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Senate clears procedural hurdle for GENIUS Act, paving way for first-ever U.S. stablecoin law

The U.S. Senate advanced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act by invoking cloture in a decisive 68–30 vote on June 11, clearing the way for a final floor vote. The  bill mandates full reserves backed by U.S. dollars or Treasuries, segregated funds, regular audits, and AML protections for stablecoin issuers.

OUR TAKE: If you like stablecoins this is your superbowl. The GENIUS Act would create the country’s first comprehensive legal framework for stablecoins, and it has bipartisan support. Banks have been barred from crypto for a number of reasons– AKA Operation Chokepoint 2.0–which has fed the growth of the insanely profitable stablecoin industry outside the United States.

Right now, stablecoins like Tether dominate and they’re registered in the British Virgin Islands, not Boston. U.S. firms like Circle, PayPal, and banks want in, but they are constrained by lack of regulatory clarity. When Tether is one of the largest buyers of US Treasuries, it kinda forces your hand. 

GENIUS gives federally chartered stablecoin issuers clear oversight. This moves the industry away from shadow finance and toward regulated, transparent operators which opens the door to real institutional growth.

It’s not all positive though. Critics say the act entrenches incumbents like Circle and PayPal by imposing capital-intensive compliance requirements. The act is also narrowly focused on fiat-backed stablecoins and doesn’t account for other schemes.

Stablecoins are here to stay. It’s possible that they may define the next decade of crypto. But….isn’t the whole idea of Bitcoin and crypto to “opt out” of the system? Are we trojan horsing – or rather, being trojan horsed into – a stronger fiat regime?

-CBS

SEC filing gives glimpse into American Bitcoin’s operations 

Gryphon Digital filed an S-4 business combination prospectus with the U.S. Securities and Exchange Commission this week for its proposed merger with American Bitcoin. The filing gives investors and analysts their first peek into American Bitcoin’s operations and financial position. 

OUR TAKE: Nothing too shocking. But we have some questions. 

American Bitcoin reported $12.3 million in revenue for Q1 and a total hashrate of 10.17 EH/s. (American Bitcoin entered into its business combination with Hut 8 on March 31, 2025, from which the subsidiary inherited Hut 8’s self-mining operations. As such, its revenue is carved out from Hut 8’s self-mining operations for the quarter). 

American Bitcoin’s revenue comes out to $1.2 million per EH/s. By comparison, Riot pulled $4.2 million per EH/s and MARA $3.8 million per EH/s from their self-mining operations in Q1. So either American Bitcoin/Hut 8 are having uptime issues, or American Bitcoin hasn’t fully deployed all of its 10.17 EH/s. Hut 8 reported in its March update that it had 9.3 EH/s of self-mining hashrate online at the end of the month, but that 0.87 EH/s difference doesn’t explain the revenue deficit.

Energized or not, American Bitcoin’s Q1 cost of revenue was $11.7 million, which nearly eats up its income for the quarter. And that’s the cost of revenue from Hut 8’s operations; in other words, Hut 8’s power bill and direct, onsite costs. What happens when Hut 8 passes these costs on to American Bitcoin for managing its self-mining segment, per the parent and subsidiary’s business agreement? Will Hut 8 charge a service fee on top for the management or keep it flat? This is one of the biggest outstanding questions regarding the two company’s business relationship. 

Cost aside, one of the more promising takeaways from the S-4 is American Bitcoin’s clear path to more than doubling its hashrate. The filing states that American Bitcoin has entered into an option agreement with Hut 8 to purchase $320 million worth of Bitmain’s U3S21EXPH, a direct-to-chip cooled, server-rack ASIC miner that Hut 8 is hosting for Bitmain. Hut 8 struck the 15 EH/s deal for these miners last September and has been installing them this year, with a projected completion at the end of Q2 and option to purchase the hosted rigs. Assuming American Bitcoin exercises the purchase, the company will have turnkey access to highly efficient hydro models that will give it a clear path to 25 EH/s. As we reported last week, an American Bitcoin investor deck reveals that the company is seeking private investment for the expansion. 

Should the deal come to pass, it should improve American Bitcoin’s cost structure, but we’ll still be waiting patiently for its first quarterly filing once it goes public for more clarity on its operating cost structure with Hut 8.

-CMH

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Controversial OP_RETURN PR merged into Bitcoin Core

After 2 months of controversy and debate, Bitcoin Core developers merged the PR relaxing standardness rules for OP_RETURN. The PR would bring client relay policy in line with consensus and is not a soft fork. Bitcoin Core typically releases biannually, putting the next version release some time next Fall 2025. - link

Arthur Hayes’s Maelstrom funds silent payments development with new Bitcoin grant

Silent Payments, a Bitcoin privacy technique, face tailwinds after Maelstrom names developer Ron (A.K.A “macgyver13”) its fourth grant recipient. Ron will work to integrate BIP-352 into Bitcoin wallets, enabling static addresses that preserve privacy without leaking metadata. Maelstrom CFO Arthur Hayes emphasized that the goal is to combat address reuse, a key component of blockchain surveillance. - link

Coinbase to release bitcoin reward credit card

Coinbase is rolling out a credit card that offers users 2-4% bitcoin back on purchases. The Coinbase One Card will be issued by American Express and available to U.S. users starting in the fall of 2025.  - link