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GENIUS Act Moves Forward in U.S. Senate
The Senate has passed the GENIUS Act, a comprehensive bill designed to regulate stablecoins in the U.S. Key points include:
- Required 1:1 fiat reserves for issuers
- Regular third-party audits
- AML/KYC compliance protocols
- Federal licensing structure
The bill is now headed for reconciliation with the House version and is expected to become law before summer. The crypto community views it as a balanced approach to enabling innovation while protecting consumers.
Hong Kong Passes Stablecoin Licensing Law
Hong Kong has enacted a new law establishing a licensing regime for fiat-referenced stablecoin issuers. This makes Hong Kong one of the first regions to provide a clear legal framework for stablecoins, aiming to attract global crypto firms seeking regulatory certainty in Asia.
This legislative move also aligns with Hong Kong’s broader ambition to become a Web3 innovation hub.
Reform UK Proposes Pro-Crypto Legislation for London
Nigel Farage, leader of Reform UK, has announced plans to introduce a "Cryptocurrency and Digital Finance Bill" if elected. The bill would:
- Implement a 10% capital gains tax on crypto
- Support the creation of a national digital reserve
- Expand fintech-friendly policies to turn London into a global crypto hub
This proposal marks a sharp pivot from past UK policies and aims to re-establish Britain as a leader in digital financial innovation.
Crypto Scams and Security Breaches in the Spotlight
🧑💻 U.S. Sanctions Funnull Technology
The U.S. Treasury Department has blacklisted Funnull Technology, a Philippines-based firm accused of facilitating thousands of crypto scam websites. Estimated damages exceed $200 million, making this one of the largest scam networks ever exposed.
High-Profile Crypto Kidnapping in New York
Michael Carturan, an Italian crypto investor, was kidnapped and held hostage for 17 days in New York. The attackers reportedly attempted to gain access to his Bitcoin holdings. All suspects are now in custody, and the case underscores growing security risks in personal crypto management.
What to Expect in June?
With regulatory fog clearing and global frameworks forming, June could bring:
- GENIUS Act finalization
- More institutional crypto adoption
- Hong Kong attracting major stablecoin players
Stay alert for market momentum fueled by this regulatory progress.
Summary: Crypto Enters a New Phase of Maturity
May 2025 brought a mix of regulatory progress, international crypto adoption, and a stark reminder of ongoing security challenges. While the market remains volatile, the legal and institutional groundwork being laid points to a more structured and mature future for digital assets.
Whether it's the SEC stepping back, stablecoin laws getting real, or countries racing to attract crypto innovation, the trend is clear — crypto is here to stay, and governments are finally catching up.
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