SnapShot 211

GENIUS Act officially passes, crypto still in ‘greed’, and XRP and SOL ETFs ramp up

Hello SnapShotters,

The U.S. Senate has handed crypto its most significant policy victory to date, passing the GENIUS Act in a 68 to 30 vote. The legislation marks the first federal framework for stablecoins, setting strict rules around reserves, audits, and anti-money laundering (AML) compliance, while giving private issuers — from banks to big retailers — a clear legal runway.

Market-wise, BTC briefly neared the $110,000 mark before dipping, while ETH held steady within the $2,500 to $2,600 band. Risk appetite remained strong despite geopolitical unease; global crypto exchange-traded products (ETPs) brought in $1.9 billion in weekly inflows as the Fear & Greed Index lingered in ‘greed’ territory.

Activities were rampant on the crypto spot exchange-traded fund (ETF) front. Canada approved the first-ever spot XRP ETF — pushing XRP up by as much as 7% — and the race for a spot SOL ETF intensified with new and amended filings. Trump Media, in a partnership with Crypto.com, is aiming for its own dual-asset ETF, one that would hold both BTC and ETH.

However, geopolitical conflicts still loom in the background, leaving markets to weigh the U.S. Federal Reserve’s unchanged interest rates against the shadow of turmoil.

Let’s unpack what else moved the crypto world this week.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 
Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🇺🇸 Senate Passes GENIUS Act

The U.S. Senate greenlit the GENIUS Act, a first-of-its-kind stablecoin bill that sets federal guardrails and unlocks new issuance pathways for banks, fintech firms, and retailers. The bill now moves to the House of Representatives for review.

🦁 Crypto.com Accepting BlackRock’s Tokenized Fund as Collateral

This week, the Crypto.com Exchange announced it will accept BlackRock’s tokenized fund, BlackRock USD Institutional Digital Liquidity Fund (BUIDL), as trading collateral for clients. BUIDL provides qualified investors with the opportunity to earn U.S. dollar yields by subscribing to the fund.

🇨🇦 XRP ETF Gets Canada’s Green Light

After securing regulatory approval, Purpose Investments’ spot XRP ETF (XRPP) began trading on June 18. Following the announcement, XRP surged 7%, outperforming BTC and major altcoins.

🟠 Solana ETF Filings Pile Up

Bitwise, 21Shares, and others amended Solana ETF filings with the U.S. Securities and Exchange Commission (SEC), following CoinShares and Fidelity filings. The SEC also kickstarted public comment on Franklin Templeton’s Solana and XRP ETF filings, pushing decisions to late July.

🇻🇳 Vietnam Legalizes Crypto

Vietnam passed a landmark digital law recognizing crypto assets and setting rules for monitoring and compliance. Taking effect in 2026, the legislation also backs AI, chips, and digital infrastructure with tax and research and development (R&D) perks.

🔴 Liverpool Red Hot in Crypto Use
Liverpool has been crowned the UK’s crypto capital, with 13% of residents actively investing in crypto and tracking stocks — more than any other British city, per a new survey by Openreach.

📢 Trump Media Plans Dual Crypto ETF

Trump Media says its upcoming ETF will hold both BTC and ETH: 75% in BTC, 25% in ETH. The launch is expected later this year through a partnership with Crypto.com.

What’s Ahead

⏰ October 2025: Decision on Staked ETH ETF

This is the final deadline for the SEC to decide whether Grayscale can offer staking in its Ethereum ETFs, which let investors earn yield directly from their ETF holdings, unlike current ETH ETFs, which only track price.

Number of the Week

Chart of the Week

Ethereum futures open interest reached an all-time high, blasting to a record $21.8 billion on June 10, nearly doubling since April’s year-to-date (YTD) low. 

The spike in leveraged positions coincided with ETH reclaiming $2,800, as well as rising institutional activity on CME futures — a sign of mounting speculative momentum.

Research & Insights

Monthly Feature Article | Interest Rate Derivatives and Pendle

Interest rate derivatives dominate traditional finance, but they’ve long been out of reach for retail investors. Pendle changes that; by splitting yield-bearing assets into tradeable principal and yield tokens, it brings fixed income mechanics on-chain. 

