NY authorities announce charges related to ‘sham’ crypto recovery firm

According to Decrypt, after President Donald Trump signed the GENIUS Act, Tether CEO Paolo Ardoino stated that the company plans to ensure that its flagship stablecoin USDT (a token pegged to the US dollar) complies with the GENIUS Act's regulations for foreign stablecoin issuers, allowing it to be traded in the United States. Ardoino stated that Tether still intends to create a stablecoin based on the United States, but also hopes that USDT will receive approval from GENIUS. He stated that Tether's two products will meet the different needs of different customers in the United States. For example, USDT may be primarily used as a method of overseas remittance in the United States. The GENIUS Act requires foreign issuers to comply with strict anti money laundering laws and undergo complex reserve audits. Tether's reserves have never undergone a comprehensive audit, but Ardoino stated that the company plans to conduct an audit in the future.

Odaily Planet Daily News: After the US GENIUS bill officially banned income based stablecoins, analysts believe it will drive funds into the Ethereum DeFi ecosystem. This type of stablecoin could have brought interest to its holders through pledging or borrowing. Analysts point out that the ban on stablecoin profits will force institutions and users to turn to DeFi protocols on Ethereum for passive gains, which is beneficial for ETH and decentralized finance. （Cointelegraph）

1. Trump signs GENIUS Act, establishing legal framework for cryptocurrencies and stablecoins 2. Federal Reserve Gulsby: Interest rates may significantly decrease in the next year 3. Trump: Will not let the US dollar decline, ensure the reserve status of the US dollar 4. The US House of Representatives has passed three encryption bills, including the CLARITY Act 5. Mastercard claims stablecoins can help achieve low-cost cross-border payments 6. American Express explores stablecoin applications to drive payment innovation 7. The Secretary of the Treasury claims that the Genius Act will lead the digital currency revolution in the United States 8. Jiaxin Wealth Management announces expansion of digital asset business, including Bitcoin spot trading The above is a selection of hot topics from the past 24 hours. Click to see the full article: https://www.aicoin.com/article/473447

BlockBeats News: On July 19th, US President Trump officially signed the "Genius Act" at the White House, which guides and establishes the National Innovation Act for stablecoins in the United States. This marks the first time in history that federal legislation on cryptocurrency regulation has officially come into effect. The bill sets more stringent requirements for the regulatory standards of stable currency: issuers need to support 1:1 reserves with liquid assets such as US dollars and short-term treasury bond, and disclose the composition of reserves every month. From now on, stablecoins are no longer experimental items in the gray area, but are about to be written into US law and endorsed by the state as "official monetary instruments".

According to Golden Finance, SharpLink Gaming has applied to sell another $5 billion worth of stocks with the aim of purchasing Ethereum. Issue new common stock worth $5 billion to purchase ETH. • Increase the total issuance amount to 6 billion US dollars; Sold 720.8 million US dollars. Holding 280706ETH, most of which is used for staking to obtain rewards.