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Senators Urge Treasury Ensure State Authority in GENIUS Rules

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Senators Urge Treasury Ensure State Authority in GENIUS Rules

A bipartisan group of US senators led by Republican Senator Cynthia Lummis has urged the Treasury to ensure that state authorities are given the ability to regulate stablecoin issuers as the department considers how to implement the GENIUS Act.

In a letter to Treasury Secretary Scott Bessent on Tuesday, the lawmakers said it was critical that the Treasury implement a section of the law giving a pathway for certain issuers to be regulated by the states “in a manner that preserves and promotes State participation.”

The GENIUS Act allows issuers that have a stablecoin with a market value of $10 billion or less to be regulated by a state authority if that state has laws largely similar to the bill.

Currently, that would mean all stablecoins but three, Tether (USDt), USDC (USDC) and USDS (USDS), formerly Dai (DAI), could be regulated by the states, as all have a market value above $10 billion, according to CoinGecko.

In April, the Treasury sought public input for how it plans to implement the GENIUS Act at the state level, rules that President Donald Trump signed into law in July that regulate stablecoins and their issuers.

President Donald Trump signing the GENIUS Act in July 2025. Source: The White House

“Congress clearly sought to preserve the dual banking system and the crucial role of State banking agencies in supervising this market,” the senators said in their letter.

They added that the Treasury’s proposal “did not address the timeline and procedural requirements related to State certification.” They argued this created “uncertainty for States” and could be interpreted as the process being “a one-time window that effectively bars future certifications.”

The lawmakers said that state legislatures vary, and a flexible certification framework was needed to ensure that states can participate when they have rules implementing the GENIUS Act.

Related: Anchorage backs Treasury’s GENIUS AML rules, seeks secondary-market sanctions clarity

“States must be able to develop and seek certification of stablecoin regulatory regimes as demand for these charters materializes and as legislative schedules permit,” the letter said. 

Republican Senators Bill Hagerty, Kevin Cramer and Pete Ricketts, along with Democratic Senators Kirsten Gillibrand, Angela Alsobrooks, and Catherine Cortez Masto, also signed the letter.

Public comments on the Treasury’s proposal closed on June 2, and it will now draft a final rule for publication in the Federal Register.

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026

UNI Gains 22% in 24 Hours With $621M Volume, Extending Standard Chartered Bull Thesis

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UNI Gains 22% in 24 Hours With $621M Volume, Extending Standard Chartered Bull Thesis

UNI climbed 22% in 24 hours to $3.28 on $621 million in trading volume Tuesday, the highest-percentile move in recent CoinGecko tracking, one day after Standard Chartered published a $100 long-term price target for the token.

Uniswap’s UNI token climbed 22% in 24 hours to $3.28 on $621 million in trading volume Tuesday, one day after Standard Chartered published a $100 long-term price target for the asset.

The move hit the 100th percentile of CoinGecko’s recent price-change distribution for UNI, meaning no comparable 24-hour window in the tracked dataset registered a larger gain. The volume-to-market-cap ratio came in at 0.30 against a $2.04 billion market cap, a level that distinguishes the session from thin-book price manipulation. UNI has gained 31% over the trailing seven days and is trading roughly 93% below its 2021 all-time high of $44.92.

The Standard Chartered Frame

Standard Chartered Global Research published its $100 UNI target for end-2030 on June 15, framing Uniswap as the likely trading infrastructure for tokenized real-world assets. At Tuesday’s $3.28 price, that target is roughly 30x away. To reach $100 from the current level by December 2030, UNI would need to compound at approximately 135% annually over four years. One strong 24-hour session does not close that gap, but it aligns with the directional thesis the bank outlined.

Protocol Fundamentals Supporting the Move

The rally arrives alongside genuine protocol activity. DefiLlama lists Uniswap’s combined V3 and V4 deployment at $1.47 billion in 24-hour DEX volume, the top DEX entry on its rankings. Fees on Uniswap V4 over the trailing 24 hours came in at $734,000, per DefiLlama, with V4 TVL at $895 million. Combined V3 and V4 TVL exceeds $2.3 billion.

The protocol’s UNIfication fee switch, passed by governance in December 2025 with 99.9% support, is also an active supply-side factor. The mechanism redirects a portion of protocol fees toward buying and burning UNI on an ongoing basis, reducing circulating supply.

Standard Chartered’s June 15 initiation placed fresh institutional framing on a token that had spent most of 2026 below $3. That coverage, combined with the active UNIfication fee-burn mechanism, appears to have attracted renewed buying interest in Tuesday’s session. No public statement was issued by Uniswap Labs or the Uniswap Foundation regarding the price move.

