William Duplessie and John Woeltz pleaded not guilty to charges stemming from the shocking crypto kidnapping and torture case of an Italian national in New York City’s SoHo neighborhood last month, on Wednesday in Manhattan criminal court. Suspects Deny Role In Crypto Kidnapping Plot Appearing in handcuffs and jumpsuits , the two crypto investors entered their plea of not guilty on charges of assault, kidnapping, unlawful imprisonment, and criminal possession of a weapon in the high-profile crime on June 11. Despite lawyers for Duplessie and Woeltz attempting to see their clients placed on a $1 million bond, the purported crypto fraudsters will remain behind bars until their next hearing on July 15. The duo is alleged to have held and abused the unidentified victim against his will, going as far as binding, shocking, cutting, and threatening the man with a gun in a bid to gain access to his Bitcoin at a luxury Manhattan townhouse in May. Prosecutors argue that both Duplessie and Woeltz also threatened to kill the Italian resident’s family after they lured him to New York City on May 6. New Video Emerges Of Victim In Alleged House Of Horrors In spite of the charges, recently released footage of the victim in question—a former business partner of Duplessie and Woeltz—appearing to walk around the apartment openly has raised eyebrows among skeptics, who claim the behavior is inconsistent with someone being held captive. 2 men plead not guilty in NYC crypto kidnapping and torture case https://t.co/L90iAqeyH4 pic.twitter.com/8cVVd27HJ3 — 1010 WINS on 92.3 FM (@1010WINS) June 11, 2025 “Victims of abuse are not always going to act the way we expect them to,” prosecutor Sania Khan said. Mayor Eric Adams’ name has also been drawn into the scandal, with two officers, both of whom are members of his private security detail, placed on modified duty after having driven the victim from the airport to his captors’ home. “Every city employee is expected to follow the law, including our officers, both on and off duty,” the mayor’s office said in a statement. “We are disturbed by these allegations, and as soon as it came to our attention, the officers were placed on modified duty.” The post Crypto Kidnapping Shocker: NYC Duo Pleads Not Guilty in Bitcoin Torture Plot appeared first on Cryptonews .
BitcoinWorld Ethereum ETFs See Powerful $124M Inflows, Fueling 17-Day Streak The world of cryptocurrency investment is buzzing with excitement, particularly around the performance of US Spot Ethereum ETFs . These investment vehicles, which directly hold Ether (ETH), are attracting significant capital, signaling growing confidence from both institutional and retail investors. The latest data reveals a truly impressive milestone that highlights the increasing maturity and appeal of the ETH ETF market . What’s Driving the Surge in US Spot Ethereum ETF Activity? June 10 marked a significant day for US spot Ethereum ETFs, as they collectively recorded a massive $124.01 million in total net inflows. This figure isn’t just a daily statistic; it represents the largest single-day inflow seen in four months. Even more compelling, this inflow extended the continuous streak of positive net inflows to 17 consecutive days. This consistent buying pressure suggests a sustained interest rather than a one-off event. The approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) earlier this year was a landmark decision, following the successful launch of spot Bitcoin ETFs. This regulatory clarity has opened the door for traditional investors to gain exposure to Ethereum’s price movements through regulated, easily accessible investment products traded on major stock exchanges. This accessibility is a key driver behind the growing interest and subsequent Ethereum ETF inflows . Think of it this way: Instead of navigating crypto exchanges, setting up wallets, and managing private keys, investors can now buy shares of an ETF through their standard brokerage accounts. This significantly lowers the barrier to entry for many, especially larger institutions and wealth managers who are more comfortable operating within traditional financial frameworks. Breaking Down the Latest Ethereum ETF Inflows While the total figure is impressive, looking at which specific ETFs are leading the charge provides valuable insight into investor preferences and market dynamics. On June 10, several issuers saw significant inflows, while others remained steady. Here’s a quick look at the breakdown: Key Inflows on June 10: BlackRock’s iShares Ethereum Trust (ETHA): $79.67 million Fidelity’s Ethereum Fund (FETH): $26.32 million Grayscale Ethereum Mini Trust (ETH): $9.67 million Bitwise