Weekly Wrap: Stablecoin Bill Moves Ahead, Ripple-SEC Lawsuit Continues, Tron IPO Buzz, and More

This week unfolded significant turnabouts in crypto space across regulation, legal battles, and market movements. While the U.S. Senate advanced the GENIUS Act and sent optimism among investors, Friday’s dump refreshed most of the market speculations as well as expectations. Covering it all, here is a weekly roundup of the key stories and market updates: 

Top Headlines: What Happened in Crypto This Week?

S. Senate Approves GENIUS Act (Stablecoin Bill)

In a landmark move, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on June 17, with a bipartisan 68-30 vote. This bill establishes a framework for blockchain-based stablecoins—cryptocurrency that pegs their value to fiat currency. 

The bill aims to set reserve requirements, defining issuer categories, and exempting certain tokens from securities laws to foster innovation while protecting consumers. It now awaits an approval from the House, urged to move forward by the U.S. president Donald Trump himself. 

Ripple-SEC Saga Continues

On May 16, Judge Analisa Torres rejected a proposed $50 million settlement in the Ripple-SEC lawsuit , which stemmed from a joint motion filed on June 12, 2025, to dissolve a $125 million civil penalty held in escrow. The court’s denial, citing jurisdictional and procedural issues, has prolonged the legal battle that began in December 2020 over claims that Ripple’s XRP sales were unregistered securities offerings. 

While a May 8, 2025, agreement confirmed neither party would appeal the ruling that XRP itself is not a security, both Ripple and the SEC requested a delay in appeal proceedings, with a status report due by August 15, 2025. 

Israeli-Linked Hackers Target Iran’s Nobitex, Steal $48M in Crypto

Iran’s largest cryptocurrency exchange, Nobitex , was hit by a major cyberattack on June 18, with over $48.6 million in USDT drained from its hot wallets on the Tron network. The attack was carried out by the Israeli-linked hacktivist group Gonjeshke Darande, also known as Predatory Sparrow. The group claimed responsibility and accused Nobitex of facilitating sanctions evasion and terrorism financing. 

On-chain investigator ZachXBT and other sources reported losses ranging from $48 million to $100 million. Following the hack, Nobitex has frozen operations and vowed to protect user funds amid escalating cyber tensions between Iran and Israel.

FED Keeps Rate Unchanged; As Expected

The U.S. Federal Reserve announced its decision on June 18 to maintain the federal funds rate at a range of 4.75% to 5%, in line with widespread market expectations. The Federal Open Market Committee (FOMC) cited steady economic growth, robust job gains, and persistent inflation pressures as reasons for the pause, signaling a cautious approach to monetary policy. Fed Chair Jerome Powell emphasized that while inflation has moderated, it remains above the 2% target, and the central bank is prepared to hold rates steady until clearer signs of sustained progress emerge.

Institutional Bitcoin Purchases Continue

The institutional appetite for Bitcoin continued to fuel market optimism this week as well, with significant purchases underscoring the growing adoption of BTC as a corporate treasury asset. Notable acquisitions included Strategy (MicroStrategy) boosting its holdings by 10,100 BTC, bringing its total to 592,100 BTC. The Japanese conglomerate Metaplanet added 1,112 BTC, reaching a total of 10,000 BTC, while The Blockchain Group (TBC) from France also acquired 182 BTC, increasing its stash to 1,653 BTC. 

Besides, micro Bitcoin purchases also accelerated, with H100 purchasing 144.8 BTC and pharma firm Prenetics entering the race with a $20 million investment plan. Additionally, the U.S. spot Bitcoin ETF inflows reached $1.02 billion this week, signaling robust institutional confidence despite retail hesitation.

Crypto News You Might Have Missed

• Vietnam Passes Bill to Legalize Crypto: Vietnam passed a landmark law on June 20, legalizing Bitcoin and crypto assets to regulate trading and foster innovation.

• Polyhedra’s ZKJ Token Crashes 91%: Polyhedra’s ZKJ token nosedived 91% in hours after a crisis involving governance disputes and liquidity issues.

• Bitcoin Mining Costs Skyrocket: Bitcoin mining costs have spiked significantly in Q2, driven by a 15% hashrate increase and higher energy prices, squeezing smaller miners.

• Canada Gets First XRP ETF: Canada’s first XRP ETF launched on June 16, with it sparking U.S. investor FOMO amid ongoing Ripple-SEC legal uncertainty.

• Ohio Passes Tax-Free Bitcoin Payments Bill: The U.S. state of Ohio passed a bill to allow $200 tax-free Bitcoin payments, boosting crypto adoption in daily transactions. 

Buzz of the Week: Tron IPO in U.S.

Amid the IPO trend in the crypto space, speculation surrounding a potential U.S. initial public offering (IPO) for Tron, the blockchain platform founded by Justin Sun, set a buzz this week. On June 16, posts on X and reports from leading crypto outlets hinted at Tron exploring a U.S. listing through a reverse merger with NASDAQ-listed SRM Entertainment. 

The IPO was said to be orchestrated by Dominari Securities, an investment firm linked to Trump’s sons, Eric and Donald Jr., who each hold 1.2 million shares. With political ties deepening through Sun’s $75 million investment in Trump-backed World Liberty Finance and $18 million in TRUMP meme tokens, this IPO not only signals a new era of institutional legitimacy for Tron. 

Although no official confirmation has emerged yet, the rumor has boosted TRX’s price by 8% this week, with analysts eyeing a potential filing by Q3 2025.

Exclusive Insight 

The Binance-incubated BNB Chain has continued to dominate the decentralized finance (DeFi) landscape, leading DEX volumes for five consecutive weeks. It has outpaced major market blockchain networks—including Ethereum and Solana—with it setting a high bar for competing blockchains in the evolving DeFi ecosystem.

Top Gainers and Losers This Week

What to Expect for Next Week?

As we head into the week of June 23-29, 2025, the cryptocurrency market is poised for an eventful stretch, with several key developments on the horizon. However, leading cryptocurrencies—including Bitcoin, Ethereum, XRP, and Solana—are expected to visit lower lows on Monday opening, given that last Friday’s turbulent trading session drove a huge sell-off and set an overall bearish trend in the market.