Crypto Week in Review: GENIUS Act, Hacks, and Kidnappings
Crypto Market Week in Review
This week saw significant events impacting the crypto industry. The US Senate passed the GENIUS Act, a major development in stablecoin regulation. Meanwhile, the ongoing conflict between Israel and Iran spilled onto the blockchain, resulting in a substantial crypto hack. In France, a wave of crypto-related kidnappings continues unabated. Let's delve into the details.
GENIUS Act Passes US Senate
The GENIUS Act, a framework for stablecoin regulation, passed the US Senate after overcoming previous setbacks. Amendments helped garner bipartisan support, leading to its overwhelming passage. President Trump's support is expected, paving the way for the bill to become law. This opens up possibilities for major banks considering stablecoin launches.
Key takeaway: The GENIUS Act’s passage marks a significant step toward regulating stablecoins in the US.
$90M Crypto Hack Targets Iranian Exchange
The conflict between Iran and Israel escalated into the crypto space with an attack on Iranian exchange Nobitex. $90 million in tokens were stolen and subsequently burned by Gonjeshke Darande (Predatory Sparrow), a hacking group reportedly backed by Israel. This unprecedented attack marks a new chapter in state-sponsored crypto warfare.
Key takeaway: This event highlights the growing vulnerability of the crypto industry to geopolitical conflicts and state-sponsored attacks.
France’s Crypto Kidnapping Spree Continues
France experienced another crypto kidnapping incident, bringing the total to ten this year. Despite authorities previously vowing to strengthen security measures following previous incidents, these attacks persist. A 23-year-old was kidnapped and his family forced to pay €5,000 and hand over his Ledger key.
Key takeaway: The ongoing kidnapping spree underscores the risks associated with storing significant cryptocurrency assets.
SEC v. Ripple Remains Unresolved
The SEC v. Ripple case remains unresolved, despite attempts by both parties to settle the remaining appeal. Judge Torres’ reluctance to cooperate has stalled progress, leaving the outcome uncertain. While a crypto-friendly SEC could potentially overturn some of the previous decisions, this will require court proceedings.
Key takeaway: The prolonged SEC v. Ripple case creates continued uncertainty for the crypto industry and Ripple's business operations.
Canada Approves XRP ETF
Canada approved an XRP ETF, becoming only the second country to do so after Brazil. Purpose Investments, known for launching North America’s first Bitcoin ETF, issued this new product. This positive development for XRP might encourage similar approvals in other jurisdictions, including the US.
Key takeaway: The Canadian approval of the XRP ETF signals growing regulatory acceptance of crypto assets.
Disclaimer: Codeum provides blockchain security and development services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. The information provided in this report is for informational purposes only and should not be considered investment advice. Always conduct your own research.