Schlagwort: blockchain regulation

• Lawmakers voted 215 to 211 to advance the Guiding and Establishing National Innovation for US Stablecoins Act.
• The successful Wednesday votes marked a recovery for Republican leadership after Tuesday’s unexpected setback.
• Many House Democrats continue to push against all three bills.

The US House of Representatives voted narrowly on Wednesday to resume its push on a slate of high-profile cryptocurrency bills, reviving what Republican lawmakers have dubbed “Crypto Week” after the initial attempt to advance the legislation collapsed earlier in the week.

Lawmakers voted 215 to 211 to advance the Guiding and Establishing National Innovation for US Stablecoins Act — or GENIUS Act — which establishes a regulatory framework for US dollar-pegged stablecoins and has already cleared the Senate.

If passed in the House later this week, the bill would head to President Donald Trump’s desk for his signature.

In a separate vote, the House also agreed to move forward with the Digital Asset Market Clarity Act, commonly referred to as the Clarity Act, which would delineate regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for overseeing digital assets.

A bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals will also move to a final vote.

Tuesday’s vote collapsed amid GOP defections

The successful Wednesday votes marked a recovery for Republican leadership after Tuesday’s unexpected setback, when the House voted 196 to 223 against even considering the three bills.

That vote saw a bloc of Republicans defect over concerns about the CBDC provisions in the GENIUS Act.

According to reporting from The Hill, GOP Reps. Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna were among those who voted no.

Greene cited lingering concerns that the GENIUS Act might provide a legal foundation for the Fed to roll out a digital dollar — a claim that has been denied by the bill’s authors.

Following the failed vote, President Trump intervened directly, telling reporters late Tuesday that “key lawmakers” had agreed to support the bill.

His comments were widely interpreted as helping to unify GOP ranks ahead of Wednesday’s procedural votes.

Democrats oppose measures, call them dangerous

No Democrats supported moving forward with any of the bills, setting the stage for a partisan showdown as the legislation moves toward final passage votes.

In a press conference earlier on Wednesday, House Financial Services Committee ranking member Maxine Waters warned that both the GENIUS and Clarity Acts would dangerously deregulate the crypto sector.

“These bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con,” Waters said, calling the legislation “two of the most dangerous pieces of legislation” proposed during the current session.

Democrats have also voiced concerns that the bills would undermine consumer protections and erode the Fed’s authority, especially as Republicans seek to ban the issuance of a Fed-backed digital dollar.

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• The U.S. Securities and Exchange Commission has approved Grayscale’s Digital Large Cap Fund conversion into a spot ETF.
• The fund holds Bitcoin, Ethereum, XRP, Solana, and Cardano.
• Experts expect approvals of multiple crypto spot ETFs.

The U.S. Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).

GDLC is a fund that holds mega cap cryptocurrencies Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA).

SEC’s approval, announced in a filing on Tuesday, marks a significant milestone for cryptocurrency investment products, particularly as investors eye further spot ETF nods from the regulator.

SEC approved Grayscale’s large-cap fund to convert into a spot ETF

This decision, announced on July 1, 2025, speaks to the SEC’s growing acceptance of regulated cryptocurrency investment products and investor’s quest for exposure.

Greenlight for Grayscale’s digital large-cap fund adds to the available spot ETFs in the US, notably spot Bitcoin and Ethereum ETFs that the regulator approved in 2024.

With this development, Grayscale’s fund will now trade on the NYSE Arca. The final deadline for SEC to either approve or reject the application was July 2, 2025.

“Approval was our expectation. The fund is over 90% Bitcoin and Ethereum. The next big date is Bitwise’s BITW deadline of July 31,” Bloomberg ETF analyst James Seyffart said. “But SEC could obviously go early.”

The newly approved ETF will include a basket of major cryptocurrencies, comprising Bitcoin (79.4%), Ethereum (11.6%), XRP (4.8%), Solana (2.9%), and Cardano (0.8%), mirroring the fund’s current holdings.

Grayscale initially filed for this conversion on April 1, 2025, proposing a spot ETF structure to provide investors with direct exposure to these assets.

Following regulatory feedback, the company submitted an amended filing on June 30, 2025, with the SEC setting a final decision deadline of July 2, 2025. The approval order, released today, confirms the fund’s eligibility to list and trade shares, a process finalized ahead of schedule, highlighting the SEC’s streamlined approach to this application.

Experts say SEC will soon approve multiple crypto spot ETFs

Industry analysts anticipate that the SEC’s approval of Grayscale’s ETF signals the imminent approval of additional crypto spot ETFs.

Recently, Bloomberg ETF analyst Eric Balchunas highlighted the SEC’s imminent approvals. He pointed to the no further comments scenario around REX and Osprey Funds’ filings for a staked Solana (SOL) ETF as notable. That spot ETF, expected to launch on July 3, offers yield-generating staking features and is the first staked crypto ETF in the U.S.