It’s like tokenized bond markets meets DeFi modularity, with growing volume and advanced AMM design to boot. But with more yield tools come more risks: Mispricing, complexity, and market shifts that can throw the unprepared off.

👉 Dive into our latest research for the full breakdown.

Crypto Trivia

Which major social media platform was first to publicly experiment with NFTs and blockchain tech?

A) Instagram
B) YouTube
C) Reddit

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

Digital artist Fran Rodriguez returns to Crypto.com with the sixth collection of the Cryptonauts saga, this time dropping ‘Legendary Cryptonauts’ on Wednesday, June 25. Rodríguez is “known for his striking images depicting his interpretation of humanity’s place in the universe…deeply inspired by his early fondness of surrealism and psychedelia.”

The Spanish artist returns with “his most epic and biggest collection to date,” where, in the future, “everyone will know the story of these astronauts. Magic and science go hand in hand in this adventure through the fabric of space and time.”

This drop features various utility items provided by the artist, and early access starts 60 minutes before the scheduled drop time for those who are eligible. “Let’s write the story together.”

Time to take off. 🚀 With your head in the clouds.

Product Updates

Keep Track of Your Favourite Tokens in Crypto.com Onchain

You can now easily keep track of your most-watched cryptocurrencies with the ‘favorited’ function on Crypto.com Onchain. Swipe left on a selected token on the homepage to add it to the favorite list. You’ll then see it at the top of the list every time you open your Onchain wallet. Download it now.

Predict the Winner of Club World Cup

The Club World Cup for soccer has started, and you can potentially profit by making correct predictions with Crypto.com Sports! Simply select a potential outcome of a sports event to trade, with the option to change your prediction anytime before the event begins. Trade now.

New Tokens

Spark (SPK)

Spark is a capital allocator that aims to tackle fragmented liquidity, unstable yields, and idle stablecoin capital in the DeFi ecosystem. It operates by borrowing from Sky’s stablecoin reserves and deploying capital across DeFi, CeFi, and RWAs, providing deep and consistent liquidity while earning risk-adjusted yield.

SPX6900 (SPX)

SPX6900 is a meme coin inspired by the S&P 500 Index. It represents a conceptual challenge to the traditional index and symbolises the complexity in current financial systems. 

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

What Are Zero-Knowledge Proofs?

Zero-Knowledge (ZK) proofs are a cryptographic breakthrough that lets someone prove they know something without revealing what it is.

This powerful technology preserves privacy in blockchain networks while maintaining trust and transparency, thus playing a key role in decentralized privacy, identity, and a scalable Web3 infrastructure.

ZK proofs power crypto tools, such as:

• Private Transactions: Validate transfers without exposing wallet balances or identities.
• Scalability Solutions: ZK rollups bundle transactions off-chain, reducing congestion and gas fees.
• Security and Authentication: Prove identity or credentials without sharing sensitive info.

There are several types of ZK proofs, including Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (ZK-SNARK), used by Zcash, and bulletproofs, used by Monero.

Learn how they work and where they’re headed in this University article.

CryptoIRL

Ah, yes, as the Lion continues its travels across the globe, how can it not visit the City of Lights? Here, the Crypto.com Icy White Card is loving life with @Cryptorockstar4. Fluctuat nec mergitur.

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Fake Hardware Wallet Drains $6.9M in Crypto

An investor who bought a “sealed, brand-new” hardware wallet via TikTok lost $6.9 million after thieves drained its funds. 

Investigators found that the private key had been captured during the wallet’s initial setup, giving scammers full access to the investor’s funds. The stolen crypto was quickly laundered through a platform called Huiwang, leaving no trace.

Here’s how to stay safe from scams:

1. Only buy hardware wallets directly from official websites or verified resellers, as they are less likely to be tampered with.
2. Never trust discounted hardware wallets sold on social media or marketplaces like TikTok, eBay, or Telegram.
3. Always generate your private key yourself during setup. If it comes preloaded or handwritten, it’s a red flag.
4. If a deal on a wallet seems too good to be true, it probably is.

Crypto Trivia Answer

C) Reddit

Reddit quietly launched its ‘CryptoSnoos’ NFT collection in 2022, blending collectible avatars with blockchain-backed ownership. It onboarded millions of users without labeling them ‘NFTs‘.

That’s it for this week’s SnapShot. Want more? Find out what’s trending in the crypto world.