Regulatory Landscape - A new market structure bill is progressing in the Senate, potentially enabling rapid growth for the industry in the US with fewer limitations [2] - Senator Tim Scott is focused on solidifying a long-term approach by the US government towards the industry's future growth [2] - The industry should be grateful to Senator Scott for his work on the recently passed Genius Act and his continued efforts to create clear legislation [3] Industry Outlook - The new version of the market structure bill has many advantages over past versions [2] - The bill is considered a critical piece of legislation [2]

Today, Goldman Sachs and VNY team up on tokenized money market funds. Crypto custodian Bitco confidentially files to go public. And the CEO of OKXUS breaks down what regulatory advancements here in the states means for the crypto exchange.Welcome to CNBC's Crypto Worlds. I'm Tana McKiel. Digital currencies in the red this morning.By noon Eastern, Bitcoin slipped around a quarter of 1% to $118,600. Ether fell nearly 2% back to the $3,600 level. And Salana dropped 4.5% to $192.Okay, let's talk about the top s ...

Stablecoin Market Growth & Regulatory Landscape - Stablecoin market cap increased by $442 billion (442,000 million) in the last 7 days, reaching approximately $2625 billion (2,625,000 million) [1] - The SEC is now indicating support for onchain stablecoins, potentially enabling instantaneous settlement payments for securities [4][5] - The Genius Act has been signed into law, marking the first federal legislation to regulate stablecoins [12] - The Clarity Act, aimed at creating a broader regulatory structure for crypto, has passed the House and is moving to the Senate [14] - Industry anticipates stablecoins reaching $300+ billion by the end of the year, with potential for trillions upon passage of the Clarity Act [11] Banking Sector's Embrace of Stablecoins - Major banks are showing increased interest in stablecoins, driven by fear of missing out (FOMO) and regulatory developments [2][3][25][29] - Western Union is exploring offering stablecoin products in its digital wallets [16][19] - Deutsche Bank is considering issuing its own crypto stablecoin [21] - Citigroup is considering issuing its own stablecoin to facilitate digital payments [21] - JP Morgan has filed a trademark for JPMD, a deposit token being piloted on base, which embodies stablecoin characteristics [21][22][23] - Bank of America CEO indicated stablecoins are inevitable and hinted at launching its own token pegged to USD deposit accounts if regulations allow [26] Ripple's Role & XRP - The SEC's shift in stance towards stablecoins is seen as beneficial for Ripple, which has been focused on real-time payments and stablecoin on/off ramps [7][8][9] - Ripple's mission is "building the internet of value," enabling the world to move value like information [9] - Bank of America and Ripple have a long-term partnership, with Bank of America potentially using XRP after the SEC lawsuit concludes [30][31] - XRP is positioned as a bridge between walled garden deposit tokens and stablecoins issued by banks [24]

Policy & Regulation - The 'Genius Act' is considered historic and will enable the US to lead the global digital currency revolution [1]

Regulatory Updates - SEC Chair congratulates the House of Representatives on passing the Genius Act [1]

JUST IN: The House will vote on the Genius Act later today.If passed, it could position the U.S. as the global hub for Bitcoin and crypto innovation. 🇺🇸🟠 https://t.co/pucHN571Dq ...

He says, "I'm in the old bill office with 11 of the 12 congressmen and women necessary to pass the Genius Act, and after a short discussion, they have all agreed to vote tomorrow in favor of the rule." Speaker of the House Mike Johnson was at the meeting via telephone. Looks forward to taking the vote as early as possible. I want to thank the Congresswoman for their quick and positive response.Make America great again. So this is probably going to. ...