According to Foresight News, Polygon co-founder Jordi Baylina and the team behind Polygon zkEVM have transformed into an independent enterprise called Zisk. ZisK will focus on low latency, open-source zkVM proof technology. A blockchain prover is used to verify the validity of transactions or on chain data without revealing underlying information. According to Zisk's website information, the project was incubated internally at Polygon Labs in May 2024 and officially became independent on June 13th. Previously, Polygon Foundation underwent a leadership restructuring, with co-founder Sandeep Nailwal taking over as CEO of Polygon Foundation. Nailwal outlined plans to abandon zkEVM chains and shift resources towards Polygon PoS and Agglayer cross chain aggregators.
According to encryption journalist Eleanor Terrett, the US Senate Banking Committee is developing principles for its version of the Crypto Market Structure Act - which will be the focus of a subcommittee hearing led by Senator Cynthia Lummis next week. Senator Tim Scott stated that he hopes to hold a full committee hearing next month (possibly after the draft is released).
According to BlockBeats, on June 18th, brokerage firm Canaccord stated in a research report on Wednesday that the broader prospects of stablecoins (cryptocurrencies whose value is tied to other assets) are still difficult to achieve due to regulatory uncertainty. The GENIUS Act passed by the US Senate changed everything. The full name of this bill is the "Guiding and Establishing the National Innovation Act for Stablecoins in the United States", aimed at bringing stablecoin innovation back to the United States. The report states that winning the support of the Senate is much harder than winning the support of the House of Representatives. Given the bipartisan support for the bill, stablecoin legislation in the United States is within reach.
Analysts suggest that the prospect of stablecoins being used for purposes other than cryptocurrency trading may be imminent, as compliant stablecoins are actually considered by the US government to be on par with cash. In view of the need for full support, the compliant stable currency may become an important source of demand for short-term US treasury bond bonds. With the cross-border expansion of stablecoins that comply with GENIUS standards, they may become a driving force for global economic dollarization.
