The Genius Act just cleared cloture in the Senate, but does this really mark the start of coherent U.S. crypto regulation? Table of Contents Senate pushes through cloture, jumpstarting the stalled Genius Act vote The US stablecoin bill promises clarity Stablecoin issuers prepare for impact under the US stablecoin bill Criticism rises as the crypto stablecoin bill senate vote draws attention Senate pushes through cloture, jumpstarting the stalled Genius Act vote After months of political back-and-forth, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, or the GENIUS Act, has cleared one of its most important hurdles. On May 19, the U.S. Senate voted 66 to 32 in favor of invoking cloture, a procedural step that allows the bill to proceed to a full floor vote. The outcome marked a sharp turnaround from just weeks earlier, when the bill appeared stalled following a failed May 8 vote that ended 48 to 49. Originally introduced on February 4 by Senator Bill Hagerty, the GENIUS Act was presented as a bipartisan effort to establish clear rules for stablecoin issuance in the U.S. Early momentum came from a coalition of Republican and Democratic lawmakers, along with vocal backing from the Trump administration. President Trump and David Sacks , who currently leads the White House’s Crypto and AI policy, have consistently described stablecoin regulation as a national priority. They argue that bringing dollar-backed stablecoins under a federal framework is essential to preserving the dollar’s role in global digital finance. Despite early optimism, the bill faced strong resistance, leading to the failed May 8 vote and triggering a round of amendments that addressed key concerns. The revised version now includes stricter anti-money laundering requirements, a ban on marketing yield-generating stablecoins to retail investors, and the creation of a federal Stablecoin Certification Review Committee to align oversight between federal and state authorities. These revisions were enough to gain the support of several Democratic holdouts, including Senators Mark Warner and Ruben Gallego, allowing the bill to clear the 60-vote threshold required for cloture. With that barrier lifted, the GENIUS Act is now expected to proceed to a final Senate vote, which could take place within days. If passed, the bill will advance to the House of Representatives before reaching President Trump’s desk. The potential implications are far-reaching not only for U.S.-based crypto firms but also for international issuers aiming to operate in the world’s largest economy. To understand what is truly at stake, it is important to explore what the GENIUS Act seeks to achieve, the political hurdles it has encountered, and how it may reshape the stablecoin market for both domestic and global participants. The US stablecoin bill promises clarity The GENIUS Act seeks to define how stablecoins can legally operate within the U.S. financial system by creating a dedicated federal framework for a new category called “payment stablecoins.” The Act explicitly states that these stablecoins are not securities, commodities, or investment products. As a result, they fall outside the jurisdiction of the SEC and CFTC and are instead regulated within a payment-focused framework. Only entities classified as Permitted Payment Stablecoin Issuers (PPSIs) will be authorized to issue these tokens. The Act identifies three eligible categories of issuers. The first includes subsidiaries of insured banks that are approved by federal regulators such as the Federal Reserve. The second covers non-bank entities supervised by the Office of the Comptroller of the Currency (OCC). The third consists of state-regulated issuers operating under rules deemed “substantially similar” to federal standards. This determination will be made by a newly established body known as the Stablecoin Certification Review Committee. A major update introduced in the May 1 version of the bill directly addresses concerns raised earlier in the year. The revised language places stronger emphasis on anti-money laundering compliance. Issuers will be required to conduct due diligence on large transactions, retain transaction records for at least five years, and maintain AML programs that comply with the Bank Secrecy Act. They also face criminal penalties for knowingly submitting false reserve certifications. FinCEN, the agency responsible for enforcing AML rules, is expected to issue new guidance within 18 months, which may include tools such as blockchain analytics and AI-based monitoring. Consumer protections have been expanded. In the event of an issuer’s bankruptcy, stablecoin holders will take priority over other creditors. Legal safeguards will also ensure that redemptions are processed without delay. The bill prohibits misleading marketing practices, including any claims that imply FDIC insurance or promote yield-bearing stablecoins to