Crypto Execs Take the Spotlight as Trump Signs Stablecoin Legislation
US President Donald Trump has officially enacted one of the first significant pieces of legislation pertaining to cryptocurrency and blockchain during his administration. The signing, which took place on Friday, followed extensive discussions in both the House of Representatives and the Senate. Attendees at the signing event included prominent figures from the crypto industry and Republican leaders, such as Vice President JD Vance and House Speaker Mike Johnson. The newly signed bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, received recognition from Trump, who acknowledged the presence of key crypto executives, including Kraken co-CEO David Ripley and Coinbase CEO Brian Armstrong.
Generational Spending Trends: Gen Z and Gen X Lead the Charge
Recent data indicates a growing acceptance of cryptocurrency for everyday transactions, suggesting a shift in perception as digital assets evolve beyond mere speculative investments. According to a survey conducted by Bitget Wallet involving 4,599 crypto wallet users, 39% of Generation Z reported using crypto daily for gaming, while 36% utilized it for regular purchases and travel arrangements. Meanwhile, Generation X is leading the way in high-value transactions, with 40% of this demographic using crypto for expenses related to travel, digital goods, and real estate. These insights underscore the increasing practicality of cryptocurrencies in various aspects of consumer spending.
Dave Portnoy Regrets Selling XRP Before Surge
Barstool Sports founder Dave Portnoy expressed regret over his decision to divest most of his XRP holdings shortly before the cryptocurrency achieved significant gains this past Thursday. Portnoy lamented, “I would’ve made millions, and I want to cry,” in a video shared on social media. His remarks came as XRP reached a new yearly high of $3.60, following a 19.61% increase in just 24 hours, as reported by Nansen data. Portnoy explained that he sold his XRP at $2.40 based on advice from an acquaintance who expressed concerns about competition from Circle.
Satoshi-era Bitcoin Whale Moves 40K BTC to Galaxy Digital
A Bitcoin whale from the Satoshi era has transferred an impressive 40,192 BTC, valued at approximately $4.77 billion, to Galaxy Digital, following a previous transfer of 40,009 BTC just days earlier. Onchain data service Onchain Lens highlighted this substantial transfer, indicating that the whale has moved a total of 80,201 BTC to Galaxy Digital within a four-day span, amounting to a staggering $9.6 billion at current market prices. During this interval, blockchain analytics firm Nansen reported that over 6,000 BTC were also sent to cryptocurrency exchanges Binance and Bybit.
Trump Plans Executive Order to Expand Crypto Investment in Retirement Funds
Reports suggest that President Trump is preparing to sign an executive order that could enable American 401(k) retirement plans to diversify investments into alternative assets, including cryptocurrencies. The Financial Times indicated that the executive order might be signed this week and would direct regulatory agencies to explore pathways for integrating crypto investments into 401(k) plans. This initiative could potentially widen investment options to include not only digital assets but also commodities and funds targeting infrastructure projects and private loans.
Market Overview: Winners and Losers of the Week
As the week closes, Bitcoin (BTC) is valued at $118,281, Ether (ETH) at $3,553, and XRP at $3.43, with the overall market capitalization reaching $3.85 trillion, according to CoinMarketCap. Among the top 100 cryptocurrencies, the biggest gainers are Bonk (BONK) at 53.65%, Curve DAO Token (CRV) at 51.11%, and FLOKI (FLOKI) at 40.43%. Conversely, the largest losers include Pump.fun (PUMP) at 29.73%, Pi (PI) at 5.32%, and Hyperliquid (HYPE) at 5.05%.
Noteworthy Quotes from Industry Leaders
Anthony Anzalone, founder and CEO of Xion, noted, “If anything, I see an inverse correlation between the success of this industry and the memecoin market cap because it indicates that capital doesn’t have better alternatives.” Dave Portnoy reflected on his XRP experience, stating, “I would’ve made millions, and I want to cry.” Eric Jackson, founder of EMJ Capital, remarked, “Once ETH becomes a productive, staked asset within an ETF wrapper… It’s no longer just ‘digital oil.’ It’s an institutional-grade yield product.” André Dragosch of Bitwise stated, “Bitcoin is at new all-time highs, but retail is almost nowhere to be found.” Katie Stockton of Fairlead Strategies predicted, “That puts Bitcoin at around $135,000 as an intermediate-term objective.” Nassar Al Achkar from CoinW emphasized, “The passing of the GENIUS Act and Trump’s plan to open the US retirement market to crypto investments could unlock trillions in institutional capital.”
Market Predictions: Stellar’s XLM Shows Promise
Stellar’s XLM appears poised for a potential 35% increase, bolstered by a bullish continuation pattern that mirrors XRP’s recent surge. Currently, XLM is consolidating within an ascending triangle formation, a classic setup characterized by rising lows and horizontal resistance. The resistance level, which has been tested multiple times since Tuesday, sits near $0.52, while the emerging higher lows indicate increasing buying interest. A breakout above this resistance could catalyze a price rally toward $0.63 by August, representing a 35% gain based on the current price.
Noteworthy Developments: Legal and Ethical Concerns
A former officer of the UK National Crime Agency has been sentenced to prison for stealing 50 Bitcoin during the investigation of Silk Road 2.0, now valued at $5.9 million. Paul Chowles was sentenced to five and a half years following his guilty plea to multiple charges, including theft and transferring criminal property. In another development, legal experts suggest that the securities fraud lawsuits against Michael Saylor’s company, Strategy, could take years to resolve, with multiple law firms alleging that the company misrepresented the risks and benefits of its Bitcoin investment strategy. Meanwhile, a report from the International Monetary Fund (IMF) indicates that El Salvador has not purchased any Bitcoin since signing a loan agreement in December 2024, despite previous appearances of BTC accumulation.
Top Stories from Crypto Media This Week
Bitcoin pioneer Willy Woo has recently sold the majority of his Bitcoin, opting not to pursue modest returns when more lucrative opportunities are available. In the realm of AI, mixed reactions have emerged regarding new developments, including the controversial ‘Slaughterbot’ drones and the introduction of a memecoin inspired by AI characters. Additionally, a significant crypto scam in China, amounting to $1.8 billion, has drawn outrage as the ringleader mocks the victims of the fraud.
