🚨 Crypto Weekly Shockwaves: Senate Greenlights GENIUS Act, Nobitex Exploited, & Market Mayhem

Washington shakes the crypto world as the Senate passes the controversial GENIUS Act—legislation that could redefine digital asset regulation. Meanwhile, Nobitex users face a brutal weekend as hackers drain wallets in a sophisticated breach.

Here’s what exploded in crypto this week:

GENIUS or Genuine Threat? The so-called 'Guardrails for Emerging New Tech and Inclusive Uniform Standards' (GENIUS) Act squeaks through the Senate, sparking instant backlash from DeFi advocates. Critics call it a Trojan horse for surveillance; lobbyists insist it’ll 'protect retail investors'—likely by forcing them into regulated, fee-heavy platforms.

Nobitex Bleeds Out Iran’s largest exchange goes dark after an exploit siphons undisclosed millions. Security firms point to leaked API keys—another reminder that 'self-custody' isn’t just a mantra, it’s armor.

Bonus Jab TradFi banks are suddenly 'very concerned' about crypto security… right after realizing stablecoins might replace their $27 trillion settlement business. How touching.

Volatility ahead. Buckle up.

Business

BBVA (Banco Bilbao Vizcaya Argentaria), Spain’s second-largest bank, is advising its wealthy clients to allocate up to 7% of their portfolio towards Bitcoin and Ethereum. 

Eric TRUMP has distanced himself from Tron’s reported plans for a US public listing, clarifying that while he is a strong supporter of Justin Sun, he has no official involvement in the blockchain network’s market debut.

Web3:

Bubblemaps, a growing name in on-chain intelligence and blockchain visualization, has announced its latest integration, which will be partnering with The Open Network (TON), the blockchain that powers Telegram’s ecosystem of crypto apps and services.

Community builder game, My Neighbor Alice has officially exited alpha and launched publicly on Chromia’s blockchain, marking the start of its first official chapter while retaining its familiar, community-driven spirit.

KuCoin Pay, the official payment solution of global cryptocurrency exchange KuCoin, is partnering with Cryptorefills, a leading Web3 global payment gateway to enable over 40 million customers on KuCoin Exchange to access various travel and lifestyle services.

Bitcoin’s evolution is accelerating as ETFs, ordinals, and growing programmability position it to anchor a new economy spanning DeFi, real-world assets, and more.

With support from a $20,000 grant through the ChainGPT Web3-AI Grant Program, CertiK integrated ChainGPT’s Web3 LLM SDK to transform how on-chain risk is communicated.

In an open letter to KuCoin users, BC Wong, CEO of KuCoin Exchange, unveiled its $2 billion Trust Project, marking a new era in the company’s quest to protect users’ funds, enhance trust and mitigate any security risks such as hacks and theft.

Security

A massive data breach exposing 16 billion login credentials has sparked security concerns across the crypto sector, with researchers warning of heightened risks of asset theft, identity fraud, and large-scale phishing attacks.

A pro-Israel hacking group has claimed responsibility for a $90 million cyberattack on Iran’s largest crypto exchange Nobitex, with the stolen assets deliberately rendered inaccessible in a symbolic act.

Regulation

Paradigm has filed an amicus brief in the matter of United States v. Roman Storm, warning that prosecuting software developers as money transmitters without custody of funds threatens legal norms, software innovation, and open-source development in the U.S.

US President Donald Trump has called for the immediate passage of the GENIUS Act in the House without changes, as Congress inches closer to enacting the country’s first stablecoin regulation.

Soon after, the United States Senate has passed the GENIUS Act, giving the crypto industry its first legislative win. The bill passed the Senate thanks to bipartisan support and is the first major crypto legislation to clear the chamber. 

Ripple has presented a four-point action plan urging UK authorities to accelerate crypto regulation and position the country as a leader in digital finance.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice