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Senate passes GENIUS stablecoin bill in a win for the crypto industry

is a senior reporter for The Verge, covering the Trump administration, Elon Musk’s takeover of the federal government, and the tech industry’s embrace of the MAGA movement. In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.

Senate passes GENIUS stablecoin bill, giving crypto industry first major legislative win

The World Liberty Financial website arranged on a smartphone in New York, US, on Wednesday, Feb. 12, 2025. Gabby Jones | Bloomberg | Getty Images The Senate on Tuesday passed the GENIUS Act, a landmark bill that for the first time establishes federal guardrails for U.S. dollar-pegged stablecoins and creates a regulated pathway for private companies to issue digital dollars with the blessing of the federal government. The bill passed with a 68-30 vote. It's a milestone day for the crypto industr

Coinbase beefs up subscription plan by offering it with American Express credit card

Coinbase on Thursday introduced its first branded credit card in partnership with American Express . The card will be available exclusively to U.S. members of Coinbase One, the cryptocurrency platform's monthly subscription product that offers zero trading fees, increased staking rewards and other perks. Additionally, Coinbase is also creating a lower-cost "Basic" subscription tier. Cardholders will be able to earn between 2% and 4% back in bitcoin , beginning this fall, and take advantage of

Shaq Signs $1.8 Million Check to End His Crypto Drama

Shaquille O’Neal can finally breathe a sigh of relief. The basketball legend turned businessman and TV personality has agreed to pay $1.8 million to settle a class-action lawsuit over his role in promoting the now-defunct cryptocurrency exchange FTX. While the payment closes a legal chapter for the former Laker, it also marks a turning point in how courts are treating celebrity endorsements in the volatile world of crypto, a space where stardom once offered both hype and cover. O’Neal is among

John L. Young, the Guy Who Created Wikileaks Before Wikileaks, Dies at 89

John L. Young, often hailed as an under-recognized hero of the digital age and co-founder of the groundbreaking transparency platform Cryptome, passed away on March 28th in New York City. His death, in relative anonymity, stands in stark contrast to the thunderous revelations that defined his pioneering work. His passing was quietly acknowledged by Archinect, a professional publication for architects, on June 4th: “John L. Young, architect and the co-founder (with his wife Deborah Natsios) of

Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist

Ben Zhou, chief executive officer of ByBit, during the Token2049 conference in Singapore, on Thursday, Sept. 14, 2023. Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what's estimated to be the largest crypto heist in history. The attack compromised Bybit's cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether , were quickly transferred across multiple wallets and liquidated through various p

Crypto exchange Bybit says it was hacked and lost around $1.4B

Crypto exchange Bybit announced on Friday that “a sophisticated attack” led to the theft of Ethereum (ETH) from one of the company’s offline wallets. Bybit’s chief executive and co-founder Ben Zhou said in a livestream that the hackers stole around 401,346 ETH, which at the time of the theft amounts to about $1.4 billion. Both crypto security firm Elliptic, as well as crypto security researcher ZachXBT, the total amount of ETH stolen is worth around $1.4 billion, making this the largest known

Brian Armstrong says Coinbase spent $50M fighting SEC lawsuit — and beat it

Coinbase on Friday said the SEC has agreed to drop the lawsuit against the company with prejudice, meaning it cannot be filed again. The move, which is still subject to the approval of the SEC’s Commissioners, is yet another signal that the Trump administration plans to be more friendly to crypto than the SEC was under former leader Gary Gensler. The SEC’s lawsuit, filed in 2023, alleged that crypto assets were securities and that Coinbase was operating as “an unregistered national securities

Coinbase boss claims SEC will drop crypto lawsuit

Coinbase boss claims SEC will drop crypto lawsuit Coinbase chief executive Brian Armstrong said the potential dismissal of the lawsuit would be "hugely vindicating". Its boss Brian Armstrong said in a post on X on Friday that "an agreement" had been reached with the regulator's staff to dismiss the legal action which would see it pay no fines or make any changes to how it operates, when confirmed. The US regulator alleged in 2023 that Coinbase had violated laws by offering investments that ar

Coinbase says Trump’s SEC has ended its enforcement case against the crypto company

Coinbase says that the SEC has agreed to end an enforcement case that accused it of illegally running an unregistered securities exchange. This could signal a major change in how the US government will enforce the crypto market now that Trump is in office. The lawsuit, which was filed during the Biden administration , has long-been considered an attempt to bring the crypto industry under the same investor-protection rules that govern stocks and other securities. Coinbase had been fighting the l

Hacker steals record $1.46 billion from Bybit ETH cold wallet

Cryptocurrency exchange Bybit revealed today that an unknown attacker stole over $1.46 billion worth of cryptocurrency from one of its ETH cold wallets. "The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing interface, displaying the correct address while altering the underlying smart contract logic," Bybit explained. "As a result, the attacker was ab

SEC’s “scorched-earth” lawsuit against Coinbase to be dropped, company says

On Friday, a Coinbase executive declared the "war against crypto" over—"at least as it applies to Coinbase." According to Coinbase Chief Legal Officer Paul Grewal, the US Securities and Exchange Commission (SEC) plans to drop its lawsuit against the largest US cryptocurrency exchange as the agency shifts to embrace Donald Trump's new approach to regulating cryptocurrency in the US. The SEC sued Coinbase in 2023, accusing Coinbase of "operating its crypto asset trading platform as an unregister

Crypto exchange Bybit says it was hacked and lost around $1.4 billion

Crypto exchange Bybit announced on Friday that “a sophisticated attack” led to the theft of ethereum (ETH) from one of the company’s offline wallets. Bybit’s chief executive and co-founder Ben Zhou said in a livestream that the hackers stole around 401,346 ETH, which at the time of the theft amounts to about $1.4 billion. Both crypto security firm Elliptic, as well as crypto security researcher ZachXBT, the total amount of ETH stolen is worth around $1.4 billion, making this the largest known

A cryptocurrency scam that turned a small town against itself

Online scams are as old as the internet, but the rise of crypto has given con artists a valuable new tool — digital coins that can be transferred instantly, without oversight from banks legally obligated to monitor transactions for malfeasance. In 2023, crypto fraud cost American investors an estimated $4.8 billion, according to the F.B.I. The scams are so common that law-enforcement authorities have taken to calling them by a pithy name: Pig butchering, a rough translation of an expression wide