Bybit & Block Scholes Report: GENIUS Act Aims to "Reinvent the Dollar" and Solidify US Leadership in Digital Assets
DUBAI, UAE, June 27, 2025 /CNW/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, today released a new crypto insights report with Block Scholes, revealing how landmark U.S. legislative proposals like the GENIUS Act are set to reinforce the U.S. dollar's global dominance and rewire the international financial order. The report analyzes a new wave of regulatory momentum under the Trump administration, highlighting how new laws could institutionalize digital assets and cement the leadership role of the U.S. in the crypto industry.
The report outlines key regulatory developments under the Trump administration that have boosted investors' confidence in crypto. The industry stands at the intersection of the dollar's legacy hegemony, favorable policy shifts in the U.S., and the global trend of increasing regulatory clarity. Institutional and official acceptance of crypto—from stablecoins to BTC, is being coded into laws.
Key Insights:
Reinventing the USD - the GENIUS Act: To rejuvenate the greenback's dominance in the international financial system, U.S. lawmakers have long been pushing for digital asset legislation that can balance consumer protection and innovation. This underscores the GENIUS Act's significance as the U.S. asserts its might in a volatile world: the future of money will still be denominated in the U.S. dollar.
A million BTC in reserves: U.S. legislators are seeking creative ways to defuse America's time-ticking debt bomb. Some of them are turning to BTC. The newly proposed BITCOIN Act, if passed, will open up demands for 200,000 BTC annually to form part of the U.S. Treasury's strategic BTC reserves. This will not only cause BTC prices to shoot up, but also signal deeper implications for public recognition and adoption of digital assets.
The global race to regulate crypto: From South Korea and Pakistan, to the U.K. and Europe at large, no regulator wants to be left behind in the crypto revolution. The report uncovers insights from across the globe and what these changes could mean for the digital asset class.
For detailed insights, readers may download the full report.
#Bybit / #TheCryptoArk / #BybitLearn
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Province
an hour ago
- The Province
What is Canada's digital services tax and why is it infuriating Trump?
Trump abruptly cut off all trade negotiations with Canada, citing Ottawa's DST for the decision U.S. President Donald Trump answers questions from reporters in the Oval Office at the White House in Washington on June 27. Photo by Manuel Balce Ceneta/AP U.S. President Donald Trump abruptly cut off all trade negotiations with Canada on Friday, citing Ottawa's Digital Services Tax (DST) for the decision. The tax, enacted last June, targets U.S. technology companies that operate in Canada but pay little tax here. Under the new tax regime, the first payments are set to be collected on Monday, June 30. The Financial Post breaks down what you need to know about the DST and why it is infuriating Trump and Americans. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Former Prime Minister Justin Trudeau's government enacted Canada's Digital Services Tax Act in June 2024, with the rules coming into effect the same month. The federal tax is applicable to large businesses — both foreign and domestic — that meet two specific criteria: a total global revenue of €750 million and up, and over $20 million of profits earned in Canada annually. The legislation levies a three per cent tax on digital services revenue over $20 million, and is retroactive to Jan. 1, 2022, meaning Ottawa could stand to gain billions in DST revenue, according to some estimates. Taxable revenue includes those of online marketplaces, digital advertising, social media, and user data — which will primarily affect American Big Tech giants such as Inc., Apple Inc., and Meta Platforms, Inc. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Under the DST, companies were required to register with the Canada Revenue Agency (CRA) by Jan. 31, 2025 and are obligated to file their first DST returns on June 30, 2025. The CRA has said that more than 500 companies have already applied to register for DST purposes, and expects more than 100 companies to pay the tax. If applicable companies fail to register with the agency, they could be fined $20,000 per year. If they fail to file a DST return, Canada could dole out a penalty equal to five per cent of the unpaid tax for the year, plus one per cent of the unpaid tax for the year for each month, not exceeding 12 months, in which the return hasn't been filed. Why is it controversial? According to the government, the goal of the DST is to ensure that major technology firms are taxed appropriately in the country. The legislation however, has come under fire from business groups on both sides of the border, with critics warning that the rules could further inflame Canada-U.S. ties. The Canadian Chamber of Commerce has argued that the tax could increase costs for consumers and risks 'damaging our beneficial and lucrative trade relationship with the U.S.' The U.S. meanwhile, has long denounced Canada's proposed rules, claiming that they unfairly discriminate against American firms. Last August, under the former Biden administration, the Office of the U.S. Trade Representative (USTR) launched dispute settlement consultations with Ottawa under the Canada-United States-Mexico Agreement over the DST. The U.S. has said that American companies are on the hook to pay Ottawa US$2 billion under the DST. 