The industry has made significant progress with regulatory advancements, and everyone is reaping the benefits of the sacrifices made in the past.
At the same time, skeptics still remain on the sidelines.
The headlines:
- The GENIUS Act sailed through the Senate;
- Wyoming unveiled August 20 stablecoin launch plans;
- Spokane, Washington, instituted a citywide Bitcoin ATM ban;
- The Feds filed to seize $225.3 million linked to pig butchering scams;
- Cops in Jasper County, Texas, cut open a Bitcoin ATM to retrieve $25,000 almost lost to scams;
- Plus, Tron’s IPO is on the way! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $101k (as of 6/23/24)
Global issues remain uncertain as Bitcoin moved from a high of $108,915.37 to a low of $98,286.20, settling at $101,340.29.
The altcoins also remain in skeptical waters.
Ethereum (ETH) is currently at $2,251.41, Solana (SOL) is at $133.97, Chainlink (LINK) is at $11.82, Avalanche (AVAX) is at $16.84, and Polkadot (DOT) is at $3.18.
The Senate Passed the GENIUS Act
Capitol Hill’s upper house made history on June 17 with the successful passing of the GENIUS Act by a 68-30 vote. The Senate passed the legislation without amendments.
Consequently, the bill now moves forward to the House of Representatives before moving to President Donald Trump’s desk.
Alchemy Pay Announced Stablecoin Partnership with Ripple Labs
A June 18 announcement revealed a partnership between payment-focused Alchemy Pay and Ripple Labs. The collaboration enables the deployment of Ripple’s RLUSD onramps.
Furthermore, users from over 200 countries can access Alchemy’s fiat-to-crypto infrastructure via several options, including cards, Apple Pay, and Google Pay.
In related news, on June 19, Alchemy Pay unveiled plans to launch its stablecoin-focused Alchemy Chain network in the fourth quarter of 2025.
Wyoming Revealed Late Summer Stablecoin Launch Plans
Still, on stablecoins, the Wyoming Stable Token Commission unveiled plans for the take of its WYST on August 20. The body also intends to launch the token on eleven blockchains.
Moreover, the group plans to beta-test the ecosystem before its final public debut.
Arizona’s Upper House Resurrected a Bitcoin Reserve Bill
Crypto legislative activity continued in the Grand Canyon State with the reviving of House Bill 2324 in the Arizona State Senate. The State Senate passed HB2324 by a 16-14 vote.
HB2324 enables the transfer of the first $300,000 in seized digital assets to the State’s Attorney General’s office, with additional allocations to several agencies and the establishment of a newly constituted digital assets reserve fund.
Spokane Unveiled a Citywide Crypto ATM Ban
Following the rise of several digital asset scams, the Spokane City Council in Washington has introduced an ordinance prohibiting the operation of crypto kiosks. The unanimous vote affects all digital asset ATMs operating within Spokane’s limits.
Moreover, the statute requires all operators to remove their machines within 60 days; otherwise, they could face penalties, including the cancellation of their business licenses.
Ohio’s Lower House Passed a $200 Crypto Capital Gains Tax Bill
On June 18, Ohio’s State House of Representatives passed the Ohio Blockchain Basics Act, also known as House Bill 116, by a vote of 70-26. The legislation enables capital gains tax protections for several crypto-related activities with a $200 limit.
Subsequently, the bill prevents the Ohio Department of Taxation from lowering the limit after an increase and has protections that enable crypto payments for residents.
The DOJ Filed to Seize $225 Million Linked to Pig Butchering Scams
On June 18, the DOJ announced a filing to seize $225.3 million worth of USDT tokens linked to pig butchering and cryptocurrency scams. The move follows a 2023 investigation.
Additionally, the amount allegedly stolen is the most significant amount detected to date.
Texas Police Cut Open a Bitcoin ATM in a Scam Recovery Attempt
Interestingly, police in Jasper County, Texas, attempted to recover $25,000 lost by a family to scammers by dismantling a Bitcoin kiosk. The move followed the Sherrif’s obtaining a search warrant.
The amounts recovered totaled $32,000, inclusive of the previously lost $25,000.
Blockdaemon Introduced a Complete DeFi Ecosystem
Boutique blockchain infrastructure firm Blockdaemon announced a noncustodial DeFi staking service. Earn Stack enables institutional staking across fifty protocols and multiple ecosystems.
Furthermore, the new offering aligns with current regulatory and industry standards.
Tron Blockchain is IPO-ready
The Justin Sun-backed blockchain ecosystem Tron announced its public listing plans via a reverse merger with SRM Entertainment. The deal includes a $100 million investment, which values the company at $210 million.
Both parties have yet to reveal the identity of the counterparty who is responsible for the capital injection.
Kraken Announced a Bitcoin Staking Partnership with Babylon
On June 19, the premier cryptocurrency exchange, Kraken, announced a partnership that enables BTC staking with the Bitcoin-native platform Babylon. Users can stake their Bitcoins and earn rewards in BABY tokens.
Additionally, the offering is available in the United States (except in Maryland, Maine, New York, New Jersey, Wisconsin, and Washington), Australia, the United Kingdom, and the United Arab Emirates.
Paxos Launched a New Platform
In a June 18 announcement on its website, boutique blockchain ecosystem Paxos unveiled Paxos Labs, a business unit that enables multiple deployments across various platforms. Paxos also indicated that the new startup will function solo with access to its parent companies’ compliance features and first-class infrastructure.
The new unit’s capabilities span the industry, encompassing tokenization, DeFi, stablecoins, and cross-chain setups.
Digital Asset ETF activity continued to be a driving force, with several key players making notable moves. DTCC listed VanEck’s proposed spot, Solana ETF, on its funds list.
On June 17, the SEC opened the public comment window for Franklin Templeton’s Franklin Solana ETF and Franklin XRP ETF. CoinShares also filed an S-1 registration statement with the regulator for its CoinShares Solana ETF.
On June 18, across the border in Maple Country, Canadian ETP provider Purpose Investments debuted the Purpose XRP ETF on the Toronto Stock Exchange.
