Trump Signs GENIUS Act as PUMP Token Falls 22%

Charles Schwab Eyes Dollar-Backed Stablecoin as Trump Set to Sign GENIUS Act into Law

Charles Schwab is considering launching its own U.S. dollar–pegged stablecoin, according to CEO Rick Wurster, who spoke during an earnings call on Friday. The move signals Schwab’s growing interest in crypto as it prepares to offer spot Bitcoin and Ethereum ETF trading to clients. This announcement comes as President Trump prepares to sign the GENIUS Act into law, creating a federal regulatory framework for stablecoins. Schwab joins other financial giants like Citigroup and JP Morgan in eyeing the $250 billion stablecoin market, which analysts expect could triple in size by 2030. The firm, which manages over $7 trillion in assets, has said it will fully enter spot crypto trading once regulations are clearer.

Trump Signs GENIUS Act into Law, Creating First US Stablecoin Framework and Marking Crypto Industry Milestone

President Donald Trump has signed the GENIUS Act, the first major U.S. legislation establishing a federal regulatory framework for stablecoins. The law mandates that stablecoins be fully backed by U.S. dollars or liquid assets, enforces annual audits for issuers over $50 billion in market cap, and introduces rules for foreign issuers. Passed with bipartisan support in both chambers of Congress, the bill marks a significant shift in U.S. crypto policy and was celebrated by industry leaders like Coinbase’s Brian Armstrong and Circle’s Jeremy Allaire, who attended the White House signing. Trump framed the act as a victory for American financial dominance and a “massive validation” for crypto, while critics, including Rep. Maxine Waters, raised concerns about national security risks and alleged Trump family conflicts of interest.

Trump’s CFTC Pick Brian Quintenz Advances as Senate Weighs Crypto Oversight Shift Under CLARITY Act

Brian Quintenz, President Trump’s nominee to lead the Commodity Futures Trading Commission (CFTC), is moving closer to confirmation as the Senate Agriculture Committee prepares to review his appointment. His role could become pivotal if the Digital Asset Market Clarity (CLARITY) Act, recently passed by the House, is approved by the Senate. The bill would shift significant crypto regulatory authority from the SEC to the CFTC. Quintenz may soon be the agency’s only commissioner, with the current acting chair and another member expected to step down in 2025. His leadership would come during a transformative moment, as Congress debates the future structure of U.S. crypto regulation.

PUMP Token Slides 22% After $600M ICO as LetsBONK Overtakes in Memecoin Volume, Buybacks and New Features Incoming

Just days after Pump.fun’s highly anticipated $600 million ICO, the PUMP token has dropped over 22% to around $0.004, erasing its early post-ICO gains. Despite a brief rally following a $31 million token buyback, market enthusiasm has cooled. Meanwhile, competitor LetsBONK has overtaken Pump.fun in daily memecoin generation, signaling shifting momentum in the Solana ecosystem. Pump.fun is responding with new utility features, a revenue-sharing protocol, and a “community takeover” initiative allowing users to revive inactive projects. It also made its first acquisition: wallet tracker Kolscan.