Ethereum ETF (ETHW): $8.35 million Other approved Ethereum ETFs reported no changes in their holdings for the day, indicating that the majority of the new capital was concentrated in these specific funds. This concentration isn’t unusual, particularly in the early stages of a new market segment. Larger, well-known asset managers like BlackRock and Fidelity often attract the lion’s share of inflows due to their established reputations, extensive distribution networks, and investor trust. However, the participation of other issuers like Bitwise and Grayscale’s new ‘mini’ fund shows a healthy level of competition and diverse options within the ETH ETF market . Why BlackRock ETHA is Leading the Charge BlackRock’s iShares Ethereum Trust ( BlackRock ETHA ) continues to demonstrate its dominance in the burgeoning spot Ethereum ETF landscape. On June 10, ETHA alone accounted for nearly 64% of the total net inflows, pulling in an impressive $79.67 million. This mirrors BlackRock’s performance in the spot Bitcoin ETF market, where their iShares Bitcoin Trust (IBIT) quickly became the largest and most actively traded fund. Several factors contribute to BlackRock’s consistent success: Brand Recognition and Trust: BlackRock is the world’s largest asset manager, a name synonymous with traditional finance and reliability. This provides a significant level of comfort for investors new to the crypto space but looking for exposure via a familiar provider. Distribution Channels: BlackRock has vast networks reaching institutional clients, financial advisors, and retail investors, facilitating widespread adoption of their products. Market Liquidity: High trading volume in ETHA makes it easier for large investors to enter and exit positions without significantly impacting the price, which is crucial for institutional participation. The strong performance of BlackRock ETHA is a key indicator of institutional appetite for Ethereum exposure through regulated products. Their leading position helps validate the market and potentially encourages other large players to allocate capital. The Broader Impact on Crypto Investment The consistent and substantial inflows into US spot Ethereum ETFs have implications far beyond just the ETH price. They signal a broader shift in how traditional finance views and interacts with the crypto ecosystem. This trend is a major positive for the overall Crypto Investment landscape. Here’s what these inflows signify: Institutional Validation: Large asset managers launching and attracting significant capital into these products demonstrates a growing acceptance of crypto as a legitimate asset class by mainstream finance. Increased Accessibility: ETFs make crypto investment accessible to a much wider audience, including retirement funds, institutional portfolios, and retail investors who prefer brokerage accounts. Market Maturation: The availability of regulated investment products like spot ETH ETFs adds a layer of professionalism and structure to the crypto market, potentially reducing volatility associated with purely speculative trading on unregulated platforms. Potential Price Catalysts: While not guaranteed, sustained buying pressure from ETFs, which must acquire underlying ETH to back their shares, can create demand that positively impacts the price of Ether. The success of both Bitcoin and Ethereum ETFs in attracting significant capital suggests a growing trend towards incorporating digital assets into diversified investment portfolios. This is a pivotal moment for the future of Crypto Investment , bridging the gap between traditional finance and the innovative world of decentralized technology. What Does This Mean for Investors? For investors considering exposure to Ethereum, the presence of spot ETH ETFs offers new avenues. It provides a regulated and often more convenient way to invest compared to direct ownership, although it’s essential to understand the fee structures and tracking differences of each specific ETF. For those already invested in crypto, the strong ETF inflows can be viewed as a positive market signal, potentially indicating increasing demand and a broadening investor base. However, the crypto market remains volatile, and ETF performance is tied directly to the price movements of Ethereum itself. Key Takeaways: US spot Ethereum ETFs are seeing strong, consistent inflows. June 10 marked a significant peak with $124.01 million in a single day. BlackRock, Fidelity, Grayscale (mini), and Bitwise are leading the inflows. This trend signifies growing institutional interest and increased accessibility for traditional investors. It’s a positive development for the broader crypto investment ecosystem. A