This Week in Crypto: GENIUS Act Breakthrough, JPMorgan’s Token Leap, and Global Tensions

 GENIUS Act Bill Passes, Bolstering Crypto Regulation

The U.S. Congress passed the GENIUS Act, a landmark bill aimed at establishing a clear regulatory framework for stablecoins. The legislation prioritizes consumer protection, anti-money laundering measures, and innovation-friendly policies, paving the way for broader institutional adoption. The two most important aspects of this bill are that stablecoins will have to be backed by liquid assets such as US dollars and Treasury Bills while the underlying companies must disclose proof of reserves on a monthly basis. The crypto industry now awaits clarity on implementation timelines and enforcement.

JPMorgan Files for “JPMD” Deposit Token

JPMorgan made waves by filing for “JPMD,” a deposit token designed as a blockchain-based representation of commercial bank money. Unlike its earlier Onyx blockchain experiments, JPMD aims to bridge traditional banking and DeFi, enabling faster, cheaper cross-border payments and programmable finance. This follows JPMorgan’s recent embrace of Bitcoin ETFs as loan collateral, signaling the bank’s aggressive push into crypto. While JPMD could redefine institutional finance, concerns linger about centralization risks in a DeFi ecosystem that values decentralization.

Iranian Crypto Exchange Hacked for $90M by Israeli Group

An Iranian crypto exchange was hit by a sophisticated hack, with a reported Israeli hacking group siphoning off $90 million in digital assets. The breach exposed vulnerabilities in centralized exchange security and escalated geopolitical tensions in the crypto space. Iranian authorities have vowed to retaliate, while the incident has sparked debates over the need for decentralized platforms and stronger cybersecurity. 

Tron in Talks for Deal with NASDAQ-Listed Company

Tron has reached a deal with Nasdaq-listed company SRM Entertainment under which it will buy tokens, be renamed Tron Inc and have Sun join the company as an adviser. The SRM deal was organized by New York-based boutique investment bank Dominari Securities, the statement said. Two of U.S. President Donald Trump’s sons, Don Jr and Eric, joined the board of Dominari Holdings, which owns Dominari Securities.

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