A bill designed to overhaul stablecoin regulation in the US halted in the Senate amid partisan negotiations. Senator Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in February. The potential legislation would require stablecoin issuers to maintain backing for their assets on a 1:1 ratio. The bill also states that stablecoin issuer reserves can be made up of US currency; funds held as demand deposits or insured shares at an insured depository institution; and Treasury bills, notes or bonds. A group of Democrats, including some lawmakers who previously supported the legislation in committee, announced over the weekend that they wanted to pass new stablecoin legislation but believed the GENIUS Act still had outstanding issues. “The bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements.” One of the Democrats, the pro-crypto Senator Ruben Gallego (D-AZ), said on Thursday that there had been some meaningful bipartisan discussions on the bill this week, but he argued that lawmakers needed additional time to perfect the potential legislation. “I went to the floor and asked for more time to negotiate, without delaying the bill’s timeline for final passage. Republicans refused. Without more time to at least finish the bill text, there was no true bipartisan path forward. “I will always be willing to continue to work on bipartisan stablecoin legislation. America must lead in this space and consumers deserve to be protected.” The GENIUS Act faced a cloture vote on Thursday and got shot down by a vote of 48-49. Cloture votes, which require 60 “yeas” to pass, end the debate on bills and prevent filibusters. Kristin Smith, chief executive of the Blockchain Association, urged the debate on the bill to continue. “We look forward to next steps in this process and continued bipartisan discussion.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post US Stablecoin Legislation Halts in Senate Amid Partisan Bickering appeared first on The Daily Hodl .
German authorities seized €34 million in cryptocurrency and shut down the crypto swapping service Exch linked to money laundering, including funds stolen in the 2025 Bybit hack. Crypto Swapping Service Exch Closed; €34M Seized in Third-Largest BKA Crypto Bust The Public Prosecutor General’s Office in Frankfurt and Germany’s Federal Criminal Police Office (BKA) confiscated Exch’s
The founder of the collapsed crypto platform Celsius has been sentenced to 12 years behind bars. Alexander Mashinsky was initially arrested in July 2023 on charges of violating securities law by the U.S. Securities and Exchange Commission (SEC). In December 2024, he pleaded guilty to a multi-billion-dollar crypto fraud. The Department of Justice (DOJ) said Mashinsky falsely represented Celsius as a safe and secure platform and exaggerated its potential for profitability, greatly inflating its user base. After Mashinky’s lawyers asked for a lenient , one-year sentence earlier this week, the former Celsius CEO was handed a 12-year sentence by the courts yesterday, according to a US Attorney’s Office press release. Said US Attorney Jay Clayton in a statement: “ Alexander Mashinsky targeted retail investors with promises that he would keep their ‘digital assets’ safer than a bank, when in fact he used those assets to place risky bets and to line his own pockets. In the end, Mashinsky made tens of millions of dollars while his customers lost billions. America’s investors deserve better. The case for tokenization and the use of digital assets is strong but it is not a license to deceive. The rules against fraud still apply, and the SDNY (Southern District of New York) will hold those who flout them accountable for their crimes.” According to Reuters, Mashinky’s representatives have not yet commented on the ruling. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/zeber The post Founder of Crypto Lending Platform Celsius Sentenced to 12 Years in Prison for Fraud appeared first on The Daily Hodl .
