Trump Enacts Stablecoin Bill, Eyes 401(k) Crypto Access Amidst Major Bitcoin Whale Moves
Trump Enacts Stablecoin Bill, Eyes 401(k) Crypto Access Amidst Major Bitcoin Whale Moves
In a landmark week for digital assets, US President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law on Friday, marking a significant step in his administration’s approach to cryptocurrency regulation. The signing ceremony saw the presence of numerous crypto industry leaders, including Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, and Circle CEO Jeremy Allaire.
Further signaling a shift in federal policy, President Trump is reportedly set to issue an executive order that could allow American 401(k) retirement plans to invest in alternative assets, including cryptocurrencies. This potential move, reported by the Financial Times, could unlock trillions in institutional capital for the crypto market, with regulatory agencies tasked to explore implementation pathways and address any obstacles.
Meanwhile, the cryptocurrency market witnessed a monumental on-chain event as a Satoshi-era Bitcoin whale completed the transfer of their entire 80,201 BTC holdings, valued at approximately $9.6 billion, to Galaxy Digital over the past four days. This included a second tranche of 40,192 BTC, following an initial 40,009 BTC transfer earlier in the week, with some Bitcoin also observed moving to major exchanges.
Market dynamics saw XRP surge to new year-to-date highs, reaching $3.60, while Stellar’s XLM is being closely watched for a potential 35% rally to $0.63 by August, driven by bullish patterns. As the week closed, Bitcoin stood at $118,281, Ether at $3,553, and XRP at $3.43, contributing to a total market capitalization of $3.85 trillion.
In other notable developments, a former UK National Crime Agency officer, Paul Chowles, was sentenced this week to five-and-a-half years in prison for stealing 50 Bitcoin, valued at $5.9 million, during a Silk Road 2.0 investigation. Additionally, the International Monetary Fund (IMF) clarified in a report that El Salvador has not purchased any new Bitcoin since signing its loan agreement in December 2024, dispelling notions of ongoing public sector accumulation.
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