The GENIUS Act and stablecoin regulation have been the major topics of discussion over the past few weeks. Now, XRP lawyer John Deaton has joined the conversation, warning that the Senate’s inaction on the stablecoin bill may push crypto reform until 2029.
Notably, Deaton aligns himself with Messari Founder Ryan Selkis, emphasizing the importance of passing the GENIUS Act. This stance reflects Deaton’s broader advocacy for clearer crypto regulations.
GENIUS Act Inaction: Will the Stablecoin Bill be Delayed?
If Congress can’t get the GENIUS Act passed, we won’t see a Market Structure’s Bill, which means we won’t see any long-lasting reform until 2029, depending on how the Presidential election goes.
Significantly, Deaton responded to Ryan Melkis’s statement that crypto legislation under Trump’s presidency might face significant challenges without the stablecoin bill.
Why Is the GENIUS Act Important?
According to the XRP lawyer, the GENIUS Act is a “no-brainer.” This means that the act is a bipartisan opportunity that aligns with America’s national interests, making it a logical choice for politicians who prioritize the country’s interests.
Furthermore, Deaton added that the stablecoin bill is often referred to as the “Dollar Dominance Bill” as it tends to maintain the US dollar’s global currency status. He added that driving demand for US Treasury securities is crucial to maintain the USD’s dominance as other nations push for de-dollarization. His post read,
We’re in an era when other nations are attempting to de-dollarize the world. We MUST drive demand for UST and ensure the USD remains the world’s reserve currency. If politicians can’t get the Genius Act through, then there’s little chance more complex, long lasting, legislation will pass.
However, crypto critics like Senator Elizabeth Warren remain sceptical about the GENIUS Act. She believes that Trump’s stablecoin project raises serious national security concerns. Thus, Warren added, “The Senate shouldn’t greenlight this corruption by passing the GENIUS Act without fixes.”
DeFi Development announced a new $100 million private convertible note offering, aiming to execute MicroStrategy’s acquisition plan with Solana.
However, this ambitious plan may face a setback, as its stock price fell over 9% after announcing the sale. Solana’s own performance has been wobbly, and this effort may reflect the crypto market’s own appetites.
According to this plan, DeFi Development aims to raise $100 million to purchase more Solana. If the offering goes well, it may upsize to $125 million, with the convertible senior notes due in 2030.
Additionally, an undisclosed portion of the proceeds will go to stock buybacks as part of a prepaid forward to manage portfolio risk. This indicates a well-considered strategy.
Previously, the company was a commercial real estate firm named Janover. However, it rebranded to DeFi Development this April, intending to fully commit to SOL.
The SEC rejected its initial plan to raise $1 billion through securities sales for Solana purchases, but it accessed alternate funding sources to begin acquiring assets.
As it stands, the plan currently has significant advantages and drawbacks. Unfortunately, DeFi Development will need to contend with Solana’s recent price woes.
However, DeFi Development might have a key influence over Solana. While most corporate Bitcoin holders are following MicroStrategy, this firm could be a market mover for SOL.
Saylor’s company is a pillar of confidence in BTC, with its constant purchases helping the price stay afloat. DeFi Development’s own investments could carry out the same function.
Still, there’s a lot of uncertainty involved. For one thing, if the firm wants to buy $100 million worth of SOL, it will need to sell an equivalent amount of stock. DeFi Development might not find sufficient institutional interest, considering the Solana market.
Since declaring the note offering, DeFi Development’s stock fell over 9% in after-hours trading. The downturn began less than 30 minutes after the firm’s social media announcement, which may be a bad sign.
DeFi Development Price Performance. Source: Google Finance
Whether the company succeeds or fails, this stock offering will provide useful data about market appetites and the viability of corporate crypto acquisition strategies.
Ripple (XRP) price soared to $2.70 on Thursday, surging 19% in 24 hours as investors responded to U.S. trade tariff updates and rising anticipation ahead of the White House Crypto Summit on March 7. With XRP bulls maintaining dominance in derivatives markets, leveraged long positions now total $150 million, signaling continued upside potential.
Ripple (XRP) Outperforms Bitcoin and Ethereum Ahead of White House Crypto Summit
XRP faced stiff resistance at the $3 level after Trump’s announced the strategic crypto reserve on March.