retail users. To reduce systemic risk, the bill imposes a temporary ban on algorithmic stablecoins. The Treasury has been tasked with completing a comprehensive review by the end of 2025. Until then, only payment stablecoins backed by verifiable reserves will be allowed. The GENIUS Act assigns new responsibilities to the Financial Stability Oversight Council. The FSOC will be required to assess systemic risks posed by both domestic and foreign stablecoins in its annual reports. These evaluations may lead to closer scrutiny of entities based in jurisdictions with weaker regulatory oversight. Stablecoin issuers prepare for impact under the US stablecoin bill Currently, U.S. dollar-backed stablecoins account for approximately $250 billion in circulation worldwide. That figure is projected to approach $400 billion by 2030, and the GENIUS Act could serve as a major catalyst for that growth. Firms with existing compliance infrastructure, such as Circle — the issuer of USD Coin ( USDC ) — are likely to benefit early. Many of their current practices, including reserve disclosures and anti-money laundering protocols, already align with the Act’s baseline requirements. One provision that further supports established financial institutions is the removal of the SEC’s former SAB 121 -style accounting treatment. Under the new rules, banks will not be required to list custodied stablecoins as liabilities on their balance sheets. This adjustment could reduce capital burdens and allow more traditional financial firms to enter the stablecoin space. In contrast, newer or smaller firms may find the compliance threshold significantly higher. The Act mandates that stablecoin reserves must be held entirely in safe, highly liquid assets such as U.S. currency, Treasury bills with maturities under 93 days, and insured bank deposits. These requirements reduce systemic risk but also constrain how issuers can earn yield, creating a tension between financial stability and operational profitability. Compliance costs present another challenge. Medium-sized issuers are projected to spend between $5 million and $10 million annually to meet the Act’s regulatory standards. Larger institutions may be better positioned to absorb these expenses, which could place additional strain on smaller competitors. Over time, this dynamic may lead to market consolidation, with a shrinking number of dominant issuers. The Act introduces a dual oversight framework that offers some flexibility. Issuers with stablecoin market capitalizations below $10 billion may operate under state regimes, provided those frameworks are formally certified as aligned with federal standards. Issuers that exceed this threshold will typically come under the direct supervision of the Office of the Comptroller of the Currency. A waiver may be granted in some cases if firms can demonstrate strong capital adequacy and compliance performance. Foreign issuers face a different set of requirements. The GENIUS Act mandates that international stablecoin providers either comply with U.S. enforcement directives or operate from jurisdictions that uphold comparable regulatory standards. Countries with established regimes, such as those in the European Union under MiCA , may qualify under this provision. Others may not. Non-compliance carries steep penalties, including fines of up to $1 million per violation and the possibility of being excluded from U.S. markets, pending designation by the Treasury. The provision targets longstanding concerns around offshore issuers, especially those with large market shares but limited transparency. Tether ( USDT ), which currently accounts for more than $143 billion in circulation, has repeatedly faced questions about its reserve practices. Under the GENIUS Act, such issuers may be barred from operating in the U.S. unless they restructure or come into compliance. Some may respond by establishing U.S.-based subsidiaries that fall under the federal framework. Others may choose to scale back U.S. exposure entirely, especially given the projected compliance costs, which could range between $10 million and $20 million to secure and maintain market access. Criticism rises as the crypto stablecoin bill senate vote draws attention The bill has drawn sharp criticism from lawmakers, regulators, policy analysts, and consumer advocacy groups. One of the most vocal opponents has been Senator Elizabeth Warren. In a memo dated May 19 addressed to the Senate Banking Committee, she warned that the bill could open the door to what she described as “Trump crypto corruption.” Her concerns are partly rooted in the Trump administration’s open support for stablecoins like USD1, a privately backed initiative supported by several pro-crypto allies. Warren argues that, without stronger guardrails, large technology companies such as Meta or X could enter the stablecoin market under weak oversight, potentially