It’s official: the US now has federal stablecoin regulation.
As “Crypto Week” wraps up, President Trump has signed the GENIUS Act into law — joined by key industry players like Coinbase CEO Brian Armstrong and Circle’s Jeremy Allaire. It’s the first time a major crypto bill has made it to the US statute books, and many see it as a turning point in digital finance.
Elsewhere, Singapore takes a key step toward resolving one of the largest crypto hacks in recent years, and UK authorities are cracking down on illegal crypto ATMs and unregistered exchanges.
Here’s what you need to know this week.
Crypto leaders head to White House as GENIUS Act becomes law
Top industry figures including Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire attended the White House as President Trump signed the GENIUS Act into law. The legislation, which creates a federal framework for stablecoins, is one of three key crypto bills passed during “Crypto Week” — alongside the CLARITY Act and the Anti-CBDC Act.
The GENIUS Act received strong bipartisan support and marks the first time a major digital asset bill has been enacted into US law. Industry leaders are hailing the moment as a turning point for the future of money and a clear sign of US leadership in digital finance regulation.
Why this matters:
This is a landmark moment for the crypto industry. With the US now enshrining stablecoin rules into law, regulatory clarity is finally catching up with innovation. It could pave the way for greater institutional adoption and cement the US as a leader in the next phase of financial infrastructure.
Read more on Crypto News.
Seven crypto ATMs seized in London as two arrested for illegal exchange
Two individuals have been arrested on suspicion of money laundering and operating an unregistered crypto asset exchange in the UK. The joint operation, led by the FCA and Metropolitan Police, involved raids on four premises across southwest London. During the searches, seven illegal crypto ATMs were discovered and seized — a first for the UK since the FCA warned that no crypto ATMs are legally operated in the country.
The suspects were interviewed under caution and released pending further investigation. The FCA reminded the public that operating a crypto asset exchange or ATM in the UK without FCA registration is illegal, and breaching anti-money laundering regulations constitutes a criminal offence.
Detective Inspector Geoff Donoghue of the Met’s Cryptocurrency Team stated,“Our team is committed to working alongside our partners to address the growing threat of the misuse of cryptocurrencies. As cryptocurrency usage evolves, so do our efforts to safeguard our communities. This operation with the FCA shows our determination to keep Londoners safe from financial criminals.”
Why this matters:
The FCA is cracking down on the UK’s underground crypto economy, and crypto ATMs are firmly in the firing line. This sends a clear message to operators: if you’re not registered, you’re not legal. For law enforcement and compliance professionals, it’s another sign that unregulated onramps are a growing target.
Read more on the FCA website.
Singapore court clears revote for WazirX restructuring after $230M hack
The Singapore High Court has approved a revote on the revised restructuring plan for WazirX, more than a year after the crypto exchange suffered a $230 million hack attributed to North Korea’s Lazarus Group. The updated plan, overseen by Singapore-based Zettai, replaces the original Panama-based structure with Zanmai India — an FIU-registered entity — to improve regulatory alignment and accelerate fund distribution.
The move follows legal and procedural delays, despite an earlier 93.1% approval rate from creditors. If passed again, Zanmai is expected to begin returning assets to users within 10 business days. The Monetary Authority of Singapore has clarified that Zettai does not need a digital token license under the current plan.
Why this matters:
This decision is a major step forward for affected users, and a case study on how cross-border crypto insolvencies are evolving. Singapore’s role as a regulatory hub and the court’s approval of jurisdictional shifts may influence how future multi-national crypto failures are resolved.
Read more on Financial Express.