Coinbase’s recent acquisition of Deribit marks a significant milestone in the crypto derivatives market, setting the stage for 24/7 trading convenience. With the introduction of round-the-clock futures trading for Bitcoin
Key Takeaways: Stablecoin regulation remains fractured following Senate rejection. Treasury Secretary warns that U.S. crypto dominance is at risk without the GENIUS Act. Democrats sank the bill over AML and national security concerns. A controversial 48-49 Senate vote on Thursday to reject the GENIUS Act has sparked an immediate backlash from U.S. Treasury Secretary Scott Bessent, who condemned the decision as a “historic misstep” with global consequences. In a strongly worded post on X (formerly Twitter) on May 9, Scott Bessent condemned the Senate’s failure to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, arguing it squandered a rare chance to lead the global stablecoin market. “The world needs American leadership,” Bessent wrote. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.” Did the Senate Just Kill U.S. Crypto Dominance? Scott Bessent labeled the bill a “once-in-a-generation opportunity” to assert dollar dominance through innovation. For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act. This bill represents a once-in-a-generation opportunity to expand dollar… — Treasury Secretary Scott Bessent (@SecScottBessent) May 8, 2025 He criticized the Senate for allowing state-by-state regulatory fragmentation to persist and warned that digital asset development could shift abroad without a unified federal framework. The GENIUS Act, introduced in February by Senator Bill Hagerty (R-TN) and co-sponsored by prominent Republicans, including Chairman Tim Scott (R-SC) and digital assets advocate Senator Cynthia Lummis (R-WY), sought to provide a comprehensive federal framework for the issuance and regulation of stablecoins in the United States. Despite early bipartisan momentum, the bill failed a procedural vote on May 8 after Senate Democrats abruptly pulled support over national security concerns, AML provisions, and last-minute resistance from key lawmakers. Senator Mark Warner (D-VA), who opposed the bill, said its text was “not yet finished,” while others hinted at deeper political friction. The Unspoken Political Tensions Fueling the GENIUS Act’s Demise Some Democrats privately expressed discomfort with President Trump’s recent pro-crypto involvements, which they feared had tainted the legislative process with political overtones. The bill’s failure has cast a shadow over the future of stablecoin regulation and broader crypto legislation, particularly ahead of the 2026 midterms when all House seats and one-third of the Senate will be up for grabs. Senator Cynthia Lummis, a key co-sponsor, voiced her disappointment on X, stating that failing to pass the GENIUS Act was a step backward in securing America’s digital future. My statement after the Senate failed to advance the GENIUS Act. pic.twitter.com/lARFxCPEg9 — Senator Cynthia Lummis (@SenLummis) May 8, 2025 John Deaton, a well-known pro-XRP lawyer, called on lawmakers to rise above partisan divisions. “Senators need to place the country first, not politics. This bill had bipartisan support just a week ago. What happened?” Decentralization vs. Control: The Ideological Clash Central to Stablecoin Debates Ethereum co-founder Vitalik Buterin, while not directly commenting on the GENIUS Act, had previously warned against “centralized stablecoins becoming a tool for geographical control.” The implication is that a U.S.-denominated stablecoin framework could undermine crypto’s decentralized ethos. Lawmakers argue that stablecoins like Tether’s USDT require oversight to prevent criminal exploitation. In addition, according to a previous report, stablecoins make up the bulk of illicit transaction volume in 2024. Our Money Laundering report reveals how bad actors now use crypto to launder funds from off-chain crimes — not just crypto-native crimes like ransomware. We explore advanced tracing techniques and how blockchain data is leading the fight against fincrime. https://t.co/32ApuphHpU — Chainalysis (@chainalysis) July 11, 2024 The collapse of TerraUSD further fueled debate. The crash erased $40 billion in value, raising concerns about consumer risks in decentralized systems. Proponents of regulation cite TerraUSD as evidence that even decentralized models can fail, leaving users vulnerable. However, critics note a contradiction. Many “decentralized” stablecoins still depend on centralized elements, such as development teams or governance structures. The result is a paradox, as blockchain systems designed to eliminate trust still rely on it, just in different hands. Frequently Asked Questions (FAQs) Can the GENIUS Act still pass after this vote? The 48-49 vote was a procedural defeat, not the end. Under U.S. Senate rules, a motion to reconsider permits the Senate to revisit the bill, so the GENIUS Act can still be reintroduced or brought back to the floor for another vote after further negotiations or revisions. Do dollar-backed stablecoins strengthen U.S. financial power? Introducing USD-backed stablecoins is widely seen as reinforcing and extending U.S. dollar dominance globally by allowing cross-border transactions and expanding dollar access beyond traditional banking systems. Stablecoins tied to the dollar are expected to help maintain its status as the world’s reserve currency and boost demand for U.S. Treasury securities. Does the U.S. issuing a digital dollar align with decentralization principles? A U.S. digital dollar issued by the government or linked entities, like the Trump family’s USD1 stablecoin, would be centralized by design, contrasting with the core blockchain principle of decentralization. The post Scott Bessent Slams 48-49 Senate Snub – Will GENIUS Act Failure Cost U.S. Crypto Crown? appeared first on Cryptonews .
