Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
President Donald Trump signed legislation backed by the cryptocurrency industry, known as the GENIUS Act, which creates a regulatory framework for stablecoins — a popular type of cryptocurrency tied to the value of stable assets, such as the US dollar.
The GENIUS Act establishes initial guardrails and consumer protections for stablecoins, which are tied to assets like the US dollar to mitigate price volatility compared to other forms of cryptocurrency. It passed both the House and Senate with broad bipartisan margins.
The new law aims to bolster consumer confidence in the crypto industry, which has rapidly emerged as a significant player in Washington, thanks to substantial campaign donations and lobbying expenditures. Its passage comes as Trump has repeatedly pledged to make the US the “crypto capital of the world.”
The Trump Media & Technology Group (TMTG) has amassed a $2 billion stake in Bitcoin and Bitcoin-related securities as part of its Bitcoin treasury strategy.
TMTG announced that the company’s holdings now comprise around two-thirds of Trump Media’s approximately $3 billion in liquid assets.
Around US$300 million in capital was allocated to an options acquisition strategy for Bitcoin-related securities. The company stated that it plans to continue acquiring Bitcoin and Bitcoin-related assets, and to convert its options into spot Bitcoin, depending on market conditions. The company will utilize these assets to generate revenue and potentially acquire additional cryptocurrency assets.
The news comes after Trump signed the GENIUS Act into law late on Friday, marking a huge win for the crypto industry.
Coinbase has announced that starting July 21st, 2025, US investors will have access to CFTC-regulated perpetual futures through its Coinbase Financial Markets (CFM) platform.
This initiative brings the world’s most actively traded derivative product to the US crypto market, marking a pivotal moment in the digital asset trading landscape.
Historically, US traders have been restricted from participating in perpetual futures due to stringent regulatory constraints. In contrast, international traders have extensively utilized these instruments.
Perpetual futures, characterized by higher leverage and the absence of monthly expiry, currently account for approximately 90% of global crypto derivatives volume, highlighting their significance in market dynamics.
SEC Chair Paul Atkins stated during an interview that the agency does not view Ethereum as a security under current guidelines. He explained that Ethereum is being treated similarly to Bitcoin and is, in fact, considered a commodity.
Atkins said, “Similar to Bitcoin, the SEC has stated informally more than formally that ether is not a security.” His remarks address a long-standing uncertainty surrounding Ethereum’s legal classification, particularly as corporate interest in ETH continues to grow.
While not yet a formal declaration, this view from the SEC’s leadership provides direction for firms operating in the cryptocurrency sector. Atkins also acknowledged Ethereum’s importance within the digital asset ecosystem due to its role in decentralized applications and other blockchain projects.
JPMorgan Chase is reportedly exploring lending options secured by clients’ cryptocurrency holdings, a significant shift for the banking giant, which was once critical of digital assets.
This development marks a notable change in stance for JPMorgan, with CEO Jamie Dimon previously slamming Bitcoin as a ‘fraud’. Now, plans could roll out as early as next year, targeting Bitcoin and Ethereum as collateral.
Such a move by a $4.3 trillion asset manager could signal growing institutional trust in crypto. It may prompt other banks to follow, potentially boosting crypto adoption and market liquidity.
The Federal Bureau of Investigation (FBI) has wrapped up its investigation into Kraken founder Jesse Powell, returning seized devices, as reported by Fortune. This signals no further action on the hacking and cyberstalking allegations tied to a nonprofit.
For context, authorities launched the investigation after allegations surfaced in early 2022 that Powell had hacked into Verge’s accounts and blocked access to key messages, claims that he strongly denied. Powell was removed from the board of directors of the Verge Center for the Arts.
“The FBI’s raid on my house was devastating both personally and professionally,” Powell said in a statement, calling Verge’s allegations baseless and defamatory.
PNC Bank, a major US financial institution, has partnered with Coinbase to offer its banking clients direct access to cryptocurrency services, marking a significant step toward mainstream crypto adoption in traditional finance.
The collaboration will leverage Coinbase’s institutional-grade Crypto-as-a-Service platform to enable PNC’s banking clients and institutional investors to buy, hold, and sell cryptocurrencies securely through PNC’s systems. PNC will also provide select banking services to Coinbase as part of the agreement, which aims to build a more resilient digital financial ecosystem.
PNC Chairman and CEO William S. Demchak stated the partnership accelerates the bank’s ability to deliver innovative crypto solutions, citing growing demand for streamlined digital asset access on trusted platforms.
Telegram has rolled out its crypto wallet to 87 million US users, marking a significant step in integrating blockchain technology into mainstream messaging and potentially boosting crypto adoption with a seamless in-app experience.
Supported by the TON Foundation, the wallet allows users to send, receive, and store digital assets directly within the Telegram app, eliminating the need for external downloads or browser extensions, according to the announcement.
Notably, TON Wallet has already seen widespread adoption outside the US, with more than 100 million global users activating the service in 2024 alone. Until now, U.S. users have been left out, primarily due to regulatory uncertainty. But that is starting to shift, according to TOP CEO Andrew Rogozov, who cited changing regulations and growing demand as reasons to expand into the American market.
So that’s it for this week!
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