TL;DR

GENIUS Act stablecoin bill passes Senate; Bitcoin drops to $104K on Iran-Israel news; JPMorgan pilots deposit token.

Highlights

• U.S. Senate passed the GENIUS Act, advancing federal stablecoin regulation with reserve, audit, and licensing requirements; bill moves to House 1.
• Bitcoin dropped to $104,000 after Israel’s strike on Iran triggered $1B in crypto liquidations; volatility and trading volumes spiked 2.
• JPMorgan filed for “JPMD” trademark and will pilot a dollar deposit token on Coinbase ’s Base blockchain for institutional clients 3.
• MicroStrategy acquired 10,100 more BTC , raising its total holdings to 592,100 BTC, financed by recent STRD offering 4.
• Tron to go public via $210M reverse merger with SRM Entertainment after SEC paused its probe; will hold TRX as treasury 5.
• CoinShares filed for a spot Solana ETF, the eighth such application with the SEC 6.
• Purpose Investments cleared to list North America’s first spot XRP ETF on TSX, trading begins June 18 7.
• Kraken launching Ethereum Layer 2 “Ink” with $INK token and Aave-powered liquidity protocol; airdrop planned ahead of IPO 9.
• Ethereum whales accumulated $2.5B in ETH on June 15, the largest inflow since 2018; retail investors took profits 12.
• Stablecoin market cap hit a record $228B; Circle stock up 130% since IPO on strong investor demand 15.
• Texas, Brazil, and Ukraine advanced legislation to add Bitcoin to sovereign reserves; European corporates and BBVA increased Bitcoin adoption 1420.
• Thailand approved a five-year capital gains tax holiday on crypto profits to attract investment and boost its crypto hub ambitions 18.
• Meta Pool exploit allowed attacker to mint $27M in mpETH without collateral; liquidity constraints limited realized profit 8.
• Coinbase seeks SEC approval to offer tokenized stock trading on blockchain; would compete with traditional brokerages 13.

Commentary

Regulatory momentum remains strong, with the U.S. Senate passing the GENIUS Act—potentially setting a federal standard for stablecoin oversight in the U.S. 1. This move, alongside JPMorgan ’s pilot of a dollar deposit token on Base, signals that institutional adoption is increasingly aligned with regulatory progress 3. Stablecoin markets are expanding rapidly, with capitalization at all-time highs and investor demand reflected in Circle’s surging stock price 15.

Market risk remains elevated following Israel’s strike on Iran, which triggered a sharp sell-off and $1B in crypto liquidations, driving Bitcoin to $104,000 and pushing volatility and trading volumes higher 2. Despite this, institutional and sovereign accumulation continues: MicroStrategy ’s latest $1B bitcoin purchase 4, Tron ’s planned public listing with a TRX treasury model 5, and new Bitcoin reserve legislation in Texas, Brazil, and Ukraine all point to continued long-term adoption by both corporates and governments 14.

Product innovation is accelerating. CoinShares’ spot Solana ETF filing 6 and Purpose’s imminent XRP ETF launch in Canada 7 broaden regulated access to altcoins. Kraken’s launch of the Ink Layer 2, with its native token and DeFi protocol, adds to competition among exchanges for new user segments 9. Coinbase ’s move to offer tokenized stock trading on-chain could further blur the lines between crypto and traditional finance 13.

Ethereum ’s network remains active, with whales accumulating $2.5B in ETH—the largest daily inflow since 2018—even as some early holders realize profits 12. Security remains a concern, highlighted by the Meta Pool exploit on Ethereum staking contracts, though the attacker’s gains were limited by liquidity 8. Meanwhile, Thailand’s five-year crypto tax holiday 18 and increased European institutional adoption (e.g., BBVA ’s Bitcoin allocation guidance 20) indicate a broader global shift toward crypto-friendly policy and portfolio integration.

Traders should monitor further developments on U.S. stablecoin regulation 1, SEC responses to ETF applications (Solana 6, XRP 7, and tokenized equities 13), and macro/geopolitical risks 2. Liquidity, security, and regulatory clarity will be key drivers for market direction in the coming sessions.