The XRP network has seen a remarkable surge in payment volume, with over 824 million XRP transacted in just 24 hours. This surge is a clear indicator of the growing momentum in the cryptocurrency market, as bullish activity has returned, reflecting an overall increase in investor confidence. According to the latest data from XRPSCAN, the payment volume on the XRP Ledger reached a substantial 824,473,127 XRP on May 7, up from just over 300 million XRP in the previous day. This significant spike in network activity coincides with a notable recovery in the price of the token. The cryptocurrency has managed to break through the $2.21 resistance level and is currently trading at $2.30, marking a 5.77% increase in its price in the past 24 hours, based on data from CoinMarketCap. Increased Network Activity and Investor Confidence The surge in XRP’s payment volume is reflective of the growing use of the XRP Ledger , suggesting that more users are engaging with the network. While payment volume does not always directly correlate with price movements, the current increase is happening alongside a positive price trend. The rise in XRP’s on-chain activity signals that the market sentiment toward the asset is shifting positively, with increased buying activity driving the price up. This uptick in the asset’s market performance is further evidenced by the growth in trading volume and market capitalization. Trading volume has risen by 12%, and XRP’s market capitalization has seen an increase of 5.86%. These figures highlight the growing interest in the asset and the broader bullish sentiment surrounding it. Bullish Trends and Active Accounts on the XRP Ledger A key indicator of the resurgence of bullish sentiment is the notable rise in active accounts on the XRP Ledger. Recent data reveals that the number of active accounts has surged to approximately 20,000, further supporting the notion that more investors are participating in the market. This increase in active users suggests a strong and sustained demand for the token, which could signal a positive outlook for the token’s future. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 The surge in both payment volume and active accounts demonstrates that the token is gaining significant traction among investors and users alike. The heightened network activity suggests that the token’s price may continue to see upward momentum as more participants engage with the cryptocurrency. While the exact cause of the surge in payment volume is not entirely clear, the increased buying activity is evident in the price movements and the overall market conditions. The recent developments in the XRP market suggest that the bullish momentum seen in the broader cryptocurrency market is being reflected in the token’s performance. The significant rise in payment volume, combined with the increase in price, market capitalization, and active accounts, signals a positive future for the token. With strong buying activity and a surge in the number of active users, the asset seems ready to maintain its upward trajectory. Investors are showing renewed confidence in the token, and the growing number of active accounts on the XRP Ledger suggests that the momentum could be sustained for the foreseeable future. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Over 820 Million XRP In 24 Hours. Here’s What Happened appeared first on Times Tabloid .
The resurgence of Solana meme coins has captured attention, with viral tokens experiencing substantial gains amidst a broader market rebound. In recent days, Bitcoin has surpassed the $100,000 mark, while
As the new month begins, investors face a crucial choice: should they hold onto their Solana (SOL) and Ethereum (ETH) or consider selling? This article delves into the potential price movements of these two major cryptocurrencies, offering insights into which one could see significant gains. Will SOL and ETH continue to surge, or is a market correction on the horizon? Ethereum Market Review: Short-Term Surge Amid Longer-Term Pullback Ethereum rallied sharply over the past month with prices climbing by 50.18%. In contrast, the last six months have shown a decline of 29.22%. The recent price movements featured bursts of momentum, highlighting a mix of buyer excitement against an ongoing longer-term downward trend. This volatility has influenced investor sentiment, suggesting a short-term recovery while reflecting past weaknesses. Currently, Ethereum trades between $1468 and $2037.38, with primary resistance at $2280.58 and a second resistance at $2849.77. Support levels are positioned at $1142.2 and $573.01. Indicators show bullish pressure with an RSI of 78.06, yet no clear long-term trend is established. Traders may consider buying near support levels and selling near resistance, while employing tight stops to manage risk effectively. Solana Price Dynamics: Strong Monthly Rally Amid Six-Month Correction SOL experienced a notable gain over the last month with prices surging by 53.39%, while over a six‐month period it pulled back by 19%. This contrast highlights a recent uptick against a backdrop of longer-term weakness. The mix of rapid upward movement and a prior decline suggests past volatility and aligns with the recent improvements in momentum. Currently, SOL trades in a range between $109 and $171.27, with key resistance around $194.93 and a secondary level near $256.57. Support stands at about $71.65. Bulls show strength with a 7.33% weekly rise and a bullish moving average recommendation. However, an RSI of 67.58 indicates some near-term overbought caution. Trading ideas include buying near support levels and aiming for the nearby resistance zones. Conclusion Both Solana (SOL) and Ethereum (ETH) have shown strong potential this month. Market conditions may favor continued growth for both coins. Investors might find opportunities in tracking their performance closely. While it’s crucial to stay informed, current trends suggest a positive outlook for SOL and ETH. Sellers and holders alike will need to weigh their options carefully. The market's direction could shift, but the prospects for these two cryptocurrencies remain promising for now. 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.
Viral Solana meme coins from last year—like Moo Deng, GOAT, and Peanut the Squirrel—are seeing massive gains as the market rebounds.
Meta Platforms is in preliminary discussions with multiple crypto firms to introduce stablecoins to its platforms, including Facebook, Instagram, and WhatsApp, which serve 3.35 billion users. This initiative comes three years after the company abandoned its Libra, later Diem, crypto project due to regulatory pressure. The current plan focuses on leveraging existing stablecoins, such as USDC, to facilitate cross-border payments and manage payouts, particularly for content creators and digital freelancers. Meta has hired Ginger Baker, a vice president of product with crypto experience, to lead the project, with a focus on small-dollar payouts. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io