What made Elon Musk call Trump’s “Big Beautiful Bill” a disgusting abomination and what does this mean for crypto’s future in America? Musk calls Big Beautiful Bill a disgusting abomination in viral attack The One Big Beautiful Bill Act, or…

Elon Musk called it an “abomination” — but the Big Beautiful Bill might be crypto’s backdoor stimulus

The Digital Asset Market Clarity Act isn&#8217;t perfect, but Congress should pass 
it this summer to establish the US as the global leader in digital asset 
regulation.

CLARITY Act isn’t perfect, but it’s the bill US Congress must pass this summer

American multinational investment bank Citigroup announced plans to 
potentially issue its stablecoin, as CEO Jane Fraser revealed during a post- 
earnings conference call. As first reported by Reuters, Fraser emphasized the 
bank&#8217;s focus on both the stablecoin initiative and the growing tokenized 
deposit sector, stating, &#8220;This is a good opportunity for us.&#8221; As the third- 
largest lender in the United States, Citigroup is also exploring solutions for 
reserve management related to stablecoins and providing custody services for 
cryptocurrency assets. Citigroup&#8217;s Plan For New Stablecoin Initiative This 
announcement follows a strong second-quarter performance for Citigroup, which 
saw its shares reach their highest levels since the 2008 financial crisis. The 
bank reported earnings that exceeded Wall Street expectations and unveiled 
plans to buy back at least $4 billion in stock, further bolstering investor 
confidence. Related Reading: Unraveling The Bitcoin Boom: Experts Decode 
Record $123,000 Surge The timing of Citigroup’s stablecoin discussions 
coincides with the Republican Party&#8217;s &#8220;Crypto Week,&#8221; a campaign aimed at 
advancing crucial legislation to establish a regulatory framework for digital 
assets. Among the key proposals is the GENIUS Act, designed to facilitate the 
adoption of stablecoins within the traditional financial ecosystem. However, 
the path to regulatory approval has faced challenges. Legislative Setback For 
Crypto President Donald Trump called for swift passage of the GENIUS Act and 
the CLARITY Act, promoting them as pivotal for the United States to maintain 
its leadership in digital assets. In a Tuesday post on Truth Social, Trump 
proclaimed: The House will soon VOTE on a tremendous Bill to Make America the 
UNDISPUTED, NUMBER ONE LEADER in Digital Assets &#8211; Nobody does it better! The 
GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, 
and all others, who are trying endlessly to catch up, but they just can’t do 
it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first 
Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!). Despite this 
push, the House of Representatives voted against the bill, with the final 
tally standing at 196-223. Notably, 13 Republican representatives joined 
Democrats in opposing the motion, marking a rare instance of dissent within 
the party. Related Reading: TD Cowen Projects Bitcoin At $155K By Year-End, 
Raises Strategy’s Price Target Fox journalist Eleanor Terret reported that 
some House members expressed concerns that the GENIUS Act could inadvertently 
pave the way for a Central Bank Digital Currency (CBDC). However, the bill 
includes provisions explicitly prohibiting the Federal Reserve from directly 
offering services to the public, ensuring that it cannot authorize initiatives 
like digital wallets or personal accounts related to CBDCs. The ultimate fate 
of these crucial crypto bills in the US Congress remains to be seen, as does 
whether this recent decision will cause financial giants to pause their plans 
to issue or adopt a major stablecoin for their clients. Featured image from 
DALL-E, chart from TradingView.com

Citigroup CEO Confirms Interest In Issuing A Proprietary Stablecoin—Reuters

Ethereum co-founder Vitalik Buterin responds to Jason Chaskin’s call for 
layer-1 blockchains to become Ethereum layer-2s, suggesting an approach to L2 
design.

Vitalik Buterin proposes minimalism as key to layer-2 blockchain success

Grayscale Investments has confidentially submitted an S-1 registration with 
the SEC, joining a growing roster of crypto firms pursuing IPOs as BTC 
continues to hit new ATHs. Grayscale Investments, known for its flagship 
products the Grayscale Bitcoin Trust (GBTC) and…

Grayscale confidentially files for IPO, joining a wave of crypto firms heading to public markets

The CLARITY Act promises long-awaited regulatory clarity for digital assets, 
balancing innovation, oversight and investor protection.