Top 5 Solana Meme Coins to Watch in March

Binance announced today that MGX, a sovereign wealth fund from Abu Dhabi, invested $2 billion in the company. The transaction happened entirely using stablecoins.

This is both the largest investment ever made in a crypto-related business and the largest investment ever made using cryptoassets. Binance didn’t specify which stablecoin was used, but the UAE has favored Tether products in the past.

MGX Makes Record Binance Investment

The United Arab Emirates has recently been positioning itself as a crypto hub, and Abu Dhabi is a particular region of interest. MGX, an Abu Dhabi-based Web3 fund that has already made massive AI investments, has today announced a record investment in Binance.

Changpeng “CZ” Zhao, former CEO of Binance, also shared this news on X (formerly Twitter).

“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken. Onwards,Build!” CZ wrote.

Binance, the world’s largest crypto exchange, also corroborated these claims with its own press release. This MGX investment isn’t Binance’s first entanglement with Abu Dhabi, as the firm considered setting up a headquarters there.

However, in 2023, CEO Richard Teng scrapped its UAE license application, signaling a shift away from the nation.

Since then, however, interest has shifted back. The firm’s press release claimed that roughly one-fifth of its workforce is based in the UAE, for example.

Teng called the development a “significant milestone” and said Binance is “committed to working with regulators worldwide.” This MGX investment will likely increase economic ties in the region.

“We are excited to announce the first-ever institutional investment in Binance by MGX. This is a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance,” Binace annouced on X.

Also, Binance claimed that MGX made this $2 billion investment entirely in stablecoins. Last August, Tether launched a stablecoin pegged to the UAE’s currency, and Abu Dhabi subsequently recognized USDT as an Accepted Virtual Asset.

Binance’s announcements have been surprisingly light on the exact details of its future relationship with MGX.

However, they were very clear that it was a big deal. This marks the largest-ever investment in a crypto firm and the largest investment paid entirely in cryptocurrency. Wherever the partnership goes from here, it has already made history.

The post Abu Dhabi Invests a Record $2 Billion in Binance appeared first on BeInCrypto.

The GENIUS Act, a bill of proposed new stablecoin regulations for the US, is up for a Senate vote today. Still, its chances of success remain uncertain, as Democratic opposition remains high.

Democrats on the Senate Banking Committee released harsh criticism of the bill, and their staffers also circulated a scathing letter co-signed by 46 advocacy groups. This blowback took place despite recent bipartisan amendments.

GENIUS Act’s Supporters and Opponents

Less than two weeks ago, it looked like the GENIUS Act was on the cusp of total success. This comprehensive stablecoin regulation had several strong allies within the Democratic Party in addition to its Republican sponsors.

However, this vote failed, and the Act currently faces a make-or-break chance to win again or start over:

“IMO, If the GENIUS Act doesn’t pass the Senate, there will be no meaningful legislation involving crypto before the midterms and, unfortunately, midterms historically go against the party in power. If they can’t get this passed, a more complex Market Structures Bill is highly unlikely… not to mention crypto-related tax legislation or consumer protections,” claimed crypto advocate John Deaton.

Reports claim that the GENIUS Act’s next chance will take place today as part of Senate proceedings that will begin at 3 PM EST.

The crypto industry is strongly in favor of these regulations, with advocacy groups and business leaders both saluting the bill. However, it may not be that easy for one clear reason: stiff Democratic opposition.

Despite some initial support, Congressional Democrats turned on the GENIUS Act due to concerns of legalized corruption and unfair business practices.

Last week, legislators proposed a few bipartisan amendments that would severely handcuff the bill with Big Tech exclusions and new enforcement mechanisms. It’s looking like that may not be enough.

According to several reports, the Senate Banking Committee’s Democrats released a scathing review of the GENIUS Act, and staffers also circulated a hostile letter co-signed by 46 different advocacy groups. These measures don’t necessarily reflect the bill’s chances of success, but they do highlight real opposition.

These criticisms focused on a few key deficiencies. First of all, the GENIUS Act’s amendments would prevent publicly traded Big Tech companies from issuing stablecoins.

However, they wouldn’t stop private firms, notably including Elon Musk’s X. This is one of several alleged loopholes that could eventually lead to blurred lines between banking and commerce.

Opponents also noted the epidemic level of crime and bad actors currently operating within the stablecoin ecosystem. Given these dangers and the Trump family’s international stablecoin deals, critics believe that the GENIUS Act lacks enough safeguards.

The letters also address consumer protection in the event of an issuer’s collapse. Considering that Tether and most other prominent stablecoin issuers aren’t US-based, critics worry that the GENIUS Act won’t guarantee users’ assets.

Most of the other concerns were adjacent to these major topics, worrying that the Act is wholly insufficient.

To be clear, it might still pass despite this opposition. The Senate Banking Committee and its allies clearly hate the GENIUS Act, but other Democrats might have a more favorable view. At the moment, we can only wait and see how the vote turns out.

The post Will the GENIUS Act Stablecoin Legislation Pass Today? appeared first on BeInCrypto.

Taking care of yourself and your health is not only OK, it’s one of the most important things you can…