SEC has recently delayed decisions on multiple spot crypto ETFs, including for XRP and SOL.

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• A US federal judge has denied Ripple and the SEC’s joint request to end the XRP case.
• Ripple must now appeal or accept the court’s partial ruling.
• Legal uncertainty around XRP continues to affect market sentiment.

In a major legal setback for both Ripple Labs and the US Securities and Exchange Commission (SEC), a federal judge has denied their joint request to end the long-running XRP case.

The decision, which has reignited uncertainty around the crypto firm’s legal standing, leaves Ripple with only two clear options: either push forward with an appeal or voluntarily dismiss the case altogether.

Judge refuses to close the XRP case

US District Judge Analisa Torres rejected a joint motion by Ripple and the SEC to bring the XRP lawsuit to a close.

The two sides had hoped to wrap up the legal proceedings following an earlier judgment that partially favoured Ripple and introduced regulatory ambiguity for the broader crypto market.

However, Judge Torres made it clear that unresolved matters remain, particularly surrounding remedies in the SEC’s case against Ripple’s institutional sales of XRP.

The refusal means the case is far from over, despite the previous wins Ripple celebrated in court.

Ripple now faces a pivotal decision

Following the judge’s decision, Ripple’s Chief Legal Officer, Stuart Alderoty, stated that “the ball is now in our court,” confirming that the company must make a critical legal decision.

According to Alderoty, the crypto company can either pursue an appeal against the partial ruling or accept the outcome and proceed toward a settlement or dismissal.

With this, the ball is back in our court. The Court gave us two options: dismiss our appeal challenging the finding on historic institutional sales—or press forward with the appeal. Stay tuned. Either way, XRP’s legal status as not a security remains unchanged. In the meantime,… https://t.co/edHNbMzYbZ

— Stuart Alderoty (@s_alderoty) June 26, 2025

Although Ripple has publicly maintained its belief in the strength of its case, this latest development forces the company to reassess its legal and strategic options carefully.

For now, Ripple has not disclosed which path it will choose, but market watchers are closely monitoring the company’s next move.

XRP’s regulatory cloud remains

The court’s decision underscores the lingering regulatory uncertainty surrounding XRP, even after Judge Torres ruled in 2023 that programmatic sales of the token did not constitute securities offerings.

That ruling had sparked optimism across the crypto industry, with some interpreting it as a precedent-setting win for digital assets.

However, by denying the joint motion to end the case, the court has made it clear that Ripple’s legal troubles are not entirely behind it.

The SEC is still pushing for penalties, including possible fines or other remedies related to Ripple’s earlier sales practices, which were deemed unregistered securities offerings.

Market now awaits Ripple’s next step

The judge’s refusal to close the case has introduced fresh uncertainty for XRP holders and the broader crypto market.

While Ripple previously appeared confident that the worst was over, this latest ruling indicates that significant legal and financial hurdles remain.

Traders and investors are now awaiting Ripple’s decision, which could determine whether the case proceeds to a final judgment or moves into a new appellate phase.

Any further delay or escalation in legal proceedings could weigh on XRP’s price and affect sentiment across the digital asset space.

In the meantime, the case continues to serve as a high-profile test of how US securities law applies to cryptocurrencies.

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• First cut likely delayed until March 2026.
• Tariff-induced inflation cited as key reason for delay.
• Crypto markets may benefit from lower rates.

Morgan Stanley has issued a major forecast that could reshape market expectations across asset classes. The investment bank now predicts that the US Federal Reserve will reduce interest rates seven times by the end of 2026.

This would bring the federal funds rate down to a target range of 2.5% to 2.75%.

The shift, though delayed, is seen as a possible catalyst for high-risk assets like Bitcoin and other digital currencies, especially as crypto markets typically thrive in low-interest environments.

The first rate cut, however, isn’t expected until March 2026—much later than earlier projections.

Rate cuts delayed, but deeper than before

The revised prediction marks a significant change in Morgan Stanley’s outlook.

Economists at the bank had initially expected rate reductions to begin in mid-2025. However, recent inflation risks—specifically from new US tariffs—have prompted a rethink.

Michael Gapen, Morgan Stanley’s chief economist for the US, attributed the delay to inflationary pressure expected to arise over the next three to six months.

The tariffs are seen as adding to consumer prices, which could prevent the Federal Reserve from cutting rates too early.

Morgan Stanley now expects the central bank to stay on hold until March 2026.

Once rate cuts do begin, they are projected to come rapidly, with the federal funds rate being reduced by a cumulative 275 basis points across 2026 and into 2027.

Impact on crypto and high-risk assets

Periods of falling interest rates tend to favour risk assets. When borrowing costs go down, liquidity improves and investors typically shift capital out of low-yield instruments into higher-return opportunities.

In past cycles, this has benefited emerging markets, technology stocks, and especially cryptocurrencies.

