The "GENIUS Act" Stablecoin Bill Passes Senate Vote

The US Senate voted 68-30 to advance the "GENIUS Act", a bill that would create the first federal regulatory framework for stablecoins. Led by Sen. Bill Hagerty (R-Tenn.), the bill mandates full dollar backing, annual audits for issuers over $50 billion, and rules for foreign stablecoin entities.

The vote followed weeks of wrangling over amendments, with Majority Leader John Thune abandoning “regular order” to bypass a growing amendment logjam. “We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said from the Senate floor.

Democratic opposition, led by Sen. Elizabeth Warren, centered on concerns over weak consumer protections and the bill’s potential to legitimize Trump-linked crypto ventures. “By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” Warren said.

The bill now awaits a final vote, likely in the upcoming Monday, with House passage still uncertain as its own version, the STABLE Act, differs on issuer regulation and foreign oversight. Trump has signaled full support, stating he wants the bill signed into law before August.

BTC Holds Steady as CPI Falls & US-China Finalize Trade Deal

Bitcoin traded flat yesterday after US inflation data came in cooler than expected, with May’s CPI showing just a 2.4% year-over-year increase. Markets showed muted reaction, but analysts pointed to a potential Fed rate cut if inflation keeps falling. President Trump also revealed a new trade deal with China and called for a full percentage point rate reduction.

Crypto analysts said longer-term catalysts are aligning, with BTC ETF inflows reaching $5.7 billion in May alone. 21Shares strategist Matt Mena said Trump's diplomatic wins and easing macro pressure could push Bitcoin toward $138,000 by summer. The Fed is scheduled to meet on June 17-18, though no immediate changes are expected.

XRP Ledger Plans Ethereum-Compatible Sidechain Launch

Ripple announced that the XRP Ledger will integrate Ethereum smart contracts by launching an EVM-compatible sidechain later this quarter. The update was confirmed by CTO David Schwartz at Apex 2025 in Singapore, with the testnet already active and a full release planned by end of Q2. The new sidechain combines Ethereum’s contract support with XRPL’s low-cost settlement.

The system is being developed by Ripple and Peersyst, using the evmOS stack and Axelar as its bridge choice. Wrapped XRP will be used as gas across the new chain, creating tighter asset interoperability. Developers say the upgrade could attract Ethereum-native dApps while preserving XRPL’s performance advantages and perhaps even allowing for native XRP staking.

Andrew Tate Wallet Reveals Nearly $600K In Trading Losses

Andrew Tate posted a screenshot on X claiming a 138% return on a Hyperliquid ETH long, but blockchain sleuths quickly found the full story. His wallet, linked by referral data, shows cumulative losses of nearly $600,000 across past trades, contradicting the flexed profit. Within hours, the original post was deleted as the data went viral.

The trade in question is still live and up over $22,000, but it doesn’t offset the broader loss history. Onchain transparency on Hyperliquid allowed users to verify Tate’s record instantly, turning his self-promotion into backlash. When asked, Andrew Tate responded confidently: “I’ll make it all back with one trade.”

Data of the Day

AI’s threat to human employment has become a top crypto social media topic, with discussion surging from May 29 to June 5, Santiment reports. Posts about automation, AI efficiency, and daily integration outpaced core crypto narratives across platforms like X. McKinsey forecasts that up to 30% of US jobs may be automated by 2030.

Novel AI crypto projects like Kite AI and 0G Foundation were also trending, alongside user-made AI assistants for investing and coding. Some users debated AI’s impact on economic security, while others welcomed it as the next big tech layer. The sentiment reflects growing overlap between Web3 adoption and AI innovation narratives.

More Breaking News

• Stripe is acquiring crypto wallet startup Privy to simplify embedded Web3 onboarding, further expanding its blockchain toolkit after the Bridge acquisition.
• Sam Altman’s World Chain has integrated native USDC and Circle’s cross-chain protocol, enabling quick swaps and fiat conversions across multiple blockchains.
• Pudgy Penguins has partnered with NASCAR and expanded retail presence to 2,000 stores, cementing its brand in both racing and mainstream merchandise.
• Ondo Finance has launched its tokenized US Treasuries on XRP Ledger, with subscriptions now available via Ripple’s RLUSD stablecoin for institutional access.
• Polygon co-founder Sandeep Nailwal is now CEO of its Foundation, shutting down zkEVM while refocusing the network on PoS scaling and core Ethereum alignment.
• FTX users are fighting for over $2.2 billion in disputed claims, with many facing delays linked to unresolved KYC issues during the bankruptcy distribution.
• 1inch Labs has rolled out its new Pathfinder algorithm, promising faster routing and up to 6.5% better swap rates across its supported EVM-compatible chains.
• MEXC has launched a $100 million user protection fund with complete wallet transparency, aiming to restore trust after recent platform breaches.

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