U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process

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U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process

State regulators got sidelined in the U.S. Department of the Treasury’s effort to implement the new U.S. stablecoin law, according to several senators from both parties who insist that the states need to be given an explicit process for proving their supervision and standards are on par with federal regulators’.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to regulate stablecoin issuers is being translated into regulations across several federal financial agencies, including the Treasury. But the opening effort may not have satisfied state regulators who are trying to push their own GENIUS-related regulations, according to a Tuesday letter from the lawmakers, led by Republican Senator Cynthia Lummis, chair of the Senate Banking Committee’s crypto subcommittee.

“Treasury’s finalized principles for assessing whether state regimes are substantially similar to the federal regulatory framework are critical in this process,” according to the letter, also signed by fellow Republicans and a few Democrats, including Angela Alsobrooks, Catherine Cortez Masto and Kirsten Gillibrand. “The proposed principles were published by Treasury but did not address the timeline and procedural requirements related to state certification.”

Bitcoin Rallies To $67K As US-Iran Make Peace: Will Both Hold?

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Bitcoin Rallies To $67K As US-Iran Make Peace: Will Both Hold?

Key takeaways:

  • Bitcoin derivatives show weak conviction with 2% futures basis and elevated put options premium signaling caution.
  • Institutional buying via $86 million ETF inflows plus Strategy’s (MSTR US) ongoing accumulation counters market fear.

Bitcoin (BTC) jumped above $67,000 after US President Donald Trump announced a late Sunday ceasefire deal with Iran. Despite this short-term optimism, derivatives metrics show that crypto traders remain highly skeptical, raising concerns that this sudden rally could be a massive bull trap.

Brent crude oil (left) vs. Nasdaq 100 Index (right). Source: TradingView

Crude Brent oil declined to a 100-day low on Monday, while the Nasdaq Index gained 3%. However, Bitcoin traders remained cautious due to the lack of a final deadline and clear operational details for shipping companies following the peace deal with Iran, though an interim agreement is expected this Friday. 

Bitcoin 2-month futures basis rate. Source: Laevitas

The Bitcoin futures annualized premium (basis rate) stood at 2% on Monday, signaling a lack of demand for leveraged bullish positions. This indicator has failed to break above the neutral 4% threshold for over 3 months, reflecting Bitcoin’s -24% year-to-date performance. Still, Bitcoin’s 4% daily spike caught short sellers off-guard, triggering $210 million in liquidations.

Bitcoin price is supported by spot ETF inflows and Strategy acquisitions

Part of the bullish sentiment stemmed from the $86 million net inflows into US-listed spot Bitcoin exchange-traded funds (ETFs) on Friday. While positive, this inflow was not nearly enough to reverse the heavy $730 million in net outflows seen since June 5. ETF activity is widely tracked as a proxy for institutional demand, bulls are likely waiting for stronger confirmation.

Bitcoin 30-day options skew (put-call). Source: Laevitas

The weak conviction among bulls was also evident in the options market, where traders actively avoided protection against downside risk. Bitcoin put (sell) options traded at a 16% premium over call (buy) instruments, flashing a clear warning sign of downside fear. This crypto weakness stood out even more as the Nasdaq 100 Index rallied, trading just 1% shy of its all-time high.

Traders’ skepticism is also being fueled by conflicting claims over future shipping tolls in Iran, especially since the current agreement only locks in a two-month window, according to Yahoo Finance. Meanwhile, equity investors are finding plenty of reasons for optimism elsewhere, with the artificial intelligence sector getting a massive boost from the record-breaking SpaceX (SPCX US) IPO.

Public companies Bitcoin treasury ranking, BTC. Source: CoinGecko

SpaceX, the aerospace and artificial intelligence powerhouse founded by Elon Musk, recently secured $75 billion in the largest IPO in history. SPCX shares surged 14% on Monday, driving the company’s valuation to a massive $2.1 trillion. The multi-billionaire is a vocal proponent of cryptocurrencies, and the latest SEC filings reveal that SpaceX itself holds 18,712 Bitcoin on its balance sheet.

Related: These Bitcoin charts show how BTC price could hit $100K before October

For now, Bitcoin bears maintain control as persistent weakness across derivatives markets shows low conviction in the $60,000 support level. However, a sustained rally back above $70,000 could quickly materialize if falling oil prices continue to ease recession risks, giving the Federal Reserve more room to implement a less restrictive US monetary policy.

There is no indication of a bull trap here, especially as Strategy (MSTR US) continues to aggressively accumulate coins, completely erasing market fear of a sudden capitulation.

