Crypto Bites | Recap 17062025
Hi frens,
Today, June 18, 2025, the crypto world witnessed significant developments across regulatory landscapes, institutional inroads, and unfortunately, a major security breach.
Landmark Stablecoin Bill Passes Senate, Heads to House
In a monumental step towards clearer cryptocurrency regulation in the U.S., the Senate passed the Genius Act, a landmark stablecoin regulation bill, with a 68-30 vote. This bill now moves to the House of Representatives for consideration. The Genius Act aims to bring dollar-backed stablecoins under a robust regulatory framework, mandating issuers to hold liquid assets like US Treasuries, provide monthly reserve disclosures, and enable law enforcement to freeze tokens. It also enhances consumer protections by prohibiting stablecoin issuers from claiming FDIC insurance or using U.S. branding terms.
The bill's bipartisan support, with nearly all Senate Republicans and over a dozen Democrats backing it, signals a growing consensus on the need for clearer stablecoin rules. Meanwhile, the House is working on its own crypto regulation, the Clarity Act, which would primarily grant oversight to the CFTC. The future of US crypto regulation will likely involve reconciliation or integration of these two key pieces of legislation. This push for regulation comes as the stablecoin market value exceeds $251 billion, attracting interest from major companies like JPMorgan, Walmart, Amazon, Apple, and Google.
JD.com Eyes Global Stablecoin Expansion
In a bold move reflecting the growing global interest in stablecoins, Chinese e-commerce giant JD.com announced plans to apply for stablecoin licenses in major global markets. Founder Richard Liu stated that JD's stablecoin could dramatically cut cross-border payment costs by 90% and process transactions in a mere 10 seconds. This initiative aligns with comments from China’s central bank governor on stablecoins' transformative potential for international payments and positions JD.com as a significant player in the evolving stablecoin landscape.
XRP Gains Institutional Traction in Canada
Institutional interest in XRP is on the rise in Canada, with crypto asset manager 3iQ launching a new XRP ETF (TSX: XRPQ) on the Toronto Stock Exchange. This comes shortly after Purpose Investments also announced a spot XRP ETF (XRPP) on the TSX. Ripple, an early investor in 3iQ's fund, is showing its support for XRP-related products. 3iQ, known for pioneering Bitcoin and Ether funds on the TSX, will ring the TSX closing bell today to commemorate the launch, marking a growing trend of traditional financial products for digital assets.
Iran’s Largest Crypto Exchange Hacked for Over $80 Million
A significant security incident rocked the crypto world today, as Iran’s largest crypto exchange, Nobitex, reported a hack resulting in over $80 million in stolen funds. The attack, attributed to hacker group Gonjeshke Darande (Predatory Sparrow), is reportedly linked to the ongoing Israeli-Iran conflict. Nobitex confirmed unauthorized access to hot wallets and has suspended website and app access for investigation. While the exchange claims users' assets in cold storage are "completely secure," no proof has been provided, raising concerns about cyber warfare and asset risks in the region.
Kraken-Backed Ink Foundation Launches INK Token
The Ink Foundation, backed by Kraken, is launching its native INK token with an airdrop to early users, aiming to support on-chain capital markets with a liquidity-first approach. The token will debut on a DeFi lending and trading protocol built on Aave, with a hard cap of 1 billion tokens. The project emphasizes a functioning product from day one and aims to differentiate itself in a competitive market by anchoring the token to real product utility.
JPMorgan Pilots "Deposit Token" JPMD on Coinbase's Base
In a major development bridging traditional finance and blockchain, JPMorgan is launching JPMD, a permissioned deposit token representing bank holdings, in a multi-month pilot initially for its institutional clients. The token will be issued on Coinbase’s Layer 2 network Base, promising near-instant, sub-cent transactions for faster settlement and real-time liquidity. JPMD aims to be an alternative to stablecoins for institutional use and marks JPMorgan’s first deployment on a public blockchain, highlighting the growing infrastructure for on-chain banking solutions.
ETH Exodus from Layer 2 Networks
Data today revealed a 25% overall drop in ETH reserves on Layer 2 networks, with Optimism seeing the sharpest decline (down 54% since March 2025). This exodus is attributed to weakening L2 token prices, rising ETH staking on the mainnet, and a shifting investor preference towards long-term value. Large wallet reallocations are adding selling pressure, potentially threatening the relevance of L2 networks if the trend continues.
Tether Mints $1 Billion USDT Ahead of FOMC
Tether minted an additional $1 billion USDT today, ahead of the FOMC meeting. This move has sparked speculation about potential liquidity shifts or a catalyst for Bitcoin price movement. Historically, large USDT mints have coincided with Bitcoin price rallies, fueling expectations of a "risk-on" buying phase following the FOMC rate decision. Tether holds these tokens in reserve, releasing them as demand from exchanges or institutional players increases.
Thailand Exempts Crypto Capital Gains to Boost Digital Asset Hub Ambitions
Looking to solidify its position as a global digital asset hub, Thailand announced that it will waive capital gains taxes on crypto sales through licensed platforms from 2025 to 2029. This significant policy change aims to attract more investment and activity into the country's crypto sector. While experts predict a surge in Thailand's crypto holdings, platform access restrictions may limit foreign participation.
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