However, renewed volatility from shifting U.S. trade policies has strengthened bullish sentiment leading into the summit. If momentum persists, XRP could challenge long-term resistance above $3.
Ripple (XRP) Price Action
The latest market data indicates a strong influx of buyers, propelling XRP beyond $2.70 as investors execute last-minute trades ahead of today’s high-profile summit.
Ripple CEO Confirms Attendance at White House Crypto Summit
Ripple CEO Brad Garlinghouse confirmed his participation in the White House Crypto Summit, reinforcing the company’s growing engagement with the Trump administration’s digital asset policies.
” I’ve had some new confirmations for Friday’s White House Crypto Summit. As of this morning, invites were still rolling out. .”
FOX report Eleanor Terret Confirmed Ripple CEO Brad Garlinghouse attendance at White House Crypto Summit, in a March 6 post on X.
The summit, led by Trump’s AI and Crypto Czar David Sacks, will feature major industry figures, including Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor. Discussions will center on regulatory frameworks and a proposed U.S. crypto reserve.
Ripple price, already up 19% on Thursday has outperformed Bitcoin’s 4% dip. The affirms investor optimism surrounding the summit’s potential impact on Ripple’s institutional adoption. Analysts suggest a breakout beyond $3 could materialize if policy discussions favor digital asset integration into financial markets.
What is the White House Crypto Summit, and How Could It Be Bullish for XRP?
The White House Crypto Summit is a pivotal event where key industry leaders and policymakers discuss the future of cryptocurrency regulations in the U.S. Topics include the establishment of a national crypto reserve and clearer guidelines for institutional adoption.
For XRP, the summit’s significance lies in its potential to reshape market sentiment. If Ripple gains regulatory clarity or is formally integrated into the proposed reserve, XRP could experience sustained bullish momentum, with traders eyeing a move toward $5.
XRP Liquidation Map | March 6
Going by trends observed in Coinglass‘ latest derivatives market data, majority of XRP short-term traders are anticipated a positive outcome from the summit. As seen in the chart above, XRP long leverage has crossed the $150 million mark at press time on March 6, towering above the active short contracts which currently stands at $115 million. With long leverage outpacing short by more than 20%, the short-term momentum remains largely bullish.
However, if negative readings from Non-Farm Payrolls report overshadow headlines from the White House Crypto summit, XRP price risks rapid corrections if the over-leveraged bulls are liquidated.
XRP Price Eyes $5 as Bulls Retain Control Ahead of White House Crypto Summit
XRP price is holding strong above $2.60, gaining 19% in just two days as technical indicators flash bullish signals. The Parabolic SAR dots remain positioned below price action, confirming the prevailing uptrend, while the MACD histogram shows expanding green bars, signaling strengthening bullish momentum. The MACD line has crossed above the signal line, reinforcing the possibility of a sustained rally.
A decisive close above the $2.70 resistance zone could set the stage for a retest of the psychological $3 level, where prior rejection occurred following Trump’s crypto reserve announcement. If bulls maintain control, breaking past $3 could expose XRP to an extended breakout toward the $5 mark in the coming weeks.
XRP price analysis | XRPUSD
However, failure to hold above the $2.60 level may invite bearish pressure, potentially leading to a retest of the $2.10 support level, where buyers previously stepped in to propel the recent surge.
The increasing leverage in long positions, now at $150 million, suggests that market sentiment is skewed toward the upside, but it also introduces liquidation risks if volatility spikes. As the White House Crypto Summit unfolds, XRP’s reaction to regulatory developments could dictate the next major move, with bullish momentum favoring a continued uptrend.
A lot happened this week in crypto, marking developments expected to continue shaping the industry. Important headlines came from administrative decisions, ecosystem developments, and analysts probing the market outlook.
In case you missed it, the following is a roundup of some of the most important developments in the crypto market this week.
XRP Lawsuit’s Jay Clayton Became New SDNY Attorney
“Trump’s former SEC Chair Jay Clayton has taken his position as interim US attorney for the Southern District of New York. He will serve for up to four months until confirmed by the Senate or appointed by Manhattan federal judges,” former Fox Business reporter Eleanor Terrett reported.
The move came as Democratic leaders in the Senate reportedly hinted at blocking Clayton’s nomination. Trump’s move to install him as interim could see Clayton avoid the Senate confirmation process.
