President Trump has officially signed into law the first-ever comprehensive crypto legislation in the United States. This marks a pivotal moment for the crypto market, set to significantly propel its future development.

Market Overview

US equities closed mixed on Friday, July 18th, with the Dow Jones and S&P 500 experiencing slight declines, while the Nasdaq remained flat. Gold contracts rose to $3355 per ounce. Oil prices stood at $67 per barrel.

Bitcoin held steady around $118,000. Among major altcoins, some saw declines while others registered gains. The overall crypto market capitalization remained at $3.9 trillion.

US Bitcoin spot ETFs continued to see positive inflows on Friday, attracting $363.5 million. ETH spot ETFs recorded even larger inflows, totaling $402.5 million. SOL also saw $11.4 million in inflows during the session. These consistent inflows across major crypto ETFs underscore strong and sustained investor interest.

BlackRock's Bitcoin Spot ETF (IBIT) has achieved a historic milestone, becoming the fastest ETF ever to reach $80 billion in assets, doing so in just 374 days—five times quicker than the previous record held by Vanguard's S&P 500 ETF (VOO), which took 1814 days. Currently, IBIT holds $83 billion, ranking 21st among over 4,000 ETFs in the US and standing as BlackRock's most profitable ETF. Eric Balchunas from Bloomberg suggests that the $100 billion mark could be reached as early as this month, sooner than anticipated. This unprecedented growth highlights the accelerating institutional adoption of Bitcoin.

US Officially Enacts First Crypto Law: The GENIUS Act

President Trump has finally signed into law the first-ever comprehensive legislation for the crypto market in the United States. This represents a monumental milestone for the crypto industry, poised to significantly boost its future growth.

Here's a summary of the law's key provisions:

The GENIUS Act establishes the first federal legal framework for stablecoins, focusing on user protection, national security, and maintaining the US dollar's position as the global reserve currency.

User Protection:

• Requires stablecoins to be 100% backed by US dollars or short-term Treasury bills.
• Mandates monthly transparency disclosures regarding reserve composition.
• Prohibits misleading advertisements and false claims that stablecoins are government-guaranteed.
• In the event of bankruptcy, prioritizes the rights of stablecoin holders over other creditors.

Reinforcing the US Dollar's Position:

• Stablecoins must be backed by US assets, increasing demand for US Treasury bonds.
• Helps maintain the US dollar's status as the global reserve currency.
• Attracts investment and technological innovation, while creating a clear environment for the stablecoin industry to thrive.

Enhancing National Security & Compliance:

• Applies the Bank Secrecy Act to stablecoin issuers.
• Requires the establishment of anti-money laundering and international sanctions compliance systems.
• Issuers must have the ability to freeze, recall, or burn stablecoins as required by legal mandates.

President Trump's Address at the GENIUS Act Signing Ceremony

President Donald Trump declared that under his leadership, the United States has become the capital of the global crypto industry, and he pledged to further expand this role during his term. He emphasized that the dismissal of SEC Chairman Gary Gensler was one of the most applauded moments of his campaign, as the promise to "fire Gensler" drew explosive applause from the audience.

Trump admitted that initially, he didn't fully understand why the public so vehemently opposed Gensler, but he later realized that the community's dissatisfaction was entirely justified. Instead, he appointed a new SEC chairman with an innovative mindset, Paul Atkins, who, according to Trump, wants to build the future rather than hinder it.

He also referenced the GENIUS Act, a bill named in his honor, and extended his gratitude to the crypto community for their contributions over the years. GENIUS, while meaning "genius," is also an acronym for the "Guiding and Establishing National Innovation for U.S. Stablecoins Act." This landmark legislation is a direct result of the increasing political recognition and support for digital assets in the US.

Tariff Updates: Trump Proposes New Tariffs on EU, Imposes on Graphite

President Trump is proposing increased import tariffs on the EU, putting pressure on trade negotiations. According to the Financial Times, President Donald Trump is considering imposing import tariffs ranging from 15% to 20% on goods from the European Union (EU), significantly higher than the current baseline of 10%.

Meanwhile, the EU hopes to achieve a softer agreement, similar to its deal with the UK, which would include maintaining baseline tariffs and exemptions for certain sectors. Trump has repeatedly criticized the EU's €198 billion ($231 billion) merchandise trade surplus with the US. However, the EU argues that the overall trade balance becomes more equitable when services and investments are included. The EU has also pledged to increase purchases of US oil and gas to narrow the trade gap.

In another development, the US has decided to impose a 160% tariff on graphite imports from China—a crucial material in electric vehicle battery production—citing unfair Chinese subsidies and dumping practices. This tariff aims to protect and revive domestic industries vital for strategic sectors.

Other Key Crypto & Market Updates

Companies continue to accumulate BTC. Thumzup Media, backed by Eric Trump, has approved plans to purchase up to $250 million in Bitcoin. Coinsilium Group Forza! has bought an additional 10.25 BTC, raising its total Bitcoin holdings to 112 BTC. Planet Ventures Inc. acquired 3.02 BTC, now holding a total of 25.8 BTC. Vanadi Coffee purchased 4 BTC, bringing its total to 74 BTC. Swedish e-commerce company Refine Group launched a Strategic Bitcoin Reserve Fund, raising $1.02 million to buy BTC. This broad-based corporate accumulation signals strong long-term conviction in Bitcoin.

In its latest report, the International Monetary Fund (IMF) affirmed that El Salvador has not purchased additional Bitcoin recently, refuting circulating social media rumors. According to the IMF, the amount of Bitcoin held by the Salvadoran government has remained unchanged since the current economic program was approved earlier this year. The reported increase in Bitcoin balances is, in fact, a result of consolidating various wallets, not new purchases. However, some suggest that the Salvadoran government might have covertly continued its strategy of accumulating 1 Bitcoin daily through other wallets, to avoid violating IMF loan conditions.

A Bitcoin whale from the Satoshi era recently transferred the remaining 60,000 BTC to Galaxy Digital, completing the transfer of its entire 80,000 BTC holding (valued at approximately $9.6 billion). Galaxy specializes in facilitating transactions for institutional clients. However, the market showed almost no reaction to this event, indicating the growing maturity and liquidity of the OTC market for large-scale Bitcoin transactions.

Bit Origin Ltd, a Nasdaq-listed Bitcoin mining company, plans to raise $500 million to purchase Dogecoin, through stock sales and convertible debt. The company aims to become one of the largest institutional holders of DOGE, expecting to boost its stock value and expressing confidence in Dogecoin's payment potential. This strategic pivot highlights the evolving landscape of corporate crypto treasury management beyond just Bitcoin.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• White House Press Office
• International Monetary Fund (IMF)
• Thumzup Media Investor Relations
• Coinsilium Group Investor Relations
• Planet Ventures Inc Investor Relations
• Vanadi Coffee Investor Relations
• Refine Group
• Galaxy Digital
• Bit Origin Ltd Investor Relations

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.