Collector Crypt Fees Jump 129% in a Week as Solflare Brings Card-Pack Trading Into the Wallet

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Collector Crypt Fees Jump 129% in a Week as Solflare Brings Card-Pack Trading Into the Wallet

Collector Crypt, the Solana-native platform for tokenized graded trading cards, posted a 129% week-over-week jump in fee revenue to $3.86 million as the Solflare wallet embedded its gacha card-pack mechanic for four million monthly active users.

Collector Crypt, the Solana-native platform that tokenizes graded physical trading cards for on-chain trading, posted a 129% week-over-week jump in fee revenue after Solflare embedded its card-pack mechanic directly into the wallet interface.

The platform generated $3.86 million in fees over the trailing seven days, up from $1.68 million the prior week, per DefiLlama. The trailing 24-hour fee figure stood at $689,000, a 283% increase from the day before. All-time platform revenue has crossed $52.8 million, with a 30-day total of $9.5 million.

Collector Crypt Fees. Source: DeFiLlama

The Solflare Catalyst

Solflare, the Solana wallet with roughly four million monthly active users, announced the integration on June 11. Called Solflare Packs, the feature lets users browse, buy, and open randomized packs of tokenized graded cards without leaving the wallet. Categories include Pokemon, One Piece, and various sports card sets. The premium tier offers a $2,500 Mythic Gacha Pack with a chance at a $117,000 PSA-graded Charizard slab.

Before the integration, Collector Crypt required users to navigate to a standalone site. The Solflare integration removes that step, routing four million existing wallet users directly into the pack-opening flow.

How Fee Revenue Is Generated

Collector Crypt charges fees on its “gacha” mechanic, a randomized pack-opening system. Users spend USDC or CARDS tokens to open packs; each NFT maps to a specific physical card held in insured vaults. After opening, a user can sell the card on the platform’s marketplace, return it within 72 hours through the buyback engine, or redeem the NFT to have the physical card shipped.

DefiLlama’s protocol page describes the methodology as “Volume from gacha (card pack sales).” The fee figure is a direct proxy for pack purchases, not secondary market trading. This week’s number tracks primary demand.

The platform’s all-time peak single day was $1.63 million on September 12, 2025, per DefiLlama’s historical series. This week’s highest day, June 11, reached $862,000 and was followed by several days above $400,000, sustaining the elevated activity across the week rather than concentrating it in a single day.

Collector Crypt daily fee revenue on Solana, June 9-15 2026, showing a rise from $326K to a peak of $863K on June 11 before settling at $689K on June 15
Collector Crypt daily fees, Jun 9–15 2026. Peak $862K on Jun 11 (day of Solflare Packs launch); trailing week total $3.86M vs. $1.68M the prior week. Source: DefiLlama (collector-crypt).

Collector Crypt’s Position in the NFT Marketplace Landscape

Collector Crypt operates in physical collectibles, a market historically dominated by eBay, TCGPlayer, and PSA’s own brokerage. Fee revenue of $3.86 million in seven days puts it ahead of many DeFi protocols, and it arrives as the centralized exchanges exit the space. Binance shut its centralized NFT marketplace in June, joining Coinbase and Kraken in exiting the segment. OpenSea is pivoting toward a Hyperliquid-powered derivatives platform rather than doubling down on collectibles.

Collector Crypt runs exclusively on Solana. The integration with Solflare extends that reach without a chain migration. Collector Crypt crossed $1 billion in all-time transaction volume in May, roughly 18 months after its gacha system launched in December 2024.

The CARDS Token

Collector Crypt’s native CARDS token trades at around $0.234, up 25% over the past seven days, per CoinGecko. Market cap sits at $60.4 million against a fully diluted valuation of $469 million. The token’s all-time high was $0.38 in September 2025, which coincided with the platform’s record single-day fee figure.

Whether the Solflare-driven traffic produces a sustained lift or a short-term spike will take another two to three weeks of fee data to resolve. The prior week’s $1.68 million baseline was itself elevated relative to the platform’s longer-run trend, which recorded $9.48 million across the full 30-day window before last week’s surge.

Strategy’s investors are may be rotating out of its preferred stock for another crypto rival

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Strategy’s investors are may be rotating out of its preferred stock for another crypto rival

Strategy’s (MSTR) dividend-paying preferred stock, STRC, closed at $91.79 on Tuesday, its third-lowest since trading began in July 2025, amid lower bitcoin prices and debt concerns.

The only lower closes occurred during two sessions later that month, when STRC fell to as low as $88.60. The security was initially priced at approximately $90 in its debut.

