President Donald Trump has signed the GENIUS Act into law, just one day after it passed the House in a 306–122 vote.
The bill marks the first-ever US federal crypto law, creating strict rules for stablecoin issuers—including full 1:1 reserves, regular audits, and registration with federal or state regulators.
Trump signed the bill during a closed-door session Friday morning. While celebrating the win, he jokingly told reporters, “It’s called the GENIUS Act. I think it’s named after me.”
President Trump Signs GENIUS Act Stablecoin Bill Into Law
Crypto Czar David Sacks, who played a central role in last-minute negotiations, said the bill was “dead” earlier this week—until “we had a secret weapon, a deal breaker as commander in chief,” referring to Trump’s intervention.
Despite bipartisan support for the bill, some hardline Republicans remain opposed.
Representative Marjorie Taylor Greene posted on X (formerly Twitter), warning:
“Congress is passing a bill today (GENIUS Act) that opens the back door to a central bank digital currency (CBDC)… The Fed has been working on this for years… The ultimate goal is to move us to a cashless society.”
She criticized House Republicans for passing GENIUS without securing Senate support for a formal CBDC ban. That separate bill—the Anti-CBDC Act—has yet to clear the Senate.
Supporters of GENIUS argue the bill explicitly bans algorithmic stablecoins and requires full dollar reserves, offering a safe framework for regulated digital dollars—not government-controlled ones.
With Trump’s signature, the GENIUS Act becomes law immediately. US regulators now have until 2026 to draft implementation rules for stablecoin licensing and enforcement.
Solana (SOL) is up 28.4% over the past month, but its momentum has slowed. After briefly touching $184, it has gained just 0.78% in the last seven days. Despite this, Solana continues to dominate DEX metrics, leading all chains with $27.9 billion in weekly volume.
The broader ecosystem remains active, with multiple Solana-based apps among the top fee generators. However, technical indicators such as RSI, Ichimoku Cloud, and EMA lines suggest the rally may be losing steam, signaling a potential period of consolidation or correction ahead.
Solana Leads DEX Market With $27.9 Billion Weekly Volume and Surging App Activity
The weekly DEX volume for Solana surged by 45.78%, signaling a strong resurgence in on-chain activity after decreasing activity between March and April.
This rise is a spike and part of a broader trend, with volumes consistently staying above the $20 billion mark over the past month.
Top Apps and Chains by Fees and Revenue. Source: DeFiLlama.
Adding to its momentum, Solana is home to four of the past week’s ten highest fee-generating apps and chains. This includes familiar platforms and newcomers, showing a healthy diversity in the ecosystem.
Believe App, a newly launched Solana-based launchpad, stands out in the recent surge. In the last 24 hours alone, it generated $3.68 million in fees—surpassing well-established platforms like PancakeSwap, Uniswap, and Tron.
Momentum Cools for SOL as Indicators Turn Neutral
Solana’s Relative Strength Index (RSI) has dropped to 51.99, down from 66.5 just three days ago, signaling a clear loss of bullish momentum.
Over the past few days, the RSI has hovered between 44 and 50, reflecting a more neutral market sentiment after previously nearing overbought conditions.
The RSI is a momentum indicator that ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling oversold territory. At 51.99, Solana sits in the neutral zone, which typically suggests a period of consolidation or indecision.
If the RSI rises above 60 again, it could point to renewed bullish strength; if it dips below 45, further downside pressure may follow.
The price is hovering near the Kijun-sen (red line) and Tenkan-sen (blue line), both of which have started to flatten—indicating a slowdown in momentum.
The Chikou Span (green lagging line) remains above the candles, suggesting that the broader trend still has a bullish bias. However, the lack of distance between it and the current price action reflects weakening strength.
The Kumo Cloud (green and red shaded area) ahead is still bullish, with the leading span lines spread apart, providing support beneath the current price.
However, with candles now closely interacting with the Kijun-sen and failing to strongly break above the Tenkan-sen, the short-term sentiment appears cautious.
If the price can push decisively above the blue line, momentum may return, but any drift into the cloud could signal the start of a more prolonged consolidation phase or potential trend reversal.
Solana’s Bullish EMA Structure Faces Momentum Slowdown
Solana’s EMA lines remain bullish, with the short-term moving averages positioned above the longer-term ones. However, the gap between these lines is narrowing, suggesting that upward momentum is weakening.
Solana price recently failed to break past a key resistance level, and although a retest could open the path toward reclaiming the $200 zone, the lack of strong follow-through raises questions about the trend’s strength.
Complementing this cautious outlook, the Ichimoku Cloud and RSI indicators point to a potential cooldown. Solana recently held above an important support level but remains vulnerable—if that support breaks, further downside could follow.
The broader structure still leans bullish, but the market appears to be at a crossroads. The next move likely depends on whether buyers can reclaim initiative or sellers push through key lower levels.
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
Base, a layer-two blockchain developed by Coinbase, has seen a significant surge in Total Value Locked (TVL) over the last 24 hours following a key integration.
It comes amid changing regulatory winds in the US, with President Trump’s pro-crypto stance inspiring bold moves among sector players.
Base TVL Soars 20% As Binance.US Adds Support
According to data on DefiLlama, Base TVL is up by $557 million. It moved from $2.778 billion on Thursday to $3.335 billion as of this writing, a 20% surge in the last 24 hours.
The surge in TVL suggests an increased volume of assets staked, locked, or deposited in the Base blockchain. A higher TVL indicates increased user activity, trust, and adoption, with users committing capital to the protocol.
Meanwhile, this surge follows a notable announcement from Binance.US, the American arm of Binance exchange, the world’s largest crypto trading platform by volume metrics.
According to the announcement, Binance.US now supports Base. It allows Ethereum (ETH) and Circle’s USDC (USD Coin) stablecoin transfers on the Layer-2 network.
“We’re excited to announce that Binance.US now supports Base! Starting today, you can deposit and withdraw Ethereum (ETH) and USDC via Base,” an excerpt in the announcement read.
The exchange highlighted that more assets will join Binance.US on the Base network, indicating interest in developing the integration. Meanwhile, using Base’s blockchain, users can deposit and withdraw ETH and USDC directly to and from Binance.US.
For the exchange, this integration could bolster accessibility. Specifically, Binance.US users can interact with Base’s ecosystem without bridging assets through Ethereum’s mainnet. This is amidst concerns that Ethereum’s mainnet is slow and costly.
As an L2 scaling solution, Base offers faster and lower-cost transactions compared to Ethereum’s mainnet. Data on Etherscan shows Ethereum’s transaction throughput is approximately 13.2 TPS. This could lead to network congestion and high gas fees during peak periods.
On the other hand, Base processes transactions off-chain, bundling them before submitting them to Ethereum. This Method achieves higher throughput and significantly lower fees, making it more cost-effective for users.
Therefore, the integration allows Binance.US users to move ETH and USDC to Base for DeFi activities at a fraction of the cost.
Binance.US suspended its USD deposit and withdrawal services following a high-profile SEC lawsuit and mounting regulatory pressure starting in 2023. However, amid shifted political rhetoric toward crypto, exchanges appear to be taking bold steps.
“Now that we’ve survived, our goal is to help crypto thrive and empower all Americans with freedom of choice,” Binance.US interim CEO Norman Reed said recently.
It aligns with a recent move from the Kraken exchange. As BeInCrypto reported, the US-based exchange listed BNB in a move that marked a strategic shift in US crypto exchanges, potentially signaling broader token adoption in the country.
