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US Senate Passes GENIUS Act as Bitcoin Nears $106K, Trump Family Cuts Worldcoin Stake, JPMorgan Pilots Crypto Initiative

June 19, 2025

58 sec read

Cryptocurrency markets experienced volatility amid escalating geopolitical tensions between Iran and Israel, with Bitcoin (BTC) fluctuating around $104,000 to $106,000 and Ethereum (ETH) near $2,500. The US Senate passed the GENIUS Act, which is expected to bring substantial capital—estimated at $3.5 trillion to $3.7 trillion—into the crypto sector. Coinbase has sought SEC approval to offer tokenized stock trading and launched 'Coinbase Payments' for merchants using USDC on the Base blockchain. JPMorgan engaged with a crypto task force to integrate capital markets on-chain and initiated a pilot for JPMD on Base. Meanwhile, the Federal Reserve maintained interest rates unchanged following its recent meeting. The Trump family reduced its stake in Worldcoin (WLFI) as the token approached a $1 billion premarket valuation. Additionally, a major data breach compromised 16 billion passwords, prompting Tether's CEO to hint at an upcoming open-source password manager. Meme cryptocurrencies saw a 12% market cap decline amid these developments, with some tokens like PumpFun experiencing temporary bans and recoveries. Ripple's XRPL network and Ethereum remain favored by institutional investors, while the U.S. Treasury Secretary stated that cryptocurrencies do not threaten the US dollar. Discussions around FalconX's potential IPO are also underway.