Compelling Summary: The Future Looks Bright for Ethereum ETFs The recent performance of US spot Ethereum ETFs, highlighted by the substantial $124.01 million inflow on June 10 and the remarkable 17-day inflow streak, paints a clear picture: there is significant and sustained demand for regulated Ethereum investment products. Led by major players like BlackRock ETHA , these ETFs are successfully bringing traditional finance capital into the crypto space. This trend not only validates Ethereum as a significant asset but also matures the overall Crypto Investment market. As more investors gain access and confidence through these familiar structures, the future outlook for the ETH ETF market and Ethereum itself appears increasingly positive, marking a new era of integration between Wall Street and the world of digital assets. To learn more about the latest crypto market trends, explore our article on key developments shaping Ethereum institutional adoption. This post Ethereum ETFs See Powerful $124M Inflows, Fueling 17-Day Streak first appeared on BitcoinWorld and is written by Editorial Team
Donald Trump has announced a significant U.S.-China trade agreement pending approval from President Xi Jinping, focusing on rare earth supplies and educational exchange. The deal introduces a 55% U.S. tariff
Bitcoin’s recent price surge hasn’t stopped warnings of a steep drop. After rising 1.87% in 24 hours and 3.61% over the past week, Bitcoin trades near $109,192. According to Peter Brandt, a veteran trader, these gains could be setting up the biggest crash in years. Related Reading: Relentless Bitcoin Accumulation: Strategy Snaps Up 1,045 More BTC Crash Scenario Outlined According to Brandt’s analysis, Bitcoin could plunge by as much as 75%. If that happens, today’s $109,800 price would fall to roughly $27,290. That level takes us back to the lows of early 2023. It would wipe out a huge chunk of value, reversing more than two years of gains. Few investors have models ready for such a steep slide. Historical Parallels With 2022 Based on reports, Brandt sees a replay of the 2022 chart. Back then, Bitcoin hit tops of $65K in April 2021 and $69K in November 2021. It then fell sharply into the bear market, losing more than half its value. Is Bitcoin $BTC following its 2022 script and setting up for a 75% correction? Doesn’t hurt to ask this, does it? pic.twitter.com/BAywkhSwgy — Peter Brandt (@PeterLBrandt) June 10, 2025 This time around, the world’s top crypto formed highs above $108,000 in December 2024 and January 2025, then dropped under $100,000. After recovering near $112,000 last month, BTC may be gearing up for a similar breakdown. Trigger Points To Watch Key technical markers are flashing red. The 9-period EMA has just crossed below the 21-period EMA on the daily chart. In past sell-offs, that crossover marked the start of big downtrends. Traders will want to see if Bitcoin closes below both EMAs for a week or more. A failure to reclaim the $108,000 level could be the final trigger before panic sets in. Market Reactions And Risks Derivatives data is mixed but leans bearish. Trading volume jumped almost 30% to $100 billion, while open interest rose 1%. On Binance and OKX, the long/short ratios sit at about 0.5501 and 0.53, showing more shorts than longs. When too many people bet on a drop, a squeeze can follow—if the crash doesn’t start soon. Still, the current crowding could backfire if Bitcoin holds above support. Related Reading: Owning 10,000 XRP? You’re Among Crypto’s Elite, Expert Claims Funds tied to Bitcoin have seen nearly $57 million in outflows over the past week. That may sound big, but it’s under 0.2% of the roughly $50 billion assets under management. By contrast, Ethereum products attracted $295 million. So while some money is leaving Bitcoin, it’s shifting around inside crypto rather than fleeing entirely. For now, Bitcoin sits at a crossroads. Will it break support and roll over toward the mid-$20,000s? Or will it shake off warnings and press higher? Either way, traders need to watch the $108,000 zone closely. According to Brandt, a 75% drop could catch unprepared investors off guard. Managing risk and keeping orders tight seems more critical now than ever. Featured image from Pixabay, chart from TradingView
