President Trump signs GENIUS Act, creating stablecoin regulatory framework: CNBC Crypto World

Market Trends & Regulatory Landscape - The House passed the Genius Act, a stablecoin regulation bill, sending it to President Trump's desk, marking a significant step in crypto regulation [1][4][6] - The Clarity Act, aiming to establish a framework for regulating cryptocurrencies beyond stablecoins, and the Anti-CBDC Surveillance State Act, preventing the Fed from creating a central bank digital currency, are moving to the Senate for consideration [5] - Industry anticipates continued growth in the stablecoin space with regulatory guardrails in place, fostering customer protection and potentially solidifying the US as a crypto capital [8][9] Cryptocurrency Performance & ETF Flows - Bitcoin experienced a slight decrease of less than 1% to just under $118,000, while Ether climbed more than 4% to $3,500, and Solana's Soul token rose more than 1.5% [1][2] - Ether advanced more than 19% for the week and is up nearly 44% over the past two weeks, marking its biggest two-week gain since August 2021 [2] - ETFs tracking Ether saw record-setting weekly inflows, surpassing Bitcoin ETFs for the first time with over $600 million in net inflows compared to Bitcoin funds' $522 million [3] Financial Institutions & Crypto Strategy - JP Morgan Chase plans to get involved in stablecoins, launching a stablecoin-like deposit token for institutional clients, while Citigroup and Bank of America executives have also expressed interest [9][10] - Charles Schwab clients hold more than 20% of the exchange-traded product crypto in the entire industry, representing approximately $25 billion out of $8 trillion in client assets [11][12] - Charles Schwab anticipates launching Bitcoin and Ether offerings soon, aiming to consolidate clients' crypto holdings alongside their other assets [12][13] Expert Opinions & Future Outlook - Banks are forming consortiums to capitalize on the market opportunity presented by the new stablecoin legislation, with major institutions preparing to issue their own stablecoins [17] - Clarity is deemed a necessary first step in defining the roles of different regulators, particularly between the SEC and CFTC, in overseeing digital assets [19] - There is ongoing debate regarding the need for insurance funds and increased disclosures for custodially issued stablecoins to enhance regulator and investor confidence [24]