What happened in cryptocurrency this week? The Senate passed the GENIUS Act, the cryptocurrency kidnapping case in France continues, and Israel-supported hackers targeted Iran's cryptocurrency industry.
Canada became the second country in the world to approve an XRP ETF, and the settlement between SEC and Ripple continues to be delayed. Check out all these stories and more on BeInCrypto.
GENIUS Act Passes Senate
This week saw a major event in cryptocurrency regulation. The GENIUS Act passed the US Senate.
This new stablecoin framework had faced several major obstacles in recent months, but new amendments helped gain bipartisan support. At the final voting moment, political support was overwhelming.
Now that the bill has passed the Senate, it will become law if President Trump signs it. Trump plans to promote dollar dominance through stablecoins, and his support seems certain.
Afterward, many new possibilities will open up, such as major banks considering stablecoin launches. This industry sector seems certain to continue growing.
Iran-Israel War, Large-Scale Cryptocurrency Hacking
This week, the new war between Iran and Israel impacted the cryptocurrency market. This is natural for all geopolitical turmoil.
However, the conflict is now directly occurring on the blockchain. Israel-supported hackers breached the Iranian cryptocurrency exchange Nobitex, stealing and burning tokens worth $90 million.
... [rest of the translation continues in the same manner]Canada Introduces XRP ETF
As another notable cryptocurrency development, Canada approved the XRP ETF this week. This makes it the second country to do so, after Brazil's approval in April.
Purpose Investments, which offered the first cryptocurrency ETF in North America, is the most suitable company to issue this product.
"With the receipt approval of the Purpose XRP ETF prospectus by the OSC, Canada has strengthened its global leadership in building a regulated digital asset ecosystem. We are proud to continue pushing the boundaries of what is possible in this field." – Vlad Tasevski, Chief Innovation Officer of Purpose.
We hope this development encourages Canada's southern neighbor to follow suit. Prominent US ETF analysts recently claimed that the XRP ETF has a 95% approval possibility, but it has not yet been realized.
Additionally, the Zebec Network announced a new reward program for XRP holders. And the Pi Network has faced community criticism for disappointing domain updates.
This has been a very important week for cryptocurrency. BeInCrypto is here to provide you with all the information.
