Crypto Weekly Digest June 21: GENIUS Act Passes The Senate

Hey folks! Welcome to this week’s edition of the Crypto Weekly Digest, and join us in our journey of delivering valuable insights. From landmark U.S. legislation to a multi-million-dollar cyberattack in the Middle East, crypto headlines this week hit every corner of the map.

In a sweeping 68–30 vote, the U.S. Senate passed the GENIUS Act, a long-awaited bill focused on stablecoin oversight. Introduced just six weeks ago by Senator Bill Hagerty, the legislation received broad bipartisan support, with 18 Democrats voting in favor. The bill is expected to set the stage for America’s digital finance leadership and now moves to the House for further approval.

Iran’s Largest Exchange, Nobitex, Hacked

In a devastating incident on June 18, Iran’s largest crypto exchange, Nobitex, suffered a breach resulting in the loss of over $81.7 million. The digital assets were mostly stolen in USDT and moved through Ethereum-compatible and Tron networks. Furthermore, blockchain security firm Onchain Labs linked the hack to Gonjeshke Darande, a known hacker group. While the platform’s cold wallets remained safe, the emotional and financial blow to thousands of users underscores the rising security risks amid heightened geopolitical tensions between Iran and Israel. Nobitex has pledged to fully reimburse affected customers.

Meanwhile, Binance has introduced a new inheritance tool for users. The feature allows customers to assign emergency contacts who can claim funds after a long period of inactivity. Identity verification will be required before transfer. This user-focused update addresses one of crypto’s longstanding issues—asset access after death.

Regulatory Updates

In Latin America, Brazil’s President Lula da Silva proposed a flat 17.5% income tax on crypto gains under Provisional Measure 1,303. However, legal experts argue this may exceed the president’s constitutional powers. Meanwhile, lawmakers prepare to debate whether such authority rests with Congress, marking a key test for Brazil’s crypto governance.

South Korea’s Financial Services Commission presented a new roadmap aiming to approve local spot crypto ETFs and ease rules on Korean won-based stablecoins. This shift follows a promise by President Lee Jae-Myung to modernize the country’s digital finance policies. The new regulatory stance is expected to take shape by late 2025, positioning South Korea as a stronger global player in crypto adoption.

VanEck’s spot Solana ETF was recently added to the DTCC’s “active and pre-launch” list under the ticker VSOL. While the listing doesn’t confirm SEC approval yet, it marks a step closer to a potential green light. Furthermore, market analysts expect approval may be granted in the coming months amid growing ETF interest in alternative blockchains.

Institutional Moves

In Japan, Metaplanet Inc. announced the purchase of 1,112 BTC worth $117.2 million on June 16. The average acquisition price was $105,435 per coin. The buy was funded through a $210 million bond sale backed by EVO FUND. Furthermore, the company’s total Bitcoin treasury now stands at 10,000 BTC, valued at around $947 million.

Meanwhile, DDC Enterprise Limited revealed it had secured $528 million through equity deals, convertible notes, and credit facilities. The capital will go towards expanding its Bitcoin reserves. With this move, DDC joins the race among corporations aiming to dominate global BTC holdings.

Furthermore, Trump Media’s Truth Social has filed for a dual crypto ETF that will track both Bitcoin and Ethereum prices. The fund, named “Truth Social Bitcoin and Ethereum ETF,” is backed by Yorkville America Digital. Notably, this move follows the company’s earlier approval to allocate Bitcoin into its treasury. The filing marks its entry into the institutional crypto space.

Visa is making big moves in Africa by teaming up with Yellow Card to increase stablecoin access. The initiative will allow USDC payments in at least one African country by the end of this year, with more regions to follow by 2026. Furthermore, the project aims to support cross-border transactions and financial inclusion across areas hit hardest by currency instability.

In a different turn, Eric Trump responded to reports linking him to a new public firm supported by the Tron blockchain. On X, he stated he has no formal involvement, though he praised Tron founder Justin Sun and called himself a fan of the project. This statement comes after speculation that Trump might play a strategic role in the company’s growth.

Related: SEI Gains 10% as Volume Soars and Market Breaks Out

Coinbase has launched Coinbase Payments, a stablecoin-powered system designed for merchants. Built on its Base network, the platform allows businesses to accept USDC with no blockchain expertise required. Moreover, it is already integrated with Shopify and compatible with MetaMask, Phantom, and Coinbase Wallet, making global crypto transactions smoother than ever.

Investors are closely watching the Federal Reserve’s meeting held on June 17–18. The big question: will interest rates hold between 4.25% and 4.50% or shift due to inflation and global unrest? Any outcome—whether a pause, hike, or cut—could fuel sharp price moves across the crypto market.

Market Overview

Looking at the data from CoinMarketCap, Bitcoin is trading at $102,743.46, marking a 7-day decline of 2.66% despite a 7.09% spike in 24-hour trading volume. The market cap stands at $2.06 trillion, with a circulating supply of 19.88 million BTC. BTC peaked near $108,000 on June 17 but faced steady losses afterward. Meanwhile, Ethereum  is priced at $2,286.38, down 9.87% this week. The network saw a strong volume rise of 58.53%, totaling $20.54 billion. ETH’s market cap is $294.06 billion, and its circulating supply holds steady at 120.72 million ETH.

The Q2 2025 Network Health Report issued at the Solana Foundation showed that the chain generated more than 1 billion in dApp revenue in its second consecutive quarter. This strengthens the position of Solana in terms of ranking blockchain revenues. Conversely, in other networks, application-level revenues declined. The heightened user participation plays an ongoing role in enhancing the performance of the Solana ecosystem.

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