STRC (TradingView)

STRC was designed to trade as close as possible to its $100 par value. However, it has remained below that level for an extended period and has not traded at $100 since May 15, last month’s ex-dividend date.

Historically, STRC would trade near its $100 par value ahead of the ex-dividend date, the cutoff after which new buyers are no longer entitled to the upcoming dividend. Once the stock went ex-dividend, it often declined by roughly the value of the dividend before gradually recovering toward par, but on June 15, STRC never reached par.

Several factors appear to be contributing to STRC’s persistent weakness.

First, the security has historically traded in tandem with bitcoin, and bitcoin remains under pressure, hovering around $65,000 and roughly 50% below its October all-time high.

Bitcoin miners’ AI pivot faces $50 billion reality check, says VanEck

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Bitcoin miners’ AI pivot faces $50 billion reality check, says VanEck

The report comes amid a dramatic shift in the bitcoin mining industry. Following the collapse in mining profitability after the 2024 halving, many operators began repurposing their power infrastructure to support AI workloads, betting that technology companies would pay significantly more for electricity and data center capacity than bitcoin miners.

Core Scientific (CORZ) signed a multibillion-dollar hosting agreement with AI startup CoreWeave, helping transform the company from a bitcoin miner into an AI infrastructure provider. TeraWulf (WULF), Hut 8 (HUT), Iren (IREN), and Cipher Mining (CIFR) have all announced plans to lease power and data center capacity to AI and high-performance computing customers, while Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) are pursuing hybrid strategies that maintain bitcoin mining operations while exploring AI opportunities.

While bitcoin (down about 24% since January), along with other big public crypto names, have lost significant value so far this year as crypto prices continue to slide amid shifting investor focus to AI, bitcoin miners have seen largely green candles across the sector. RIOT is up nearly 94% year-to-date, while CIFR is 62% higher. Others are showing similar gains over the same period.

The fresh narrative has helped drive some of the biggest stock moves in the crypto sector over the past year, and investors have rewarded many of these companies with valuations that increasingly reflect their AI potential rather than their mining businesses.

Bitcoin Selloff Toward $60K May Resume as Japan Hikes Interest Rates

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Bitcoin Selloff Toward $60K May Resume as Japan Hikes Interest Rates

Bitcoin (BTC) risked wiping out its Iran truce gains and returning toward the $60,000 psychological support as the Bank of Japan (BoJ) raised its interest rates to their highest level in 30 years.

Key takeaways:

  • BTC has averaged a 5.74% decline in the 30 days after the last four BoJ rate hikes.
  • A repeat of previous post-hike drawdowns puts Bitcoin’s downside range between $62,700 and $56,700.

Previous BOJ hikes warn of 30-day Bitcoin losses

On Tuesday, the BoJ raised its short-term policy rate by 25 basis points to 1.0% on June 16, marking Japan’s highest interest-rate level since 1995.

The move came as policymakers responded to persistent inflation risks from higher energy costs and lingering Middle East supply disruptions.

Bitcoin dropped by nearly 2.5% from its local high at $67,250, but was maintaining its June gains. Its historical performance after BoJ rate hikes, however, points to downside risks.

In the 30 days after the last four BOJ hikes, Bitcoin averaged a 5.74% decline. BTC fell 5.59% after the March 2024 hike, 10.89% after the July 2024 hike, and 14.77% after the January 2025 hike.

BTC/USD three-day chart. Source: TradingView

The only positive case came after the December 2025 hike, when BTC gained 8.31% over the following 30 days. However, that rebound followed Bitcoin’s sharp correction from its October 2025 peak, suggesting the market was already deeply oversold before the BoJ decision.

Applying Bitcoin’s average 5.74% post-BoJ decline to its current price near $66,500 puts the downside target near $62,700, just above the $59,000–$62,000 demand zone (red area in the chart below).

BTC/USD three-day chart. Source: TradingView

A sharper pullback matching the July 2024 post-hike drop would send BTC toward $59,200, while a repeat of January 2025’s decline would imply a fall to $56,700.

Broader post-BoJ drawdown phases have been even steeper, with Bitcoin losing between 26% and 38% after Japan’s rate decisions since March 2024, a chart shared by crypto analyst Gerla shows.

BTC/USDT three-day chart. Source: TradingView/Gerla

BOJ hikes have often arrived near US recessions

BoJ rate-hiking cycles have historically coincided with US recessions, with the COVID shock being the main exception, noted André Dragosch, European head of research at Bitwise, in a Tuesday post.

