This Week in Crypto – The GENIUS Act, Iranian Exchange Hack and More

What happened this week in crypto? It was a highly eventful week, as the Senate passed the GENIUS Act, France’s crypto kidnapping wave continues, and Israel-backed hackers targeted Iran’s crypto industry.

Canada also became the world’s second nation to approve an XRP ETF, and delays continue for an SEC v Ripple resolution. Find out all these stories and more at BeInCrypto.

GENIUS Act Passes Senate Vote

This week, a major event for crypto regulation took place as the GENIUS Act passed through the US Senate.

This new stablecoin framework had several major setbacks in recent months, but fresh amendments helped generate bipartisan support. By the time of this final vote, political support was overwhelming.

Senate Vote on the GENIUS Act. Source: Senate.Gov

Now that the bill has passed the Senate, it will become law after President Trump signs it. Trump plans for stablecoins to promote dollar dominance, and his support is certain.

From there, it’ll open many new possibilities: for example, major banks are considering stablecoin launches. This industry sector seems guaranteed to keep growing.

Iran-Israel War Leads to Major Crypto Hack

The new war between Iran and Israel has been impacting the crypto market all week, but that’s natural for any geopolitical turmoil.

However, the conflict now takes place directly over the blockchain. Israeli-backed hackers breached Nobitex, an Iranian crypto exchange, stealing and then burning $90 million in tokens.

$90M drained from Iranian exchange Nobitex in a hack claimed by hacktivist group, Gonjeshke Darande.

This wasn’t just theft. It was a message.

Blockchain is now a geopolitical front line.
Visual of the hack distribution from Merkle Science’s Tracker