Nasdaq has submitted a 19b-4 filing to the US Securities and Exchange Commission (SEC) seeking approval to list the 21Shares SUI ETF. The filing, which is now published in the SEC’s public register, initiates the formal beginning of the regulatory review process and follows 21Shares’ S-1 registration statement, which was filed in April. Bringing SUI ETF to US Market The proposed fund signals growing institutional interest in the Sui ecosystem, a Layer 1 blockchain known for its high throughput and developer-friendly architecture. 21Shares already offers a Sui exchange-traded product (ETP) in Europe, following listings on Euronext Paris and Amsterdam, and the products have seen a surge in inflows in recent months. In fact, Sui Foundation revealed that more than $300 million is allocated to SUI-based investment products globally. As such, a successful US launch is expected to provide broader access to the network and its token. Interest in Sui has extended beyond 21Shares, with firms including Canary Capital, Franklin Templeton, VanEck, Grayscale, and Ant Financial rolling out various initiatives tied to the network since late 2024. In an official statement, Kevin Boon, President of Mysten Labs, said, “The Sui ecosystem has become a primary destination for serious builders and institutions, and 21Shares has built its legacy on identifying those trends early. Looking back at our mainnet only two years ago, the milestone of a NASDAQ filing is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI.” Sui Q1 Performance Sui’s DeFi ecosystem gained significant momentum in Q1, as the average daily DEX volume reached a record $304.3 million, up 14.6% quarter-over-quarter. Cetus and Bluefin dominated trading, while Kriya, DeepBook, and Turbos contributed to liquidity diversification. Despite this growth, the SUI token struggled during the period, with its circulating market cap plunging 40.3% to $7.2 billion, double the broader market’s 18.2% decline. The altcoin saw a brief respite in mid-May and was trading near the $3.96 mark but declined shortly thereafter as it experienced increased volatility and bottomed out below $3.00 in early June, along with the broader market drawdown. However, it has since rebounded, climbing back to approximately $3.50 by June 11. The post Nasdaq Files to List 21Shares SUI ETF, Kicking Off SEC Review appeared first on CryptoPotato .
Bitcoin’s critical support level at $97,600 has been identified by Glassnode, signaling a potential turning point for market volatility and investor sentiment. This support zone is essential for sustaining Bitcoin’s
The post Will Bitcoin Price Hit $112k or $105.5k Next Amid Upcoming High Impact News? appeared first on Coinpedia Fintech News Bitcoin (BTC) price has faced a mild resistance of around $110,300 in the past three days. The flagship coin has formed a short-term bearish sentiment, coinciding with the trade deal between the United States and China. After experiencing significant hype in the last few weeks, the closure of the U.S.-China tariff negotiations have triggered a short term sell-the-news narrative on Bitcoin. Moreover, BTC price dropped more than 1 percent in the past 24 hours to trade about $108,728 on Wednesday, June 11, during the mid-North American session. Key Bitcoin Fundamental Aspects to Consider Before the End of this Week U.S PPI Data on Thursday The U.S. President Donald Trump has been pressuring the Federal Reserve to cut interest rates to match with the EU market. On Wednesday, the Bureau of Labor Statistics announced a cooler than expected inflation through the CPI data. On Thursday, the same agency will release PPI data, which shows the change in price of finished goods and services over time. With the FOMC statement happening next week, Bitcoin price will continue to experience more volatility. U.S. Spot BTC ETF Cash Flow The U.S. Spot Bitcoin ETF issuers have been a major supporter of the BTC network in the past year. As Coinpedia has severally reported in the past, the U.S spot BTC ETFs have been the fastest growing investment vehicle in the 21st century to currently hold total net assets of about $132 billion. On Tuesday, BlackRock’s IBIT led in net cash inflow of about $336 million, followed by Fidelity’s FBTC with a net cash inflow of about $67 million. What Next for BTC Price Action? In the weekly timeframe, the bigger picture of a bullish sentiment for BTC price is evident, especially after a solid rebound from the support level of around $103k in the last 14 days. In the 1-hour timeframe, BTC price has been losing bullish momentum since hitting a local high of about $110,300 at the beginning of this week. The 1-hour Relative Strength Index (RSI) has been forming a bearish divergence. With the MACD line attempting to cross below the zero line, amid growing bearish histograms, BTC price faces further short-term bearish sentiment in the coming days. However, the support level established around $108.7k might hold in the coming days, amid high impact news, and trigger a fresh rally towards a new all-time high beyond $112k.
