Sate Senator Keith Kelley of Alabama echoed concerns made by some banking groups after the passage of the GENIUS Act in July. Keith Kelley, a Republican state senator representing Alabama’s 12th district, is sounding the alarm for the potential impact of the federal stablecoin bill, the GENIUS Act, two months after it was signed into law by US President Donald Trump. In a Wednesday op-ed for 1819 News, Kelley said there was a loophole in the GENIUS Act that, if exploited, could “devastate” the economies of rural areas like many in Alabama. According to the senator, the bill would allow “cryptocurrency platforms to distribute financial rewards,” incentivizing people to withdraw funds or close accounts at small community banks in the state. Read more
REX and Osprey clear the SEC’s 75-day window with multiple crypto ETFs poised to debut, even as regulators push back decisions on rival Ether, Solana and XRP products. New batches of cryptocurrency exchange-traded funds (ETFs) from REX and Osprey have cleared the US Securities and Exchange Commission’s (SEC) 75-day review window and are expected to begin trading by Friday, according to Bloomberg Intelligence analyst Eric Balchunas. “Post-effective means that it’s going to launch, basically,” Balchunas told Cointelegraph in a phone interview, referring to the lineup that includes the REX-Osprey Bonk ETF, Trump ETF, Bitcoin ETF, XRP ETF and Doge ETF. Cointelegraph previously reported that the Doge ETF was slated to debut on Thursday, with timing determined by its structure under the Investment Company Act of 1940. Unlike products filed under the Securities Act of 1933 — which was used to approve spot Bitcoin (BTC) ETFs last year — 1940 Act funds face a simpler path to market. Read more
XRP reserves grew by 1.2 billion, and the altcoin’s price topped $3 the next day. Is this a sign that traders expect new highs if an XRP ETF is approved by the SEC? Key takeaways: XRP exchange reserves surged by 1.2 billion tokens in a single day, led by Binance’s 610 million inflow. Futures demand rose with CME open interest up 74%, but XRP underperformed peers despite the ETF optimism. Read more
Bitcoin and altcoins picked up momentum after the softer-than-expected US inflation numbers boosted traders' confidence for a rate cut during the Federal Reserve's next meeting. Key points: Bitcoin rallied above $114,000 on Wednesday as markets cheered the softer-than-expected inflation figures. Several major altcoins have broken above their overhead resistance levels, signaling the resumption of the up move. Read more