BlockBeats News: On July 20th, the White House praised the passage of the GENIUS Act, stating that it is a historic legislation that will pave the way for the United States to lead the global digital currency revolution. President Trump said that the bill "creates a clear and concise regulatory framework to establish and release the huge potential of a stable currency supported by the US dollar. This may be the greatest revolution in the field of financial technology since the birth of the Internet." Bo Hines, Executive Director of the Presidential Advisory Council on Digital Assets, said, "We are ensuring the dominance of the US dollar, unleashing innovation, and giving the United States permanent control over the future of digital finance White House Cryptocurrency Tsar David Sacks said, "Today we have achieved another historic legislative achievement, which is an important step for President Trump to fulfill his promise to make America the world's cryptocurrency capital Treasury Secretary Scott Bessent said, "Blockchain technology will drive the next generation of payments, and the US dollar is about to go live. Thank you to President Trump for his visionary leadership. The GENIUS Act will help solidify the US dollar's position as the global reserve currency for future generations

The People's Court of Pudong New Area, Shanghai announced on July 16th a case of illegal exchange of virtual currency that was sentenced in March this year. The case shows that Yang, Xu, and others operated domestic shell company accounts to provide stablecoins (with Tether as the trading medium) to unspecified clients' overseas accounts, thereby achieving cross-border fund transfers and earning profits. Over the past three years, they have participated in illegal foreign exchange trading with a total amount of 6.5 billion yuan. Among them, Yang is responsible for recruiting clients and allocating foreign exchange funds overseas, while Xu manages the corporate accounts of 17 shell companies in China, with daily processing of over 10 million yuan in capital flow. The division of labor is clear and the cooperation is close. According to the disclosed case, at the end of 2023, Ms. Chen, a resident of Shanghai, was restricted by China's annual foreign exchange quota of 50000 US dollars per person due to the need to remit money to her daughter overseas. She then contacted an overseas "exchange company" (the domestic shell company A controlled by Yang and others) and followed the instructions to transfer RMB into the account of Company A. Subsequently, her daughter's overseas account received an equivalent amount of foreign exchange, and the "exchange company" charged a certain percentage of transaction fees as compensation. For a long time, this criminal gang has been providing illegal exchange services to customers who have foreign currency and RMB exchange needs both domestically and internationally through cross-border "collusion" under the name of "collection and payment" overseas.

ZRO will unlock 25.7 million tokens today, worth approximately $56.3 million, accounting for 2.571% of the total supply. The current circulation is 300 million pieces, with a total of 1 billion pieces.

According to BlockBeats, on July 20th, the Indian cryptocurrency trading platform CoinDCX released a follow-up announcement stating that the reason for the attack was that its internal operating account was hacked due to a server attack, and the CoinDCX wallet used to store customer assets was not affected. The related losses will be fully borne by CoinDCX's own treasury reserves. We are currently freezing and recovering assets, and planning to launch a vulnerability bounty program. BlockBeats previously reported that CoinDCX was stolen around yesterday morning, resulting in a loss of approximately $44.2 million.

According to Golden Finance, Jesse McWaters, Global Policy Director at Mastercard, stated that the United States has reached a "turning point" in stablecoin regulation and digital asset adoption, and the passage of the Genius Act has become a catalyst for institutional involvement, marking a "new era of clarity and confidence in digital asset regulation. The bill allows regulated entities (including banks and businesses) to issue US dollar backed stablecoins while meeting strict reserve, disclosure, and compliance requirements. This is the first cryptocurrency specific legislation to become law in the United States.