Trump Signs GENIUS Act Legalizing Stablecoins in US

President Donald Trump signed the GENIUS Act into law on Friday, formally legalizing stablecoins and unlocking corporate adoption in the US The signing occurred in a White House ceremony attended by crypto industry leaders, including executives from Coinbase, Circle, Robinhood, and Gemini.

The legislation sets rules for issuing and trading stablecoins, digital assets pegged to fiat currencies serving as critical bridges between crypto and traditional finance. Numerous banks and major retailers, previously cautious, now have regulatory backing to launch stablecoin projects.

However, the bill drew intense criticism, with Rep. Marjorie Taylor Greene labeling it a "CBDC Trojan horse" enabling government financial surveillance. Bitcoin advocates argue new rules blur distinctions between privately-issued stablecoins and central bank digital currencies, raising concerns about state control.

Despite controversy, Trump celebrated the GENIUS Act as fulfilling his promise to establish America as the "crypto capital of the world". His administration now turns attention to broader crypto market structure legislation, recently advanced in Congress, to further cement crypto's role in the US economy.

Ethereum Breaks $3,800 After Whale Buy and ETF Flows

Ethereum surged nearly 6% over the weekend to $3,800, outperforming the broader digital asset market thanks to massive capital inflows. On-chain data revealed a single whale bought roughly $50 million worth of ETH around $3,714, driving transaction volume sharply higher. Analysts attribute the rally to increased institutional interest and sustained ETF inflows, including a weekly $2.18 billion record.

Technical data from CoinDesk shows ETH traded within a volatile $255 range, with new resistance forming near $3,790. Support emerged around $3,600 as multiple buy zones absorbed early sell pressure. Analysts from Fundstrat now forecast ETH could reach $15,000 if upward momentum persists into Q3.

UK Plans $7B Bitcoin Sale From Criminal Seizures

The UK Home Office is preparing to sell a Bitcoin stockpile valued at over $7 billion, originally seized from a 2018 Ponzi scheme. A police-owned procurement group posted a £40 million tender seeking firms to manage the custody and liquidation of crypto assets. Victims have asked for funds to be returned, but courts are weighing whether assets should instead benefit the Treasury.

Chancellor Rachel Reeves previously said proceeds from crypto sales could help offset budget shortfalls while reinforcing regulation. The Telegraph reported the proposed contract would span four years, but bidding has stalled with no acceptable offers yet. Delays stem partly from legal timelines, which often extend three years or more before final liquidation.

El Salvador Denies Bitcoin Buys But IMF Report Disagrees

A letter released by El Salvador’s finance leaders on July 15 says no new Bitcoin has been purchased since February, contradicting President Bukele’s public statements. The letter, part of an IMF review, confirms that BTC balances remain unchanged despite daily buy claims from the official Bitcoin Office. Wallet addresses were submitted for monitoring, suggesting activity reflects internal transfers, not fresh buys.

Bukele has said El Salvador would continue buying BTC regardless of IMF conditions tied to a $1.4 billion loan. However, blockchain analytics suggest transactions stem from exchange-linked wallets, not government-controlled cold storage. The IMF clarified that consolidating previously held assets doesn’t breach lending terms, but raised questions about reporting transparency.

Data of the Day

The total value of global crypto assets surpassed $4 trillion on July 18, triggered by new US legislation and rising institutional demand. The Genius Act passed Congress, providing a legal framework for stablecoins, while BTC hit $123,000 and ETH and SOL also posted double-digit gains. Analysts say the new laws may unlock Wall Street capital, including retirement funds and banking-sector initiatives.

Major institutions like JPMorgan and Citigroup have signaled plans to launch stablecoins once regulatory clarity takes effect. Trump-backed efforts to open US retirement accounts to crypto investment are also under review. Critics warn about systemic risk, but industry leaders view the new framework as a breakthrough for global adoption.

More Breaking News

• Indian crypto exchange, CoinDCX, was hacked for $44 million in a sophisticated breach, though the CEX says all customer funds remain fully protected.
• World Liberty’s WLFI token, now the 11th-largest by valuation (in pre-market trading), could become tradable within eight weeks following a near-unanimous governance vote.
• Jack Dorsey’s Block Inc. will join the S&P 500 next week, triggering a 9% stock surge and marking crypto’s growing mainstream acceptance.
• Bitcoin’s minimum transaction fee dropped by 90% to 0.1 sat/vByte as low network activity forces miners to reduce blockspace costs.
• Decentralized exchange dYdX acquired social trading platform Pocket Protector to expand into Telegram-based tools and on-platform discovery for traders.
• High-risk trader James Wynn opened 25x ETH and 10x PEPE longs on Hyperliquid after depositing $536K USDC, risking over $23 million.

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