BoJ’s unsecured overnight call rate vs. US recession periods. Source: Bloomberg Terminal/André Dragosch

The pattern suggests the BoJ often tightens policy late in the global cycle, when inflation pressure is already high, and liquidity conditions are becoming less supportive for risk assets.

Japan has been a key source of cheap money for global markets for years.

When Japanese rates were near zero, traders could borrow yen at low cost and use that money to buy riskier assets elsewhere, including stocks and crypto. But as Japan raises rates, that trade typically becomes less attractive.

Related: Bitcoin recovery rests on US-Iran deal as momentum remains weak

Some traders may then cut their borrowed positions to reduce risk. That can hurt assets like Bitcoin, which often falls harder when global investors become more cautious.

Crypto PAC Has $5M Stake in Senate Primary Runoff as Alabama Voters Head to Polls

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Crypto PAC Has $5M Stake in Senate Primary Runoff as Alabama Voters Head to Polls

Defend American Jobs, the cryptocurrency company-backed political action committee (PAC) affiliated with Fairshake, reported spending millions of dollars to support a Republican candidate’s run for a US Senate seat in the party’s Tuesday primary runoff in Alabama.

As of Tuesday, filings with the Federal Election Commission (FEC) showed that Defend American Jobs had spent more than $4.7 million on media and ads to back Republican Barry Moore’s candidacy in a runoff for one of Alabama’s US Senate seats, adding to the $7.4 million it reported spending ahead of his May 20 primary. Moore, who also has the endorsement of US President Donald Trump, is running against Jared Hudson, another Republican vying to replace Tommy Tuberville, who announced that he would not be seeking reelection, as he is focused on becoming the state’s next governor.

Source: Federal Election Commission

The Coinbase-affiliated advocacy organization Stand With Crypto rated Hudson as “neutral” on crypto policy compared to Moore’s “strongly supports crypto,” based on public statements and Moore’s voting records while representing Alabama’s 1st Congresssional district. Hudson publicly acknowledged that “Big Crypto” did not back his candidacy, but he has supported the crypto market structure bill under consideration in the US Senate.

The Alabama runoff will be another test of the crypto industry’s influence in US elections, with Fairshake and its affiliates having already poured millions of dollars into media for candidates facing primaries in Texas and California. Following Tuesday’s vote in Alabama, the PACs will also have stakes in Maryland and New York later this month, backing Democrats Adrian Boafo and Ritchie Torres with about $5 million and $500,000 in media buys for House seats, respectively.

Related: Crypto PAC-supported candidates sweep US state primaries after media buys

The Blockchain Leadership Fund, a hybrid PAC backed by Anchorage Digital and Chainlink, announced its support for Moore in May, but FEC filings showed no related expenditures as of Tuesday. The Fellowship PAC, another PAC backed by $11 million from Cantor Fitzgerald and Anchorage, disclosed $350,000 in spending to support Moore’s run.

Fairshake reported holding a $193 million war chest as of January, setting the stage for significant potential influence in this year’s US House and Senate races. The PAC has publicly stated its intention to “oppose anti-crypto politicians and support pro-crypto leaders” through media and ads.

Majority control of Senate can determine passage of crypto-related bills

With Democrats having been in the minority in both the House and Senate in the current session of Congress, the party is fighting to regain control of both chambers starting in 2027. Republicans currently hold a slim majority on both sides of the Capitol, enabling them to set the agenda for policies, including crypto-related legislation like the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in July 2025 but has faced delays in the Senate amid debates over stablecoin rewards, ethics and tokenized equities.

Magazine: China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express

State Street targets stablecoin reserve boom with new money market fund

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State Street targets stablecoin reserve boom with new money market fund

Wall Street’s largest asset managers are increasingly competing to manage the assets backing stablecoins, a market that could swell into the trillions of dollars as digital dollars become a larger part of the financial system.

State Street Investment Management introduced the State Street Stablecoin Reserves Money Market Fund on Tuesday, a government money market fund designed specifically for stablecoin issuers operating under the framework established by the GENIUS Act.

The fund’s introduction comes as traditional financial (TradFi) firms race to position themselves as key providers of reserve management services for stablecoin issuers. Stablecoins, which are typically pegged to the U.S. dollar, are backed by reserves that often include Treasury bills, cash and money market funds. As issuance grows, so does the pool of assets generating management fees for fund providers.

The fund’s initial investors include State Street Bank and Trust Company and Anchorage Digital, the crypto-focused bank that holds a federal charter in the United States.

Stablecoins have become one of the most sought-after opportunities in digital assets for traditional finance firms. Major asset managers, custodians and banks have spent the past year rolling out products aimed at tokenized cash markets and reserve management infrastructure.

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