posing risks to consumer protection and financial stability. The Atlantic Council’s GeoEconomics Center has also flagged what it calls the “Tether loophole” in the GENIUS Act. Their analysis points out that the current language allows foreign issuers to remain active in U.S. markets simply by complying with law enforcement directives. This provision means that offshore firms like Tether, which commands a dominant share of global stablecoin circulation, may continue operating in the U.S. without adhering to the full reserve and audit standards required of domestic issuers. Critics argue that this uneven compliance structure could create a competitive imbalance and undermine the bill’s goal of reducing systemic risk. The dual regulatory model has also come under scrutiny. The structure permits both state and federal oversight paths, which has raised concerns among policy groups. From an innovation standpoint, some voices within the decentralized finance community have pushed back against the bill’s temporary ban on algorithmic stablecoins. They argue that the restriction is too broad and punishes the wider DeFi ecosystem for the collapse of specific projects like TerraUSD. International coordination is another unresolved issue. Although the GENIUS Act now includes reciprocity requirements for foreign issuers, critics say it lacks the kind of joint supervisory mechanisms seen in Europe’s MiCA framework. Without deeper engagement with jurisdictions like the European Union, Singapore, or Hong Kong, the Act may be limited in its ability to promote consistent global enforcement and prevent regulatory fragmentation.
Pi Network is showing signs of recovery after a turbulent May, but project-specific challenges may delay recovery past $1. At the time of writing, Pi Coin ( PI ) trades at $0.84, up 8% in the last day and 30% over the past month. Daily trading volume surged more than 150% to $548 million, indicating renewed market interest following a nearly 50% plunge from May 12 to May 17, when it hit a low of $0.69. PI still sits 77% below its all-time high of $2.99 set in February. Although the recent price recovery shows that bulls are trying to regain control, the road back to $1 is still challenging, especially given some project-specific obstacles, The technical outlook is mixed but cautiously optimistic. The relative strength index is in the neutral range at 54, meaning that there is neither an overbought nor an oversold condition. Momentum indicators like the moving average convergence divergence exhibit some weakness, displaying sell signals. Pi Network price analysis. Credit: crypto.news The major moving averages for the 10, 20, 30, and 50-day periods are all trending upward. If conditions hold, these signals, along with a positive Awesome Oscillator and a strengthening trend in the Average Directional Index, suggest a potential upward reversal. You might also like: Interview | Inside Pi Network’s $100m fund for real-world utility Beyond technical issues, Pi continues to face difficulties. Millions of users are still frustrated by the mainnet migration and know-your-customer verification delays, which limit access and transfers, particularly in China. In addition, the token is not listed on major exchanges like Coinbase or Binance, and liquidity is still low. Even though the community voted overwhelmingly for a Binance listing , the token is yet to be listed on the platform. Pi’s market depth on platforms such as OKX remains below $100,000, which restricts its growth potential. Another obstacle is utility. In the absence of significant decentralized finance projects or decentralized apps, the demand for PI is primarily speculative. A rally to $1.35 just before the $100 million Pi Network Ventures fund announcement on May 14 quickly reversed , showing how fragile sentiment can be without real use cases. Adding to the pressure, more than 1.47 billion PI tokens are scheduled to unlock over the next year, which could increase selling pressure unless balanced by token burns or rising demand. Regulatory uncertainties and concerns about insider selling and centralized control have also raised doubts within the community. If buyers hold support near $0.74 and push through resistance at $0.90, a move back toward $1 is possible, especially if trading volume stays strong or a major listing or token burn happens. If momentum fades and structural problems remain, PI could fall below $0.74 and tigger another downward trend, with the large upcoming token unlock adding to the pressure. Read more: 4 catalysts that could revive Pi Network after $13b market cap crash
