Latest Cryptocurrency News: Trump Signs GENIUS Act, Crypto Hacks Hit $72M & Banks Enter
Ready to catch up on what’s new in crypto? StealthEX and CryptoDaily have rounded up the key updates you need to know. No fluff, just the important stuff. Each week, we break down the latest headlines and market shifts. Whether it’s token launches, major moves, or market trends — we’ve got it all in one place. Simple. Clear. Quick.
Trump Signs First U.S. Crypto Law: The GENIUS Act
President Donald Trump has officially signed the GENIUS Act, making it the first crypto-focused law in U.S. history. The bill sets up a national framework for stablecoins and passed through the House with strong bipartisan support—308 votes to 122.
The new law requires that all stablecoins be backed 1:1 by U.S. dollars or other liquid assets. Companies holding more than $50 billion in stablecoins must now go through annual audits. Foreign issuers also face stricter oversight.
Trump praised the bill during the signing ceremony. He said the law will help the U.S. lead global finance and crypto tech. He also took a jab at the previous administration, saying they didn’t understand crypto and targeted innovators unfairly.
Industry leaders celebrated the move, calling it a win for innovation. They believe this legal clarity could bring more banks and businesses into the stablecoin space. Some analysts now expect the market to grow from $260 billion to $2 trillion by 2028.
Not everyone is happy. Democrats raised concerns about Trump’s ties to a family crypto project called World Liberty Financial. They also warned that the law leaves room for foreign firms under sanctions and doesn’t limit tech giants from launching their own coins.
Trump’s Crypto Push Sparks New Wave of U.S. Legislation
The U.S. House has reignited its push for digital asset regulation by advancing three major crypto bills. These include the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. The vote passed by a narrow 215–211 margin on July 16 after intense talks and a nine-hour delay. The breakthrough followed major concessions within the Republican Party.
The GENIUS Act sets clear rules for stablecoins. Issuers must now hold reserves and face strict auditing. The goal is to protect users and reduce risk in the fast-growing market. The CLARITY Act clears up the ongoing fight between the SEC and CFTC. It defines who regulates what, ending years of legal chaos.
The most controversial is the Anti-CBDC Act. It blocks the launch of any U.S. digital dollar. Supporters argue a central bank digital currency could destroy financial privacy. Critics fear it could mimic surveillance tactics used by authoritarian regimes.
The bills were stuck until lawmakers agreed to bundle the CBDC ban into the defense spending bill. That shifted the balance. Speaker Mike Johnson confirmed he spoke with Donald Trump, who backed the Anti-CBDC law strongly. His support helped flip key votes.
Only one Republican voted no—Representative Marjorie Taylor Greene.
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Trump Set to Allow Bitcoin in 401(k) Retirement Plans
Donald Trump may soon approve an executive order to bring crypto into U.S. retirement accounts. The plan would allow Americans to include Bitcoin and other digital assets in their 401(k) portfolios. Insiders say the order could be signed within days.
The White House wants federal agencies to explore how crypto, metals, and other alternatives can be added to retirement savings. The move follows the repeal of a Biden-era rule that blocked crypto in retirement plans. Trump’s team believes investors should have more control over their savings.
Today, over $8.9 trillion sits in 401(k) accounts across the country. Stocks and bonds still dominate, but demand is rising for fresh options like digital assets.
Though the order isn’t official yet, early signs show clear direction. White House spokesperson Kush Desai warned the public not to assume anything until Trump speaks directly. Still, firms like Fidelity already launched crypto retirement products earlier this year.
Some U.S. states are also moving forward. North Carolina, for example, proposed letting the state invest up to 5% of pension funds in crypto.
Overseas, pension funds in the U.K. and Japan are also testing crypto. Trump’s plan could push the U.S. retirement system into a new era—and millions of Americans along with it.
SEC Plans New Rules to Boost Crypto Tokenization
The U.S. Securities and Exchange Commission may soon offer new flexibility for digital assets. Chair Paul Atkins confirmed the agency is exploring a special exemption to support tokenization. This move could make it easier to launch blockchain-based financial products.
The idea is simple: if something can be tokenized, it probably will be. Atkins believes this shift is already happening and wants to make sure U.S. rules don’t fall behind. The exemption would help firms create tokenized stocks and bonds with fewer legal hurdles.
This approach is a big change from the previous SEC leadership. Under Gary Gensler, the agency focused on strict enforcement. Atkins wants to modernize the system and support innovation. He’s already working to revise rules around custody, asset registration, and broker-dealer services.
The push comes just after Congress passed the GENIUS Act, which regulates stablecoins. That law set a foundation for wider digital asset use in the U.S. But not everyone agrees. Critics worry the new rules don’t do enough to protect consumers and prevent abuse.
Atkins says the SEC will work closely with lawmakers and the public. His goal is to strike a balance—open the door to tokenized markets while keeping things safe.
Bank of America Prepares Its Own Stablecoin
Bank of America is working on a new stablecoin project, joining a wave of U.S. banks stepping into crypto. CEO Brian Moynihan confirmed the initiative during a recent earnings call. He said the goal is to make digital transactions smoother for clients.
The bank plans to use the stablecoin for everyday transfers, but no launch date has been set. Moynihan explained that if clients want stablecoins to move money, the bank should be ready. He added that the right infrastructure is key.