'Only America should be allowed to tax American firms,' Trump said in a February statement. Tech giant Google LLC responded to Canada's digital services tax rules by introducing an additional 2.5 per cent fee for ads shown in Canada starting in October 2024. Called the 'Canada DST Fee,' Google said the surcharges will 'cover part of the costs of complying with DST legislation in Canada.' This advertisement has not loaded yet, but your article continues below. Other countries have enacted their own digital service taxes. Around half of all European OECD countries have announced, proposed, or implemented a DST, according to the Tax Foundation Europe. The U.S. has met those proposals with threats of retaliatory tariffs. Some countries' DST regimes could be on the chopping block. France's Council of State, which advises the government on the preparation of bills and other matters, recently referred the country's DST to the Constitutional Council for review, marking the first constitutional challenge to the DST since the legislation passed in 2019. Will Canada maintain it? For months, executives of U.S. tech giants have pressured American policymakers over Canada's DST. Ontario Premier Doug Ford and Canadian business groups have also pressed the Carney government to abandon the DST. And while businesses and industry groups were holding out for a last-minute suspension of the DST, finance minister François-Philippe Champagne reconfirmed last Thursday that Canada is 'going ahead' with the tax. 'The (DST) is in force and it's going to be applied,' he said. Parliament Hill's firm stance on maintaining the DST comes despite a recent Group of Seven (G7) agreement that succeeded in axing the Section 899 'revenge tax' provision from Trump's 'big, beautiful bill' that would have taken aim at businesses from countries that the U.S. views as unjustly targeting American firms. Ottawa hasn't ruled out shutting down DST discussions completely. 'Obviously, all of that is something that we're considering as part of broader discussions that you may have,' Champagne said last week, suggesting that the DST could be renegotiated given the ongoing trade talks between Canada and the U.S. Read More • Email: ylau@
Toronto Sun
4 hours ago
- Toronto Sun
Trump says he's not planning to extend pause on global tariffs beyond July 9
Published Jun 29, 2025 • 5 minute read President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, Wednesday, April 2, 2025, in Washington. Photo by Mark Schiefelbein / AP WASHINGTON — President Donald Trump says he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire, and his administration will notify countries that the trade penalties will take effect unless there are deals with the United States. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Letters will start going out 'pretty soon' before the approaching deadline, he said. 'We'll look at how a country treats us — are they good, are they not so good — some countries we don't care, we'll just send a high number out,' Trump told Fox News Channel's Sunday Morning Futures during a wide-ranging interview taped Friday and broadcast Sunday. Those letters, he said, would say, 'Congratulations, we're allowing you to shop in the United States of America, you're going to pay a 25% tariff, or a 35% or a 50% or 10%.' Trump had played down the deadline at a White House news conference Friday by noting how difficult it would be to work out separate deals with each nation. The administration had set a goal of reaching 90 trade deals in 90 days. This advertisement has not loaded yet, but your article continues below. Negotiations continue, but 'there's 200 countries, you can't talk to all of them,' he said in the interview. Trump also discussed a potential TikTok deal, relations with China, the strikes on Iran and his immigration crackdown. Here are the key takeaways: Read More Few details on possible TikTok deal A group of wealthy investors will make an offer to buy TikTok, Trump said, hinting at a deal that could safeguard the future of the popular social media platform, which is owned by China's ByteDance. 'We have a buyer for TikTok, by the way. I think I'll need, probably, China approval, and I think President Xi (Jinping) will probably do it,' Trump said. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Trump did not offer any details about the investors, calling them 'a group of very wealthy people. 