In the latest news roundup, we examine significant events in the cryptocurrency sector: the arrest of co-founder Smerkis, progress on U.S. stablecoin legislation, and a new partnership involving World Liberty Financial.
Arrest of Vladimir Smerkis
Moscow's Zamoskvoretsky Court has begun proceedings to arrest Vladimir Smerkis, former Binance executive and co-founder of the Blum app. According to Russian media, the court granted an investigator's request for Smerkis' detention on allegations of fraud. Details of the charges remain unclear. The arrest comes a day after Blum announced on social media that Smerkis had stepped down as CMO.
Development of Stablecoin Legislation
The "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act is heading towards Senate debates for potential passage next week, despite some recent setbacks. Senator Hagerty of Tennessee, the bill's Republican sponsor, stated that "the Senate will make history" by establishing "the first ever pro-growth regulatory framework for payment stablecoins."
World Liberty Financial's Integration with Chainlink
World Liberty Financial announced on Friday that its USD1 stablecoin now operates across multiple blockchains through integration with Chainlink's Cross-Chain Interoperability Protocol (CCIP). This announcement was made during the Consensus 2025 event, featuring contributions from Chainlink co-founder Sergey Nazarov and Eric Trump.
The recent events in the cryptocurrency space, including the arrest of Vladimir Smerkis, legislative discussions about stablecoins, and technological integrations, highlight the dynamic and ever-evolving nature of this sector.
