future use. However, the presence of this liquidity is a fundamental factor in market dynamics. Actionable Insights for Crypto Participants For those involved in the cryptocurrency space, a 1 billion USDT mint offers a few points to consider: Monitor Fund Flows: Keep an eye on where this newly minted USDT moves. Is it going to major exchanges? Specific wallets? Tracking these movements can provide clues about potential future buying or selling pressure. Services like Whale Alert are useful for this. Assess Market Sentiment: Understand that a large mint is generally perceived positively by a significant portion of the market, potentially contributing to bullish sentiment in the short term. Stay Informed on Tether’s Reserves: While not directly tied to the mint itself, ongoing developments regarding Tether’s reserve audits and regulatory status are crucial for assessing the long-term risk associated with using USDT. Consider Liquidity: Recognize that increased USDT supply can mean better liquidity for trading pairs involving the stablecoin. Conclusion: A Billion USDT Enters the Crypto Arena The minting of 1 billion USDT by Tether , as reported by Whale Alert, is a significant event in the cryptocurrency world. It signals strong demand for the stablecoin, injects substantial liquidity into the crypto market , and highlights the continued central role of USDT despite ongoing debates about its reserves. While the immediate impact on asset prices is not guaranteed, this event provides the underlying infrastructure for large capital movements and is widely interpreted as a potentially bullish development. As always, market participants should monitor subsequent fund flows and remain aware of the broader context surrounding stablecoin regulation and transparency. To learn more about the latest crypto market trends, explore our article on key developments shaping cryptocurrency institutional adoption . This post Massive 1 Billion USDT Minted by Tether: What it Means for the Crypto Market first appeared on BitcoinWorld and is written by Editorial Team
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
BNB could enter a bullish phase, as the market supports an upswing.