'I'll tell you in about two weeks,' he said when asked for specifics. It's a time frame Trump often cites, most recently about a decision on whether the U.S. military would get directly involved in the war between Israel and Iran. The U.S. struck Iranian nuclear sites just days later. Earlier this month, Trump signed an executive order to keep TikTok running in the U.S. for 90 more days to give his administration more time to broker a deal to bring the social media platform under American ownership. It is the third time Trump extended the deadline. The first one was through an executive order on Jan. 20, his first day in office, after the platform went dark briefly when a national ban — approved by Congress and upheld by the Supreme Court — took effect. This advertisement has not loaded yet, but your article continues below. U.S. strikes on Iran 'obliterated' its nuclear facilities, Trump insisted, and he said whoever leaked a preliminary intelligence assessment suggesting Tehran's nuclear program had been set back only a few months should be prosecuted. Trump said Iran was 'weeks away' from achieving a nuclear weapon before he ordered the strikes. 'It was obliterated like nobody's ever seen before,' Trump said. 'And that meant the end to their nuclear ambitions, at least for a period of time.' Iran's supreme leader, Ayatollah Ali Khamenei, said Sunday on X that Trump 'exaggerated to cover up and conceal the truth.' Iran's ambassador to the United Nations, Amir Saeid Iravani, told CBS' Face the Nation that his country's nuclear program is peaceful and that uranium 'enrichment is our right, and an inalienable right and we want to implement this right' under the Treaty on the Non-Proliferation of Nuclear Weapons. 'I think that enrichment will not — never stop.' This advertisement has not loaded yet, but your article continues below. Rafael Grossi, the head of the International Atomic Energy Agency, said on CBS that 'it is clear that there has been severe damage, but it's not total damage.' Grossi also said the UN nuclear watchdog has faced pressure to report that Iran had a nuclear weapon or was close to one, but 'we simply didn't because this was not what we were seeing.' Of the leak of the intelligence assessment, Trump said anyone found to be responsible should be prosecuted. Journalists who received it should be asked who their source was, he said: 'You have to do that and I suspect we'll be doing things like that.' His press secretary said Thursday that the administration is investigating the matter. RECOMMENDED VIDEO 'Temporary pass' for immigration raids on farms, hotels? As he played up his immigration crackdown, Trump offered a more nuanced view when it comes to farm and hotel workers. This advertisement has not loaded yet, but your article continues below. 'I'm the strongest immigration guy that there's ever been, but I'm also the strongest farmer guy that there's ever been,' the Republican president said. He noted that he wants to deport criminals, but it's a problem when farmers lose their labourers and it destroys their businesses. Trump said his administration is working on 'some kind of a temporary pass' that could give farmers and hotel owners control over immigration raids at their facilities. Earlier this month, Trump had called for a pause on immigration raids disrupting the farming, hotel and restaurant industries, but a top Homeland Security official followed up with a seemingly contradictory statement. Tricia McLaughlin said there would be 'no safe spaces for industries who harbour violent criminals or purposely try to undermine' immigration enforcement efforts. This advertisement has not loaded yet, but your article continues below. Trump praised a recent trade deal with Beijing over rare earth exports from China and said establishing a fairer relationship will require significant tariffs. 'I think getting along well with China is a very good thing,' Trump said. 'China's going to be paying a lot of tariffs, but we have a big (trade) deficit, they understand that.' Trump said he would be open to removing sanctions on Iranian oil shipments to China if Iran can show 'they can be peaceful and if they can show us they're not going to do any more harm.' But the president also indicated the U.S. isn't afraid to retaliate against Beijing. When Fox News Channel host Maria Bartiromo noted that China has tried to hack U.S. systems and steal intellectual property, Trump replied, 'You don't think we do that to them?' Sports Sunshine Girls Sunshine Girls Toronto Maple Leafs Columnists
Vancouver Sun
4 hours ago
- Vancouver Sun
Republicans rally past the Democrats' delays to push Trump's tax bill through the Senate
Capping a tumultuous night, the Republican-controlled Senate advanced President Donald Trump's package of tax breaks, spending cuts and increased deportation money, with more weekend work ahead as Congress races to meet his Fourth of July deadline for passage. By a 51-49 tally and with Vice President JD Vance at the Capitol to break a potential tie, the Senate cleared a key procedural step Saturday as midnight approached. Voting had come to a standstill, dragging for more than three hours, with holdout senators huddling for negotiations and taking private meetings off the Senate floor. In the end, two Republicans opposed the motion to move ahead on Trump's signature domestic policy plan, joining all 47 Democrats. 