Fed leaves interest rate unchanged. Senate passes GENIUS Act stablecoin bill

Hey traders! 👋

Another intense week in the crypto market. Let’s recap the key news and events from the past seven days 👇

quick weekly news

Fed leaves interest rate unchanged

Traditionally, let’s begin this digest with U.S. economic news.

This Wednesday, the Federal Reserve held a monetary policy meeting to discuss the interest rate decision. As expected by most analysts, the interest rate remained unchanged, despite the year-over-year inflation rate dropping by 0.4% since the last time rates were lowered in December 2024 (2.8% vs 3.2%).

Federal Reserve Chair Jerome Powell explained that the decision was primarily influenced by the anticipated negative impact of tariffs, which is expected to surface sooner or later: “It takes some time for tariffs to work their way through the chain of distribution to the end consumer.”

He also emphasized that tariffs are not only paid by foreign companies but also by consumers, since businesses, in order to maintain profitability, will be forced to raise prices. This stance directly contradicts former President Donald Trump’s position, who claimed that tariffs would be paid by other countries, not by American consumers.

At the same time, Powell stated that the Fed does not see any signs of a weakening economy. However, Byron Anderson, Head of Fixed Income at Laffer Tengler Investments, told the BBC that the Fed has shifted its focus from long-term indicators like GDP growth and unemployment to managing the potential inflationary impact of tariffs.

Senate passes GENIUS Act stablecoin legislation

Staying with U.S. news, it’s also worth highlighting the recent passage of the GENIUS Act — the first stablecoin bill aimed at ensuring that stablecoin issuers maintain a 1:1 reserve backing exclusively in highly liquid assets, such as U.S. Treasury bills or U.S. dollars. The bill also mandates regular audits, robust consumer protections, and compliance with anti-money laundering (AML) and sanctions regulations.

Shortly after the bill passed the Senate, U.S. President Donald Trump wrote on Truth Social that the legislation will make America an “undisputed leader in the digital asset industry.” He urged House members to pass this key stablecoin legislation “LIGHTNING FAST.”

The GENIUS Act aims not only to regulate the stablecoin market, which in recent years has been used as a tool for circumventing sanctions and financial regulations, but also has the potential to bring trillions of dollars into U.S. Treasuries, according to crypto czar David Sacks.

However, it’s still unclear how much new capital the act will actually attract, as most major stablecoin issuers are already heavily investing in U.S. Treasuries. Currently, the total market capitalization of stablecoins stands at approximately $250B.

Uniswap revives ‘fee switch’ revenue share proposal

Meanwhile, DL News reports that Uniswap, the largest cross-chain DEX by TVL on the market, is once again considering launching a revenue-sharing model for its $UNI token holders. The idea of revenue sharing first surfaced in 2024 and led to a significant surge in the token’s price following the announcement.

However, last year, the Uniswap Foundation canceled the vote, citing a “new issue” raised by an undisclosed stakeholder. Later, a general partner at crypto fund Paradigm claimed that the proposal was withdrawn due to pressure from another “large VC” looking to push forward its own “pet projects.”

Another important factor that may have restrained the Foundation from implementing revenue sharing was the regulatory hostility toward crypto under the previous U.S. administration, a stance that culminated in Uniswap receiving a Wells notice from the SEC in 2024. However, with the election of Donald Trump and the recent change in SEC leadership, this environment may shift quickly.

According to DeFiLlama, Uniswap currently generates between $2M and $3M in daily fees, while its cumulative fees have surpassed $4B across all supported blockchains.

Iranian crypto exchange Nobitex gets exploited

However, not all the news in the crypto market this week was positive.

On June 18th, a crypto investigator ZachXBT, reported via his Telegram channel that the Iranian crypto exchange Nobitex had been exploited across multiple chains, including Tron, Bitcoin, Dogecoin, and EVM-compatible networks. The estimated losses amount to approximately $81.7 million.

Shortly after the report by ZachXBT, the pro-Israel hacker group Gonjeshke Darande (also known as Predatory Sparrow) claimed responsibility for the attack. In their announcement, the group alleged that Nobitex was being used by the Iranian government and was actively helping it circumvent international sanctions.

Source: ZachXBT

Following the hack, the Iranian government imposed a curfew on crypto exchanges, restricting their operations to between 10:00 AM and 8:00 PM local time.

Andrew Fierman, Head of National Security Intelligence at Chainalysis, suggested that this move might be an attempt to prevent further attacks, stating: “Incidents are easier to triage if they’re not happening in the middle of the night.”

Another likely reason behind the government’s decision is to limit capital outflow by restricting public access to crypto exchanges during non-working hours.

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