BitcoinWorld IREN Convertible Notes: Strategic $450M Capital Raise Announced In a significant move for the digital asset infrastructure sector, IREN, the Nasdaq-listed Bitcoin mining firm formerly known as Iris Energy, has unveiled ambitious plans to raise substantial capital. The company is looking to secure a staggering $450 million through a private offering of IREN convertible notes . This strategic financial maneuver aims to fuel the company’s growth and expansion in the competitive Bitcoin mining landscape. The offering targets qualified institutional investors, indicating a sophisticated approach to securing funding. This type of fundraising is common in various industries but is becoming increasingly relevant within the dynamic world of crypto capital raising . Let’s dive deeper into what this means for IREN and the broader market. Understanding IREN Convertible Notes: What Are They? So, what exactly are convertible senior notes , and why would a company like IREN choose this route for fundraising? At its core, a convertible note is a type of debt instrument that includes an option for the holder to convert the debt into equity (company shares) at a predetermined price or under specific conditions. They are ‘senior’ notes, meaning they rank higher than other types of debt in the event of liquidation, offering a degree of security to the investors. Here’s a simple breakdown: Hybrid Instrument: It’s a blend of debt (like a loan with interest payments) and equity (like owning stock). Conversion Option: Investors can choose to convert the debt into IREN shares, often when the stock price rises above a certain level. Seniority: Provides a higher claim on assets compared to subordinated debt if the company faces financial distress. Private Offering: The notes are being offered directly to a select group of qualified institutional investors, not the general public. For IREN, this structure offers flexibility. It provides immediate cash flow like traditional debt but carries the potential to reduce future debt obligations if the notes are converted into equity. It also allows the company to raise significant capital without immediately diluting existing shareholders, although dilution is a potential outcome upon conversion. Why This Move Matters for Crypto Capital Raising The crypto capital raising environment is constantly evolving. As companies in the sector mature, they explore diverse funding mechanisms beyond initial coin offerings (ICOs) or simple equity rounds. Raising $450 million through convertible senior notes highlights the growing sophistication and access to traditional financial markets for established crypto-adjacent businesses like Bitcoin miners. This significant raise demonstrates institutional investor confidence, not just in IREN specifically, but also in the long-term prospects of the Bitcoin mining industry. Building and operating large-scale mining infrastructure requires massive upfront investment in hardware, power capacity, and facilities. Traditional debt can be restrictive, while pure equity raises can be highly dilutive from day one. Convertible notes offer a middle ground, potentially attracting investors who want downside protection (as debt holders) but also upside potential (through conversion to equity) if IREN performs well. This trend of utilizing complex financial instruments for crypto capital raising could set a precedent for other large-scale operations in the blockchain space, indicating a maturation of the industry’s funding strategies. How Does This Impact IREN Stock and Bitcoin Mining Stocks? Investors in Bitcoin mining stocks are keenly watching how companies like IREN finance their operations and growth. A $450 million raise is substantial and will undoubtedly influence perceptions of IREN stock . Potential Positive Impacts: Funded Expansion: The capital provides IREN with the resources to significantly expand its mining capacity, acquire more efficient hardware, or secure better power deals, potentially increasing its Bitcoin production and revenue. Improved Financial Health: Having a large cash reserve can improve the company’s balance sheet and operational flexibility. Market Confidence: A successful large-scale raise, especially from institutional investors, can signal market confidence in IREN’s business model and future. Potential Negative Impacts & Considerations: Future Dilution: While not immediate, the conversion of notes into equity will increase the number of outstanding shares, potentially diluting the value of existing shares. Interest Payments: IREN will need to make regular interest payments on the notes, which is an ongoing operational cost. Market Conditions: The terms of the conversion are tied to IREN stock performance. If the stock price doesn’t reach the conversion threshold, the notes remain debt that must eventually be repaid. The