'Tonight we saw a GREAT VICTORY in the Senate,' Trump said in a social media post afterward. ( @realDonaldTrump - Truth Social Post ) ( Donald J. Trump - Jun 29, 2025, 12:25 AM ET ) Tonight we saw a GREAT VICTORY in the Senate with the 'GREAT, BIG, BEAUTIFUL BILL,' but, it wouldn't have happened without the Fantastic Work of Senator Rick Scott, Senator Mike Lee, Senator… Republicans are using their majorities in Congress to push aside Democratic opposition, but they have run into a series of political and policy setbacks. Not all GOP lawmakers are on board with proposals to reduce spending on Medicaid, food stamps and other programs as a way to help cover the cost of extending some $3.8 trillion in Trump tax breaks. Trump had lashed out against holdouts, threatening to campaign against one Republican, Sen. Thom Tillis of North Carolina, who had announced he could not support the bill because of Medicaid cuts that he worried would leave many without health care in his state. A new analysis from the nonpartisan Congressional Budget Office said the Senate version of the bill would increase by 11.8 million the number of people without health insurance in 2034. Tillis and Sen. Rand Paul, R-Ky., voted 'no.' Renewed pressure to oppose the 940-page bill came from Elon Musk, who criticized it as 'utterly insane and destructive.' Polls show that this bill is political suicide for the Republican Party Ahead for senators now will be an all-night debate and amendments. If they are able to pass it, the bill would return to the House for a final round of votes before it could reach the White House. With the narrow Republican majorities in the House and Senate, leaders need almost every lawmaker on board. Senate Democratic leader Chuck Schumer of New York said Republicans released the bill 'in the dead of night' on Friday and were rushing through before the public fully knew what was in it. He forced a full reading of the text that began late Saturday and continued into Sunday morning. Tax breaks and core GOP priorities At its core, the legislation would make permanent many of the tax breaks from Trump's first term that would otherwise expire by year's end if Congress fails to act, resulting in a potential tax increase on Americans. The bill would add new breaks, including no taxes on tips, and commit $350 billion to national security, including for Trump's mass deportation agenda. But the cutbacks to Medicaid, food stamps and green energy investments are also causing dissent within GOP ranks. Sen. Ron Wyden, D-Ore., said the environmental rollbacks would amount to a 'death sentence' for America's wind and solar industries. The Republicans are relying on the reductions to offset the lost tax revenues but some lawmakers say the cuts go too far, particularly for people receiving health care through Medicaid. Meanwhile, conservatives, worried about the nation's debt, are pushing for steeper cuts. A dramatic roll call As the roll call teetered, attention turned to Sen. Lisa Murkowski, R-Alaska, who was surrounded by GOP leaders in intense conversation. She voted 'yes.' A short time later, Majority Leader John Thune, R-S.D., drew holdouts Sen. Rick Scott of Florida, Mike Lee of Utah and Cynthia Lummis of Wyoming to his office. Vance joined in. The talks dragged on. Then Vance led them all back in to vote. Later, Scott said he had met with the president, adding, 'We all want to get to yes.' Lee said the group 'had an internal discussion about the strategy to achieve more savings and more deficit reduction, and I feel good about the direction where this is going, and more to come.' Republicans revise after setbacks by Senate's arbiter The release of the bill's draft had been delayed as the Senate parliamentarian reviewed the measure to ensure it complied with the chamber's strict 'Byrd Rule,' named for the late Sen. Robert C. Byrd, It largely bars policy matters from inclusion in budget bills unless a provision can get 60 votes to overcome objections. Republicans suffered a series of setbacks after several proposals, including shifting food stamp costs from the federal government to the states or gutting the funding structure of the Consumer Financial Protection Bureau, were deemed out of compliance with the rules. But over the past days, Republicans have quickly revised those proposals and reinstated them. The final text includes a proposal for cuts to the Medicaid provider tax that had run into parliamentary hurdles and objections from several senators worried about the fate of rural hospitals. The new version extends the start date for those cuts and establishes a $25 billion fund to aid rural hospitals and providers. Top income-earners would see about a $12,000 tax cut under the House bill, while the package would cost the poorest Americans $1,600, the CBO said. Tussle over SALT The Senate included a compromise over the so-called SALT provision, a deduction for state and local taxes that has been a top priority of lawmakers from New York and other high-tax states, but the issue remains unsettled. The current SALT cap is $10,000 a year, and a handful of Republicans wanted to boost it to $40,000 a year. The final draft includes a $40,000 cap, but limits it for five years. Many Republican senators say that is still too generous, but House Republicans are not fully satisfied either. House Speaker Mike Johnson sent his colleagues home for the weekend with plans to be on call to return to Washington. — Associated Press writers Ali Swenson, Fatima Hussein, Michelle L. Price and Matthew Daly contributed to this report. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