Bank of America may team up with other giants like JPMorgan and Citigroup to release a shared stablecoin. While this isn’t final, talks are ongoing. Other banks are already exploring the space. JPMorgan and Morgan Stanley have confirmed they’re looking into similar digital products. Citigroup is reviewing plans for its own coin as well.
This new focus comes as lawmakers in Washington push for stablecoin rules. The GENIUS Act, which outlines how these coins should be backed and audited, recently passed in the Senate. The House is expected to vote soon.
Stablecoin use is growing fast. In 2024, transactions with these coins outpaced Visa and Mastercard combined. With big banks entering the market, that trend could accelerate even more.
BigONE Exchange Loses $27M in Hot Wallet Hack
Crypto exchange BigONE has suffered a major security breach, losing $27 million in a targeted hack. The attack, confirmed on July 16, hit the platform’s hot wallet system. A third-party supply chain issue was to blame.
BigONE noticed unusual withdrawals in the early hours and launched an internal investigation. The breach affected assets across multiple networks, including Bitcoin, Ethereum, Solana, and Tether. In total, eight cryptocurrencies were impacted, including DOGE, SHIB, and CELR.
Blockchain security firm SlowMist was first to report the hack. It found that attackers had accessed the exchange’s production network. They changed internal server logic to allow unauthorized withdrawals. SlowMist noted that private keys were not exposed.
BigONE said the attack path has been sealed and that no more losses are expected. Trading and deposit systems are already being restored. Withdrawals will return after final checks.
To cover losses, the platform activated its emergency reserves. These include BTC, ETH, SOL, and USDT. BigONE also said it’s borrowing extra liquidity to refill user balances.
The exchange has promised full reimbursement to affected users. It’s now working with SlowMist to track the stolen funds and monitor blockchain activity linked to the attacker’s wallet.
Darknet Giant Abacus Market Disappears—Exit Scam Suspected
Abacus Market, one of the largest darknet platforms using Bitcoin, has vanished without a trace. Users now fear the operators have pulled off an exit scam, running away with customer funds.
The site and its mirror became unreachable in early July, according to TRM Labs. Before the sudden shutdown, users had reported issues with delays and withdrawals. The admin, known as “Vito,” blamed it on a DDoS attack and a surge in traffic from new users. But those claims didn’t hold up for long.
Deposits dropped fast in late June. What used to be $230,000 daily fell to just $13,000. This pattern matches earlier exit scams seen in the darknet world.
In June alone, Abacus processed $6.3 million in sales. That gave it a dominant 70% market share after the collapse of Archetyp Market. Many buyers and sellers had moved to Abacus, thinking it was safe.
But pressure was growing. Law enforcement cracked down on several major darknet markets in recent months. Europol recently took down Archetyp, triggering chaos in the scene.
This isn’t the first time users have been burned. Other markets like ASAP and Incognito also vanished after gaining popularity. Each time, millions disappeared with them.
Arcadia Finance Exploited for $3.5M in Cross-Chain Hack
Arcadia Finance has suffered a major hack, losing over $3.5 million in a cross-chain exploit. The attack took place on July 15 and affected assets on both the Base and Ethereum networks.
The breach started with a malicious smart contract. Blockchain security firm Cyvers flagged the incident and said the attacker acted within seconds. Around $2.5 million was drained and quickly converted into Wrapped Ethereum (WETH). The funds were then bridged to Ethereum and passed through fresh wallets to avoid detection.
Arcadia confirmed the hack and advised users to revoke access to its smart contracts. The team said it allocated emergency funds to help those impacted. But the damage didn’t stop there.
A second wave hit later that day. The attacker managed to steal another $1 million. The stolen tokens included USDC, USDS, WETH, and nearly 1 billion AERO tokens. In total, twelve addresses were used in the operation.
All Arcadia smart contracts are now paused. The protocol is working with security firms and law enforcement to recover the funds. They say their top priority is helping users and closing security gaps.
The attack adds to a growing list of DeFi breaches. So far in 2025, crypto hacks and scams have cost the industry nearly $2.5 billion.
$42 Million Exploit Shuts Down GMX V1 Trading
GMX has confirmed a massive exploit targeting its V1 GLP pool on Arbitrum. Around $42 million was stolen in the early hours of Wednesday. The platform reacted by halting all GLP-related trading and minting on both Arbitrum and Avalanche.
The attack didn’t impact GMX V2 or the native GMX token. Only V1’s liquidity pool was compromised. On-chain data shows the hacker swapped assets like USDC, FRAX, and WETH into other tokens before moving them out. Wrapped Bitcoin and DAI were also among the stolen assets.
Security firm PeckShieldAlert spotted a message on-chain offering the attacker a 10% white-hat bounty. GMX promised no legal action if the funds were returned within 48 hours. The wallet tied to the attack now holds close to $44 million.
Later, SlowMist identified the cause: a design flaw in GMX V1’s short position system. The attacker manipulated prices by triggering updates to short averages, allowing them to drain funds repeatedly.
GMX has since disabled all GLP functions on affected networks. Users were told to pause leverage tools and avoid minting GLP. The platform said its V2 system remains safe and fully functional.
No word yet from the attacker. The crypto world is watching closely as GMX investigates what went wrong.
This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.
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