Clayton is the legal expert who initially filed the longstanding legal action between the SEC and Ripple. As it happened, Clayton filed the lawsuit on December 22, 2020, and resigned the next day in what will be remembered as a “parting shot” for the agency.
Pi Network Pioneer Frustration Over Ambiguous Roadmap
Another crypto incident this week concerned Pi Network pioneers. As BeInCrypto reported, the controversial project released its Mainnet Migration Roadmap. However, it failed to impress pioneers as it lacked key details.
Specifically, several gaps sparked concerns, including failing to disclose how many Pioneers remain in the queue. Similarly, it was unable to show the network’s daily migration capacity. The absence of these figures makes it impossible for users to predict when their migration will occur.
Further, opaque criteria for node rewards and the UI’s “Transferable Balance” underestimating actual migrated amounts raised flags. Pi Network also offers no audit or error‑resolution process for users who spot mismatches in their historical mining data, exacerbating the fears.
“I thought we were mining all of these PI coins this whole time? I thought the security circles were the Consensus Mechanism. It kinda seems to me like there isn’t a blockchain, and never was one. What kind of “Blockchain protocol” would “Require” all tokens to be minted at genesis?” one community member wrote.
Pi Network (PI) price performance. Source: CoinGecko
Data on Coingecko shows PI coin was trading for $0.6539 as of this writing, up by a modest 1.1% in the last 24 hours.
Bitcoin Cycle Unfolds Noticeably Different From Previous Ones
More interestingly, BeInCrypto reported a concerning shift: this cycle is unfolding remarkably differently than the past ones post-halving.
In previous cycles, BTC price tended to rally aggressively months after the Bitcoin halving. The post-halving period saw strong upward momentum and parabolic price action.
This trend was largely driven by retail enthusiasm and speculative demand, which proved most pronounced from 2012 to 2016 and 2016 to 2020.
Things are happening differently in the current cycle. Instead of accelerating after the halving, the price surge began in October and December 2024, driven by Bitcoin ETF (exchange-traded funds) hype. This was followed by consolidation in January 2025 and a correction in late February.
PancakeSwap Announces CAKE Tokenomics Date
This week in crypto, PancakeSwap announced the official date for its CAKE tokenomics, April 23. As BeInCrypto reported, key changes included the removal of veCAKE, staking, and revenue sharing, with 5.3 million CAKE to be burned annually to curb supply.
However, there was also controversy as Cakepie DAO pushed back against veCAKE removal. Several developers and community members believe CAKE Tokenomics 3.0 will benefit the project in the long term.
“At its core, CAKE Tokenomics 3.0 defends true value and protects CAKE holders by strengthening long-term fundamentals—such as aggressively cutting emissions to accelerate deflation and sustainably grow value,” Chef Philip said.
Meanwhile, others voiced strong concerns on X (Twitter), criticizing the decision to eliminate veCAKE. Among them was Cakepie DAO, one of the largest veCAKE holders, who called it non-transparent and potentially damaging to projects built around that model.
Against this backdrop, PancakeSwap resorted to a $1.5 million CAKE compensation plan.
“PancakeSwap is willing to provide 1.5M USD in CAKE to CakePie DAO primarily used to compensate CKP Holders if CakePie DAO enables mCAKE holders to redeem 1:1 back to CAKE and opens the redemption page in a timely manner if the proposal passes. Detailed plans will be announced once the mirror proposal on CakePie is completed,” the Head Chef of PancakeSwap wrote.
Data on CoinGecko shows Pancake’s CAKE was trading for $2.12 as of this writing, up by nearly 10% in the last 24 hours.
Zora Airdrop and Token Launch Announcement
Adding to the list of the many events that happened this week in crypto, Zora Network announced that it would airdrop 1 billion ZORA tokens (10% of the total supply) on April 23. The tokens would reward early platform users across two snapshot periods.
As it happened, the crypto airdrop happened in style, sparking confusion as it lacked an official checker or claim site. Users were required to go to the contract address and check their allocations.
Speaking to BeInCrypto, Jesse Pollak, the creator of the Base blockchain, said that one must not understand anything about crypto or the underlying infrastructure before posting on Zora. He also defended the value of content coins, emphasizing their potential for creators despite volatility.