announcement also included plans for ‘capped call transactions’. This is a common strategy used in conjunction with convertible note offerings. A capped call is essentially an option purchased by the company (IREN) from financial institutions. It helps to increase the effective conversion price of the notes and reduce the potential share dilution if the stock price rises significantly above the conversion price. It also helps manage potential cash payouts if the notes are settled in cash rather than stock upon conversion or maturity. For the broader landscape of Bitcoin mining stocks , this raise by a peer like IREN could be seen as a positive signal about the sector’s access to capital, or it could intensify competition if the funds are used for aggressive expansion. Digging Deeper into the Convertible Senior Notes While the specific terms of IREN’s convertible senior notes offering (like the interest rate, maturity date, and conversion price) haven’t been fully disclosed in the initial announcement, understanding the typical structure provides valuable insight. Typically, these notes have a fixed interest rate paid periodically (e.g., semi-annually) and a set maturity date when the principal must be repaid if not converted. The conversion price is crucial – it’s the stock price at which the investor can swap their debt for a predetermined number of shares. This price is usually set at a premium to the current market price of IREN stock at the time of the offering. The ‘senior’ aspect is important for investors as it means these notes rank higher than other unsecured debt but below secured debt in the company’s capital structure. This seniority provides a layer of safety compared to holding common stock. The success of this offering hinges on attracting qualified institutional investors who see value in IREN’s growth potential and are comfortable with the hybrid debt-equity nature of the notes. Their participation is a strong vote of confidence in IREN’s operational strategy and future profitability in the volatile Bitcoin mining market. Benefits for IREN: Why Convertible Notes Now? IREN likely opted for convertible senior notes for several compelling reasons: Access to Capital: The most obvious benefit is securing a large sum ($450M) needed for significant expansion and operational scaling. Potentially Lower Interest Rates: Convertible debt often carries a lower interest rate than traditional non-convertible debt because investors gain the potential upside from equity conversion. Deferred Dilution: Unlike a direct stock offering, dilution only occurs if and when the notes are converted, typically when the stock price is higher. Flexibility: Provides a financing option that bridges the gap between pure debt and pure equity. Potential Challenges and Risks Despite the benefits, this move isn’t without potential challenges: Market Volatility: The value of the conversion option is tied to IREN stock performance, which is influenced by the volatile Bitcoin price and broader market conditions. Interest Burden: Regular interest payments add to operational costs. Put Options: Sometimes, these notes include put options allowing investors to demand early repayment under certain conditions, potentially creating liquidity issues for IREN. Complexity: Convertible notes are more complex than straight debt or equity, requiring careful management and understanding by both the company and investors. Actionable Insights for Investors For those tracking Bitcoin mining stocks or holding IREN stock , here are some key takeaways: Monitor Use of Funds: Watch for IREN’s announcements on how the $450 million will be specifically deployed. Expansion plans, hardware purchases, and power contracts will be crucial indicators. Observe Stock Performance: The conversion terms are tied to the stock price. Track how the market reacts to this news and IREN’s performance relative to the likely conversion price. Understand Dilution Risk: Be aware that future conversion could increase the share count, potentially impacting earnings per share. Assess Market Context: Consider this raise within the broader context of crypto capital raising trends and the competitive landscape of Bitcoin mining. Conclusion: A Strategic Leap for IREN IREN’s plan to raise $450 million through IREN convertible notes marks a significant strategic step. It provides the company with substantial capital to pursue growth opportunities in the competitive Bitcoin mining sector. While offering benefits like access to funds and potential deferred dilution, it also introduces complexities and risks associated with debt obligations and future equity conversion. This move is not just important for the future of IREN stock but also serves as an interesting case study in the evolving landscape of crypto capital raising , demonstrating how established players are utilizing sophisticated financial instruments to fuel their ambitions. The success of this initiative will depend on IREN’s execution, market conditions, and the continued health of the Bitcoin mining industry. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. This post IREN Convertible Notes: Strategic $450M Capital Raise Announced first appeared on BitcoinWorld and is written by Editorial Team
