June 18, 2025

The biggest crypto news and ideas of the day

Welcome to The Node! This is Ben Schiller to take you through the latest crypto news from CoinDesk's reporters.

U.S. Senate Approves the GENIUS Act with Overwhelming Bipartisan Vote

This marks the first time the Senate has ever cleared a major piece of crypto legislation after years in which key Democratic members have blocked such momentum
The bill heads to the House of Representatives, where its next steps remain uncertain while leading lawmakers work out a strategy for passage

Today's Op-Ed

We Need to Fix the So-Called GENIUS Bill

BY JAMES J. ANGEL

The proposed legislation faces criticism for potential redundancy and the involvement of multiple regulators, which could lead to inefficiencies
Congress is urged to designate the Federal Reserve as the sole regulator for stablecoins to streamline oversight and address systemic risks

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

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New from CoinDesk Research

CoinDesk Research's latest protocol research explores Bahamut, an EVM-compatible layer-1 protocol that offers a unique approach to validator economics.

Commissioned by Bahamut, the report evaluates the protocol's novel consensus mechanism along with its validator design, tokenomics, architecture and application-layer ecosystem, including adoption metrics, scaling infrastructure, grants and more.

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Iranian Crypto Exchange Hacked

Iranian crypto exchange Nobitex was hacked for $90 million, with the Israeli-linked group Gonjeshke Darande claiming responsibility
The hacktivist group warned that Nobitex's internal data and source code would be released, putting remaining assets at risk

Crypto’s Latest Meme Cult is Literally USELESS

USELESS coin has exploded 2,000% in two weeks, jumping from $0.004 to nearly 10 cents and hitting a market cap of as much $100 million
The Solana-based token now has 12,000 holders, $23 million in peak daily volume, and a cult following built entirely on irony

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