On Thursday, May 22, Volatility Shares will introduce the first 1x XRP futures ETF in the U.S. under the ticker XRPI, providing investors with a new, less risky way to track XRP price movements. This ETF is the first non-leveraged XRP futures fund in the U.S. and will trade on the Nasdaq. Bloomberg ETF analyst Eric Balchunas confirmed the news on May 21, posting on X that the fund follows the success of a leveraged 2x XRP ( XRP ) ETF already on the market. The Teucrium-managed 2x product has amassed approximately $120 million in assets and trades about $35 million daily, indicating a growing demand for ETFs linked to XRP. VolatilityShares is launching the first-ever XRP futures ETF tomorrow, ticker $XRPI .. yes there is a 2x XRP already on market (this is first 1x) and it has $120m aum and trades $35m/day. Good signal that there will be demand for this one. pic.twitter.com/rCooyNZgu0 — Eric Balchunas (@EricBalchunas) May 21, 2025 The new XRPI ETF, in contrast to the 2x version, will seek to replicate the performance of XRP futures one-to-one, making it more appropriate for institutional and retail investors seeking exposure to XRP without the additional risks associated with leverage. Volatility Shares will serve as the investment adviser, and the fund will charge a management fee of 1.15%, though this will be reduced to 0.94% through May 2026 under a fee waiver agreement. The XRPI fund will primarily invest in cash-settled XRP futures contracts via a Cayman Islands subsidiary and will allocate at least 80% of its assets to XRP-linked financial instruments. You might also like: XRP price forms bullish pattern as whale accumulation grows This launch comes as the U.S. Securities and Exchange Commission continues to delay decisions on several spot XRP ETF proposals, including applications from 21Shares and Franklin Templeton. A response is expected by June 17. Demand for XRP exposure is also rising on other platforms. The Chicago Mercantile Exchange launched XRP futures on May 19, and $19 million was traded on their first day of trading. As of this writing, XRP is trading just above $2.35, indicating a mixed picture according to technical indicators. The asset appears to be forming a bullish flag, which is typically a continuation pattern, even though confirmation is required. XRP price analysis. Credit: crypto.news At 54, the relative strength index indicates neutral momentum. The majority of moving averages, including the 20, 50, 100, and 200-day EMAs, exhibit bullish signals, with XRP prices trading above these averages. The moving average convergence divergence, however, suggests that there may be short-term selling pressure. If XRP stays above $2.35 and breaks above $2.50, it may resume its upward trajectory and target the $2.70–$2.80 range, supported by strong EMA alignment and sentiment fueled by ETFs. XRP may retest the $2.20–$2.25 range if it breaks below the $2.35 support. If selling pressure rises, it may fall even further toward the 100-day EMA close at $2.06. Read more: Ripple expands UAE presence with the integration of two new blockchain payment clients
On May 21, Bitcoin (BTC) achieved a remarkable milestone, reaching a new all-time high (ATH) near the $110,000 mark. This surge was fueled by significant buying pressure, elevating Bitcoin’s market capitalization to over $2.1 trillion. As a result, the market’s leading cryptocurrency has now positioned itself among the most valuable assets globally, ranking fifth in market capitalization and surpassing major firms like Amazon and Google. Will Bitcoin Surpass Gold? According to the Companies Market Cap web page, Bitcoin’s price surge pushed its market capitalization to approximately $2.182 trillion. Currently, Bitcoin trails only behind tech giants Apple, NVIDIA, and Microsoft, as well as the traditional safe-haven asset, gold, which holds a staggering capitalization of over $22 trillion. Rob Nelson from The Street reported insights from Gracy Chen Chen, Bitget’s Managing Director on a roundtable discussion back in February, highlighting the transformative nature of the cryptocurrency market. Related Reading: Shiba Inu Bulls Roar To Life After Breakout—Next Price Targets With increasing institutional adoption, evolving regulations, and new real-world applications, Chen expressed optimism about Bitcoin’s future. “Bitcoin will definitely surpass gold in terms of market cap, at least for a while, maybe this year or in the upcoming few years,” she stated, suggesting that Bitcoin has the potential for another two to threefold increase in price. Historically seen as “digital gold,” Bitcoin’s role has evolved significantly. Initially perceived as an anti-risk asset, it has become more correlated with traditional financial markets, especially following the anticipated approval of spot Bitcoin ETFs in 2024. “In the early days, Bitcoin was much considered as digital gold. Right now, it’s still digital gold in my opinion, but now it’s more like a risky asset,” Chen explained, noting its increased correlation with the US stock market. Analysts Predict Potential Surge To $150,000 Positive regulatory developments in the US have further bolstered investor sentiment, fueling