This week saw significant developments in the cryptocurrency space, including the U.S. Senate's approval of the GENIUS bill and a cyberattack on Nobitex.
U.S. Senate Approves GENIUS Bill
The U.S. Senate passed the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) bill, establishing a framework for stablecoins pegged to fiat currencies. The vote was 68 to 30 in favor, with the bill aimed at setting reserve requirements and defining issuer categories.
Ripple's Legal Battles Continue
Judge Analisa Torres rejected a proposed $50 million settlement in the Ripple-SEC lawsuit, which has been ongoing since December 2020. The SEC claimed Ripple's XRP sales were unregistered securities. Although an agreement previously confirmed XRP was not a security, both parties requested a delay in appeal proceedings.
Nobitex Hack: $48 Million Stolen
A cyberattack on Iran's largest cryptocurrency exchange, Nobitex, resulted in $48 million being stolen. The attack was claimed by an Israel-linked hacker group, accusing Nobitex of facilitating sanctions evasion. Following the incident, Nobitex has frozen operations and pledged to safeguard user funds.
Last week’s developments in the crypto industry highlighted important legislative initiatives and new security challenges.
