Lawmakers approved the bipartisan GENIUS Act, which establishes a framework for overseeing the $238 billion stablecoin market — cryptocurrency that is pegged to hard assets like the US dollar — in a 308-122 vote.

The measure is intended to pave the way for banks and other financial institutions to issue stablecoins, giving consumers more options about where to put their wealth.

Critics have warned that the new regulatory framework gives the government too much power over crypto, may endanger the industry’s decentralization, and could lead to certain stablecoins getting unfair regulatory treatment over others.

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Source: https://nypost.com/2025/07/17/us-news/house-passes-trio-of-crypto-bills-to-help-regulate-digital-currency-bars-fed-from-making-its-own/

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The council announced it adopted updated regulations, formalizing the Markets in Crypto-Assets law, or MiCA, which introduces a “harmonized regulatory framework” in the bloc for the first time, the commission said.

“This package bridges a gap in existing EU legislation by ensuring that the current legal framework does not pose obstacles to the use of new digital financial instruments and, at the same time, ensures such new technologies and products fall within the scope of financial regulation and operational risk management of firms active in the EU,” the council said.

The law, agreed upon in June, requires that issuers of so-called “stablecoins” keep up a sufficient liquid reserve with a one-to-one ratio partially in the form of deposits to ensure they can accommodate user withdrawals.

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Source: https://www.upi.com/Top_News/World-News/2023/05/16/eu-European-Council-cryptocurrency-regulations/1921684242997/

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The funds will be used to advance Worldcoin — Altman’s plan for a secure, global cryptocurrency that offers free crypto in exchange for a scan of users’ eyeballs.

The tech associated with Worldcoin’s proof-of-personhood verification, however, is still in beta, with plans to launch in the next few weeks.

It’s been slow to get off the ground since it was founded in 2019 as co-founder and OpenAI boss Altman has been busy finalizing a deal with Microsoft where the tech giant invested $10 billion in OpenAI’s ChatGPT.

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Source: https://www.bbc.com/news/technology-65609123

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