Trump Signs GENIUS Act; BigONE $32M USDT Hack Shakes Market
President Donald Trump has signed the GENIUS Act into law, creating the first clear U.S. regulatory framework and sandbox for stablecoin issuers and blockchain startups. The Act directs federal agencies to align digital asset standards, aiming to boost DeFi innovation and reinforce the U.S. dollar’s role in the digital economy.
In a separate incident, exchange BigONE suffered a $32 million USDT hack on July 15. Attackers drained funds from hot wallets, prompting BigONE to suspend withdrawals and launch a forensic audit. The breach highlights ongoing security risks for traders and platforms.
Market response was mixed. Bitcoin (BTC) rallied 6% to a three-month high, while Ethereum (ETH) developers confirmed the Shanghai upgrade for Q4 2023. Meanwhile, the U.S. SEC proposed stricter stablecoin reserve rules. Traders should watch for volatility as the GENIUS Act’s regulatory clarity may attract institutional inflows, but security concerns and CBDC debates could temper short-term sentiment.
Bullish
The passage of the GENIUS Act provides clear guidelines and a regulatory sandbox for stablecoin issuers, likely attracting institutional investment and boosting liquidity in the long term. Combined with Bitcoin’s rally and Ethereum’s upcoming upgrade, the market trend leans bullish. However, the BigONE USDT hack introduces near-term security concerns and potential volatility, prompting traders to hedge risks. Overall, the regulatory clarity outweighs the breach impact, driving a bullish outlook for crypto assets.