CFA Report Pegs US Crypto Fraud Losses at $80.7B

Aave's native token has surged due to a key procedural vote in Congress on the GENIUS Act, which aims to provide regulatory clarity for stablecoins. The bill, needing one more vote to pass, could lead to wider institutional adoption of stablecoins, including Aave's GHO stablecoin.

Kevin O’Leary criticized Senator Elizabeth Warren for politicizing the stablecoin bill, warning of potential negative consequences for the U.S. in global finance. The GENIUS Act, aimed at regulating stablecoins, faced initial hurdles but is now progressing in the Senate.

Bitcoin ETFs experienced significant inflows, with Fidelity's Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF leading the way. Total inflows reached $667.4 million, with BlackRock's iShares Bitcoin Trust attracting the most investments.

Circle, the stablecoin issuer behind USDC, has reportedly engaged in "informal talks" to sell itself to Coinbase or Ripple, seeking at least $5 billion, as an alternative to an IPO. Coinbase and Ripple have both shown interest in acquiring Circle, with Ripple offering $4-5 billion in XRP and cash.

Binance has filed a motion to dismiss a $1.76 billion lawsuit by the FTX estate, claiming the complaint is legally deficient and cannot link Binance or its former CEO to FTX's collapse. The lawsuit seeks to recover crypto transferred to Binance in 2021 as part of a share repurchase agreement.

The Take It Down Act, signed into law by President Donald Trump, criminalizes non-consensual online publication of intimate images, including deepfakes, and requires tech platforms to remove such content within 48 hours. First Lady Melania Trump praised the law as a victory for protecting children.

The Screen Actors Guild has filed a labor complaint against Epic Games' subsidiary for replacing voice actors with AI in Fortnite without union consent. The complaint alleges a violation of labor agreements due to the use of AI-generated characters like Darth Vader.

Hwang Jung-eum has been removed from the final episode of 'Because I'm Single' after admitting to embezzling $3.1 million to invest in crypto. Her VCR segments were cut, and her MC comments minimized due to the scandal.

Genesis Global has filed two lawsuits against Digital Currency Group, accusing them of orchestrating fraudulent transfers and misleading creditors as the company neared collapse. The lawsuits seek over $3.1 billion, including improper transfers made in crypto assets valued at up to $2.1 billion.

The Senate's stablecoin bill, known as the GENIUS Act, has regained momentum after a failed vote. Key Democrats have now supported the bill, which is expected to pass soon. The bill aims to establish a legal framework for issuing stablecoins in the US.