The U.S. Senate took a major step toward regulating stablecoins on Wednesday, voting 68 to 30 to end debate on the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act. That procedural move, known as invoking cloture, clears the way for an imminent final vote. Cloture is a key step in the Senate’s process. By invoking cloture, lawmakers limit further debate and prepare to move directly to a final vote on the bill. Senate Banking Committee Chair Tim Scott, R-S.C., who helped craft the legislation, hailed the vote as a victory for both innovation and national security. Speaking on the Senate floor before the vote, Scott said, “Let me be clear, this did not happen by accident. It happened because we led. To those who said Washington could not act, to those who doubted bipartisanship — let’s prove them wrong.” The bill’s Senate lead sponsor, Senator Bill Hagerty, said on the floor that the legislation “takes a common-sense, bipartisan approach to regulating stablecoins,” as Politico reported . Several democrats opposed the bill A handful of Democrats, including Minority Leader Chuck Schumer of New York, Senator Amy Klobuchar of Minnesota and Senator Elizabeth Warren of Massachusetts, opposed the bill. Others, such as Senator Ruben Gallego of Arizona, joined Republicans in supporting it. Majority Leader John Thune (R-S.D.) said on the floor that “it’s time to move forward and pass this legislation.” He further added that stablecoins actually protect the US national security against threats. Under the GENIUS Act, stablecoins would have to be fully backed by U.S. dollars or comparably liquid assets. Issuers with more than $50 billion in market value would face annual independent audits. The bill would also tighten rules on stablecoins issued abroad. On Monday, President Donald Trump’s advisers signaled their support. In a statement of administration policy, they said, “If S. 1582 were presented to the President in its current form, his senior advisors would recommend that he sign it into law.” Trump has publicly expressed a desire to have stablecoin legislation on his desk before August. With cloture secured, Senate leaders aim to hold the final vote on Monday, unless they agree to speed up or extend debate. If the Senate approves the GENIUS Act , its journey will move to the House of Representatives, where lawmakers have already advanced their own proposal. In May, the House Financial Services Committee approved the Stablecoin Transparency and Accountability for a Better Ledger Economy Act by a vote of 32 to 17. That bill has yet to reach the full House floor. Senate and House versions differ on how to split oversight between federal and state regulators, and on how to handle major foreign issuers like Tether. Lawmakers from both chambers will need to work out those details in a conference before sending a unified bill to the president. An initial cloture attempt failed in May This is not the first time the Senate has sought to end debate on the GENIUS Act. In May, an initial cloture attempt failed to attract any Democratic votes. A week later, the Senate tried again and passed cloture by 66 to 32. Opponents have raised several objections over time, including concerns about foreign-issued stablecoins, anti–money laundering standards, and the possibility of large corporations issuing their own tokens. Some critics have also pointed to President Trump’s growing ties to crypto ventures—one of which recently launched its own stablecoin. Trump and his family have been active in digital assets. They issued memecoins shortly before his 2025 inauguration. His affiliated firm, World Liberty Financial, rolled out a new stablecoin this year, and Trump Media has discussed building a multibillion-dollar Bitcoin reserve. Those developments have fueled debate about whether a stablecoin bill should stand alone or be combined with broader crypto market reforms. On Tuesday evening, the House Financial Services Committee approved a wider crypto market structure bill by a vote of 32 to 19. Democrats on that panel proposed numerous amendments aimed at curbing conflicts of interest tied to the president. Earlier the same day, the House Agriculture Committee gave its nod to the measure by a vote of 47 to 6. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
CNBC: Small retailers on ‘vacation from hell’ as they seek clarity on Trump’s China tariffs becomes CNBC: Small retailers on ‘vacation from hell’ as they seek clarity on Trump’s China