Crypto this week was marked by major news in the shape of passage of the GENIUS Act and major hacks against the crypto community. The U.S. Senate passed the GENIUS Act, a bill for stablecoins, while geopolitical tensions were shaken up with a record hack of Iran’s crypto community. An XRP ETF was also granted in Canada, a major regulatory win.
GENIUS Act Passed by Senate
The US Senate passed the GENIUS Act into law by a vote. The act establishes a new bipartisan-backed stablecoin regulatory regime. President Trump will sign the bill into law, and it will make dollar supremacy achievable via stablecoins. The act has the ability to compel the large banks to create their own stablecoins, which will drive the market further.
Iranian Crypto Exchange Hack
One of the more sinister geopolitics games saw the Iranian cryptocurrency market being targeted by Israeli-backed hackers. They hacked the Iranian exchange Nobitex and hacked and incinerated about $90 million tokens.
The hack attributed to hacktivist collective Gonjeshke Darande is the latest example in the intersection of cyber war and cryptocurrency. Effects of such hacks have serious implications in the crypto universe, as state hacking is growing trendy.
Canada Greenlights XRP ETF
Canada is now on the list of nations to have greenlit an XRP ETF, making it the second nation to approve this after Brazil. The Ontario Securities Commission had previously issued a receipt for the Purpose XRP ETF, and therefore Canada is now a regulatory pioneer for digital assets.
The Purpose Investments, being the mastermind behind the introduction of North America’s first crypto ETF as well, has been embracing this move. With America also set to follow the same path, there is vast potential for an XRP ETF approval in the states, experts believe.
Current Events: SEC vs. Ripple
The drama in the courts between the SEC and Ripple is not yet over. The two are trying to settle their cross-appeals, but Judge Torres has a different agenda. The world is waiting for a turn of events, but the wait might have catastrophic implications on the operations of Ripple. Industry experts caution that the recent action by the SEC could be catastrophic for cryptocurrency innovation.
Last week has been putting things into perspective in cryptocurrencies. The signing of the GENIUS Act, large hacks, and XRP ETF approval are milestones that will redefine the market. With regulatory environments now forming, the industry must acclimatize to dealing with these issues as much as security issues.