Bitcoin, which was born during the last major low-rate cycle following the 2008 financial crisis, has historically seen accelerated growth during periods of monetary easing.

With the anticipated shift in Fed policy, analysts expect investor interest in digital assets to grow—particularly as regulated Bitcoin ETFs continue to gain traction among institutional investors.

Morgan Stanley’s projection, if realised, could mark a turning point for crypto.

While not an official signal from the Fed, the market tends to price in such expectations ahead of time, often triggering momentum shifts well before the central bank takes action.

Bitcoin’s performance under scrutiny

As of the time of writing, Bitcoin is trading at $107,295 with a market capitalisation of $2.13 trillion. It has gained 1.75% in the last 24 hours.

Although price movement has remained relatively stable in recent weeks, broader sentiment is beginning to turn more optimistic.

The current macro environment has led to cautious optimism among crypto investors.

The prospect of lower rates over the next two years, coupled with the institutional tailwind from ETFs, is creating conditions some analysts believe could support the next major rally.

Market outlook shifts despite Fed silence

While the Federal Reserve has not officially responded to Morgan Stanley’s forecast, the report has already triggered widespread discussion across financial markets.

Portfolio managers and institutional investors are now weighing how a potential rate-cut cycle could reshape asset allocation, particularly into crypto and other high-volatility sectors.

If the Fed follows through with the predicted cuts, capital could begin flowing more freely into alternative investments.

This would likely benefit not only Bitcoin and Ethereum but also newer coins and DeFi platforms that often attract attention during periods of monetary expansion.

Until then, markets remain in a holding pattern. But the groundwork may already be in place for a significant shift once the Fed moves from talk to action.

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• The growing push for regulatory clarity is poised to bring much-needed visibility to the broader crypto market.
• Bitcoin Pepe, a meme-centric Layer 2 solution built on the Bitcoin network, could benefit from this shift.
• The team behind the project is expected to make another listing announcement on June 30.

The cryptocurrency market surged on June 24, with total market capitalization rising by 4.4% over the past 24 hours to reach $3.26 trillion.

The market rebound began during late New York trading hours on June 23, following US President Donald Trump’s announcement of a “total ceasefire” between Israel and Iran.

The move eased concerns of a prolonged regional conflict after nearly two weeks of escalations, including US strikes on Iranian nuclear facilities and retaliatory missile attacks.

With risk sentiment recovering, Bitcoin (BTC) rose sharply, climbing to as high as $106,000 before settling around $105,208.

Ethereum (ETH) broke above $2,400, while XRP, Solana, and Dogecoin recorded notable gains.

Sentiments were also supported by a major development on the regulatory front.

With the regulatory scenario improving, projects like Bitcoin Pepe are poised to benefit from increased visibility.

Fed drops ‘reputational risk’

The US Federal Reserve announced on Monday that it will remove the term “reputational risk” from its bank examination framework, opting instead for more clearly defined categories of financial risk.

The move is intended to enhance transparency and consistency in supervisory practices.

In its official communication, the Board of Governors of the Federal Reserve System said the change aims to better reflect how examiners evaluate banks’ risk management processes, without diminishing expectations around compliance or soundness.

“The formal rating is intended to highlight and incorporate both the quantitative and qualitative aspects of an examiner’s review… and to facilitate appropriate follow-up action,” the Fed said.

While the central bank emphasized that banks must still maintain robust internal controls, the removal of “reputational risk” from official examinations could have important implications for the crypto industry, particularly around the issue of “debanking.”

US-based digital asset firms have long argued that vague reputational concerns have been used as a pretext to deny them banking services.

Bitcoin Pepe may benefit from the changing environment

The growing push for regulatory clarity in the US is poised to bring much-needed structure and visibility to the broader altcoin and meme coin markets, potentially shifting investor perception and allocation strategies.

As oversight improves, the market may begin to move away from purely speculative plays toward projects that offer a blend of utility and long-term vision.

This shift is likely to benefit technically grounded initiatives, particularly those that combine cultural relevance with meaningful infrastructure development.

One such project is Bitcoin Pepe, a meme-centric Layer 2 solution built on the Bitcoin network.

Unlike typical meme tokens that rely solely on community momentum, Bitcoin Pepe presents a defined technical roadmap aimed at pairing Bitcoin’s base-layer security with the scalability of Layer 2 architecture, drawing parallels with platforms like Solana.

By positioning itself at the intersection of meme culture and blockchain utility, Bitcoin Pepe seeks to legitimize a new segment of the digital asset space—one that rewards innovation as much as sentiment.

The ongoing Bitcoin Pepe presale has raised over $15.4 million, with tokens currently priced at $0.0416.

The token is slated for listing on exchanges MEXC and BitMart, developments expected to improve liquidity, market visibility, and accessibility for a broader investor base.

These listings are seen as a step toward reinforcing BPEP’s credibility in a crowded meme token landscape.

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