expectations for price discovery phases for BTC. Antoni Trenchev, co-founder of the digital asset trading platform Nexo, commented on the current market landscape: Now that January’s high has been surpassed—and the 50 percent upside from April’s lows has been achieved—Bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment. Related Reading: Litecoin Eyes $117.50 As Price Rebounds From Key Support – Analyst Trenchev also emphasized that the market’s still in the fourth year of Bitcoin’s price cycle, traditionally seen as a pivotal period following a halving event—when miner rewards are cut in half. Historically, this phase has led to significant price increases. “While macro uncertainty and the threat of further volatility remain, a target of $150,000 in 2025 is still very much on the cards,” he concluded. At the time of writing, BTC is trading at $109,570, which is up by 3% and 25% on the 24-hour and 30-day time frames, respectively. Featured image from DALL-E, chart from TradingView.com
Bitcoin's latest rally had significant consequences for everyone.
In the first quarter of 2025, XRP’s market capitalization grew by 1.9%, reaching $121.6 billion, while the combined market cap of bitcoin, ethereum, and solana fell by 22%. All network metrics for XRP improved for the second consecutive quarter, with average daily active addresses increasing by 142% to 134,600. XRP Metrics Improve for Second Consecutive
In a recent analysis from COINOTAG dated May 22nd, eToro Australia’s esteemed analyst, Reece Hobson, discussed the factors contributing to Bitcoin’s remarkable ascent to a historical peak of $110,000. He
A new deep-dive published by River, the San Francisco-based Bitcoin services company, argues that the United States has quietly become the planet’s unchallenged Bitcoin hegemon, controlling an estimated 40% of the entire circulating supply. In dollar terms, the report places the combined holdings of American investors, corporations and public entities at “north of $790 billion,” a figure that would eclipse the market capitalisation of most Fortune 50 companies if it were tallied as a single asset on a balance sheet. The Bitcoin Empire River’s analysts describe a multi-pronged dominance that extends far beyond raw coin ownership. Publicly listed US firms hold 94.8% of all Bitcoin sitting on corporate treasuries worldwide, the study notes, while American organisations account for 82% of global Bitcoin development funding and roughly 70% of venture capital deployed into the ecosystem. Even the fledgling exchange-traded fund market skews heavily toward domestic investors: the report calculates that US-domiciled ETFs control 79.2% of the outstanding shares for the entire asset class. Hashrate—often seen as the most tangible measure of security and industrial commitment—also tilts toward America. River estimates that miners operating within US borders generate 36% of global computational power, a share large enough to make the country the single biggest contributor to network security. Since the start of 2021, those miners have hauled $42.6 billion worth of newly issued Bitcoin out of the protocol, backed by more than $30 billion in capital expenditure on rigs, power contracts and infrastructure. The boom has spawned a cluster of at least 40 industrial-scale sites exceeding 10 megawatts and has pushed the nationwide head-count of Bitcoin-focused firms past 150, collectively employing more than 20,000 Americans. “America is the global Bitcoin superpower,” the report states in its title banner, before charting the country’s footprint on a map speckled with golden circles for company headquarters and triangles for large-scale mines stretching from Washington State to Georgia’s nuclear-powered corridor. Texas, Georgia, New York and Ohio appear as dense constellations, underscoring the migration of energy-intensive computing to deregulated or energy-rich states. Sovereign holdings provide another lens on Washington’s clout. The US government controls approximately 198,000 coins—nearly three times the stash attributed to the United Kingdom and more than ten times the totals linked to China, North Korea or Bhutan. El Salvador , whose president Nayib Bukele has turned Bitcoin into legal tender and a geopolitical calling card, holds a comparatively modest 6,000 coins; Venezuela barely registers at 200. Institutional ownership is no longer confined to hedge-fund hot-hands or crypto-native treasuries. Endowments at Yale, MIT, Brown and Harvard have all built direct positions or ETF exposures, while insurers such as MassMutual, TIAA and Northwestern Mutual have added the asset to long-duration portfolios traditionally populated by Treasuries and investment-grade credit. Hedge-fund heavyweights Citadel , Millennium, D. E. Shaw and Mariner round out the list of marquee names flagged by River as significant holders. At press time, BTC traded at $106,510.
