View moreBlockstreet 83: GENIUS Bill Passes — New Era For Crypto In America
In This Week’s Recap:
- Genius Act Advances
- UK Leads Crypto Surge
- BankSocial Corner
- Migos Instagram Hacked
- Hot Topics
The Big Idea
Senate Advances Stablecoin Framework
The U.S. Senate has broken a filibuster and advanced the bipartisan GENIUS Act — the first comprehensive federal framework for regulating stablecoins — in a decisive 66–32 vote. As the stablecoin market nears $232 billion and plays an increasingly central role in global digital finance, this legislation introduces clear standards for reserve backing, public disclosures, audits, and compliance with anti-money laundering and national security laws.
The GENIUS Act is designed to provide long-needed regulatory clarity, protect consumers, safeguard the financial system, and ensure that stablecoin innovation remains anchored in the United States. With its forward-looking provisions and growing international momentum around stablecoin oversight, the GENIUS Act positions the U.S. to lead in setting global standards as stablecoins continue to reshape payments, cross-border finance, and digital asset markets.
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Adoption News
UK Leads Global Crypto Surge
Crypto ownership is on the rise globally in 2025, with the UK seeing the fastest year-over-year growth among surveyed countries — jumping from 18% to 24% — according to Gemini’s latest State of Crypto report. While the UK leads in growth, other countries are gaining momentum too: France rose to 21%, the U.S. to 22%, and Singapore remains at the top overall with 28% adoption. The UK’s surge comes despite not having adopted a MiCA-style framework yet, pointing to its long-standing status as a global financial hub and growing investor confidence. Meanwhile, Europe’s broader regulatory clarity through MiCA appears to be driving increased adoption across the region, suggesting that crypto is entering a new phase of global expansion, even in jurisdictions still finalizing their rules.
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BankSocial Corner
BankSocial Sponsors Major Hackathon
LIVE AI Lone Star 2025 — sponsored by BankSocial and the Converge Accelerator — is this year’s premier Texas-based, multi-campus hybrid hackathon, taking place June 6–8 in Austin (Google + Antler) and Dallas (BankSocial). As the leading accelerator-backed talent discovery program, LIVE AI focuses on AI/ML, blockchain, and fintech. Participants will compete both onsite and online through a shared Discord, creating a fully hybrid experience. In addition to prize packages, participants may receive job and internship offers, IP commercialization opportunities, and consideration for the Converge Accelerator. Submit your resume, join the Discord, and get ready to build. Judging runs through June 21, with a global awards ceremony on June 28.
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CEX, Rugs, Block and Roll
Migos Instagram Solana Blackmail
Migos’ Instagram account was hacked on May 27 in what looks like a blackmail attempt targeting Solana co-founder Raj Gokal. The account posted several now-deleted images, including photos of someone who appears to be Gokal holding his passport and driver’s license, along with another image claiming to show his wife with ID. The captions hinted at an extortion demand of 40 BTC, suggesting Gokal didn’t pay up. Personal info like emails and phone numbers was also dumped. It’s unclear how the photos were obtained or whether deepfakes or a KYC data breach were involved. Gokal had already warned on X that someone was trying to hijack his accounts.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
This week, high-risk trader James Wynn stirred buzz on X after sharing a series of highly leveraged Bitcoin trades. Unfortunately for Wynn, the bold moves backfired — turning what was once $80 million in unrealized profit into a break-even outcome.
This week, GameStop made headlines with its purchase of 4,710 Bitcoin, sparking major buzz across social media. With significant overlap between GameStop shareholders and crypto investors, the news quickly gained traction on platforms like X and Reddit — especially in popular communities like WallStreetBets — fueling excitement and speculation throughout both spaces.
Circle is gearing up for its upcoming IPO, and this week, social media buzzed with rumors that Coinbase and XRP are competing in a private sale valuing the stablecoin issuer at up to $11 billion. As it stands, it looks that the company will IPO instead of undergoing a private sale.
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
