TL;DR

Senate passes stablecoin bill; Bitcoin drops on Mideast tensions; $90M Nobitex hack hits Iran.

Highlights

• U.S. Senate passes GENIUS Act, the first federal stablecoin bill; Circle shares surge 20%114.
• Bitcoin drops to $104,000 after Israel’s strike on Iran triggers $1B in crypto liquidations2.
• Hackers drain up to $90M from Iran’s Nobitex exchange in a politically motivated attack3.
• JPMorgan to launch USD-backed deposit token (JPMD) on Coinbase’s Base Layer-2 for institutional transfers4.
• Kraken’s Ink Layer-2 to issue 1B INK tokens, with airdrop for early adopters; IPO plans advance5.
• Coinbase to offer CFTC-cleared perpetual futures to U.S. customers and allow USDC as collateral, pending approval6.
• Crypto.com and Deribit to accept BlackRock’s $2.9B tokenized money-market fund (BUIDL) as collateral7.
• Hyperliquid’s HYPE token rises to No. 5 by futures open interest; Eyenovia and Lion Group allocate treasuries to HYPE819.
• Meta Pool exploited for $27M via mpETH minting; Ethereum remains top target for DeFi attacks10.
• SEC delays decisions on spot Dogecoin, Avalanche, XRP, and Solana ETFs; sets July 22 deadline for XRP11.
• Texas, Brazil, and Ukraine move toward adding Bitcoin to sovereign reserves; Ohio passes Bitcoin tax exemption bill1516.
• Thailand approves five-year capital gains tax exemption on crypto profits to spur adoption17.

Commentary

Stablecoin regulation took a major step as the U.S. Senate passed the GENIUS Act, establishing a federal licensing and oversight regime for payment stablecoins114. The move triggered a sharp rally in Circle and related equities, reflecting expectations that regulatory clarity will drive institutional adoption and mainstream use of stablecoins14. JPMorgan’s decision to issue a USD deposit token on Base and Coinbase ’s push to expand regulated derivatives and tokenized equities further signal the convergence of traditional finance infrastructure with public blockchains413.

Volatility remains high, with Bitcoin dropping to $104,000 after Israel’s strike on Iran led to over $1 billion in liquidations across leveraged crypto positions2. The Nobitex hack, attributed to Israeli-linked actors and resulting in up to $90 million in losses, underscores the growing intersection of geopolitical conflict and crypto security risks3. Traders should remain alert to further volatility and operational risks, particularly in regions experiencing heightened geopolitical tensions23.

DeFi and altcoins continue to attract institutional and retail attention. Hyperliquid’s HYPE token has surged in derivatives activity and treasury allocations, while Kraken’s Ink Layer-2 is preparing a major token airdrop5819. However, the Meta Pool exploit and ongoing Ethereum vulnerabilities highlight persistent DeFi security challenges10. The adoption of real-world asset tokens—such as BlackRock’s BUIDL—by major trading venues points to growing demand for tokenized collateral and increased capital efficiency7.

On the regulatory front, the SEC’s delays on spot ETFs for Dogecoin, Avalanche, XRP, and Solana reinforce a cautious stance toward altcoin-linked products, even as global jurisdictions like Thailand, Texas, Brazil, Ukraine, and Ohio advance crypto-friendly legislation and sovereign adoption11151617. This divergence continues to shape capital flows and may drive further separation between U.S.-regulated assets and global crypto markets.

Key watchpoints: House action on the GENIUS Act, SEC ETF decisions (notably XRP on July 22)11, ongoing geopolitical risk, and institutional flows into DeFi and tokenized assets.