Price hits $111,816 after gaining more than one-third over past month
The post Ripple News: First-Ever XRP Futures ETF Launches May 22 via Volatility Shares appeared first on Coinpedia Fintech News XRP is back in the news as Volatility Shares prepares to launch the first-ever XRP Futures ETF on May 22, trading under the ticker XRPI. This move signals growing interest in XRP and could be an important step for the token’s future in the market. As per a recent filing with the U.S. Securities and Exchange Commission (SEC) on May 21, the fund will start trading on Nasdaq. It’s the first 1x futures ETF linked to XRP, offering a new way for investors to gain exposure to the asset through a regulated channel. The fund will invest in XRP futures via a Cayman Islands-based subsidiary, with at least 80% of its assets connected to XRP-related investments. VolatilityShares is launching the first-ever XRP futures ETF tomorrow, ticker $XRPI .. yes there is a 2x XRP already on market (this is first 1x) and it has $120m aum and trades $35m/day. Good signal that there will be demand for this one. pic.twitter.com/rCooyNZgu0 — Eric Balchunas (@EricBalchunas) May 21, 2025 Industry analysts, including Eric Balchunas from Bloomberg, say that this is a positive sign of increasing demand from traders and institutions. Futures products like this help bring more liquidity into the market and allow both bullish and bearish positions, making trading more flexible. Moves like this are also seen as early steps that could eventually lead to a spot ETF for XRP — something the crypto community has been hoping for, especially after Bitcoin’s ETF success. More XRP ETFs Coming: 2x Leverage, Inverse Bets, and $120M Already in Play Volatility Shares also plans to launch a 2x XRP futures ETF, which will give investors twice the daily price gains of XRP by using leveraged exposure to XRP futures. A 2x XRP futures (XXRP) was recently launched by Teucrium Investment Advisors on April 8. It traded $5.43 million on its debut. The Tectrium 2x Long Daily XRP ETF already has $120 million in assets and a massive $35 million daily trading volume. ProShares is also planning to launch three XRP ETFs: one with 2x leverage (Ultra XRP), one with -2x inverse exposure (UltraShort XRP), and a standard inverse fund (Short XRP), according to its April 15 SEC filing . Spot ETF Approvals Still Pending Recently, the CME launched regulated XRP futures and micro XRP futures on May 19, with a $19 million volume. However, spot XRP ETF approvals are still pending. Nine spot XRP ETF applications, including one from Wall Street giant Franklin Templeton, are still awaiting SEC approval. The SEC has delayed decisions on proposed spot XRP ETFs from Grayscale and 21Shares. Bloomberg analyst James Seyffart says a realistic timeline for spot XRP ETFs could be in early Q4 this year. The Polymarket prediction platform shows more than 80% chance of XRP ETF approval this year. The crypto market is up today, as Bitcoin broke out of its previous all-time high. It is currently trading at $111,424, up over 4% in the past day. XRP is also up over 2% and is currently trading at $2.42.