Latest news with #Puckrin
CNBC
14-07-2025
- Business
- CNBC
The House will vote on a bill to regulate stablecoins during 'Crypto Week'—what it could mean for you
The U.S. House of Representatives is expected to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins, known as the GENIUS Act, this week as part of its self-dubbed "crypto week." The House will also consider two other crypto-related bills this week: The Digital Asset Market Clarity Act, which aims to regulate crypto by establishing roles for the Securities Exchange and Commodity Futures Trading Commissions in regulating digital tokens, and the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a digital U.S. dollar. The GENIUS Act passed the Senate in June with bipartisan support. House leaders expect to pass the GENIUS Act and send it to President Donald Trump's desk. "House Republicans are taking decisive steps to deliver the full scope of President Trump's digital assets and cryptocurrency agenda," House speaker Mike Johnson (R-La.) said in a statement. "I look forward to President Trump signing them into law." Some Democrats oppose the GENIUS Act and other crypto measures. Reps. Maxine Waters (D-Calif.) and Stephen Lynch (D-Mass.) announced their own "anti-crypto corruption week" to oppose the crypto bills up for passage. The GENIUS Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data, creating a clearer framework for banks, companies and other entities to issue the digital currencies. Here's what to know about what's included in the bill and how it could impact investors — even those who don't hold crypto. A stablecoin is a type of cryptocurrency that is pegged to another asset, typically the U.S. dollar, which makes it less volatile than other cryptocurrencies tend to be. The currency is used in a number of ways, including for payments and futures trading. Since they're also more predictable than regular crypto tokens, traders also use stablecoins "to sit out times of volatility or market downturns," says Nic Puckrin, a crypto analyst, investor and founder of The Coin Bureau. "Stablecoins are also being used increasingly in emerging markets, like Latin America and Sub-Saharan Africa, to hedge against monetary instability, as well as for cheap cross-border payments," he adds. "The use cases are very broad, and new ones are emerging all the time." Ultimately, the GENIUS Act could make stablecoins more mainstream by bolstering trust in the currency and encouraging more competition in the market, Puckrin says. "Right now, [the stablecoin market] is, for all intents and purposes, a duopoly. The market is nearly entirely dominated by Circle's USDC and Tether's USDT," Puckrin says. Since the bill will create a clear pathway for banks and other entities to begin issuing stablecoins, "we'll likely see a flood of them rush into the market at the start," he says. Big banks are gearing up to create their own coins. And while they may not all be successful, Puckrin says they will give consumers more options to find a stablecoin and issuer that works best for their needs. Proponents say it will help safeguard investors and regulate the stablecoin market by ensuring issuers have the reserves needed to give stablecoins their value. "If we fail to act now, not only will these benefits slip away — we will also fall behind in global competitiveness," Sen. Bill Hagerty (R-Tenn.), who introduced the bill, said during the Senate debate in June. "Without a regulatory framework, stablecoin innovation will proliferate overseas — not in America!" Puckrin agrees stablecoin regulation could be a boon for the U.S. and its position in the global economy. "Congress has also realized that instead of threatening the U.S. dollar, stablecoins can help cement its global dominance, because 99% of stablecoins are pegged to USD," he says. "With the dollar struggling to maintain its role in the global economy, the GENIUS Act could just be the thing that saves it." Some supporters acknowledge the bill isn't perfect, but think it's better than not having regulation on stablecoins at all. "The general outlook is that [the bill] will do better than anything that is currently happening," says Bezalel Eithan Raviv, CEO of blockchain security firm Lionsgate Network. "It's a step in the right direction for everyone. There are ways to make it better. There are ways to make everything better. But this is the first one. Let's give it a try, and it will ripple in many ways." Critics of the GENIUS Act argue it compromises crypto's decentralization and could enable corruption, such as officials favoring specific stablecoins under new regulations. "We need guardrails that ensure that government officials aren't openly asking people to buy their coins in order to increase their personal profit or their family's profit," Sen. Jeff Merkley (D-Ore.), who opposed the bill, said during the Senate debate. "Where are those guardrails in this bill? They're completely, totally absent." Some critics also say the bill gives too many entities the ability to create new stablecoins, which could make enforcement of the regulation standards more difficult. "As long as issuers are clearly following the rules and regulations, more competition in the stablecoin landscape is both welcome and necessary," Puckrin says. During the GENIUS Act's initial passage through the House, some members sought to attach amendments, including proposals from the Credit Card Competition Act. The latter, introduced in 2023 but previously stalled, aimed to boost credit card payment competition by requiring issuers to allow more than two networks (beyond mainly Visa and Mastercard) to process transactions. Some legislators saw enough similarities between the credit card and stablecoin marketplaces to justify adding the CCCA to the GENIUS Act, but Senate Majority Leader John Thune (R-S.D.) nixed that plan, fearing the CCCA's inclusion could cost votes in favor of the larger bill. Still, the GENIUS act could impact retailers outside of crypto, Puckrin says. "We'll likely see stablecoins increasingly adopted as a digital alternative to the U.S. dollar, so banks, fintechs and merchants will be forced to offer stablecoin payment options," he says. "Eventually, payment networks like Visa and Mastercard will have to do so as well, which will lead to lower fees. The CCCA proposals are an inevitable evolution of the GENIUS Act. It will just take a little longer if it isn't written into law."
Newsweek
07-07-2025
- Business
- Newsweek
Bitcoin Wallets Dormant for 14 Years Suddenly Active—and They're Worth Billions
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A staggering $2 billion worth of Bitcoin has been reactivated after more than a decade of inactivity. The digital vaults, each holding 10,000 bitcoin, were reactivated on Thursday, July 3 and Friday, July 4, after lying untouched since 2011. The wallets, tagged as " and " moved their full balances to new addresses within 30 minutes of each other. The transfers—spotted by blockchain tracking services Whale Alert and Lookonchain—mark the first time the assets have been touched in 14 years. Read more Man in legal battle to recover $800 million bitcoin fortune from landfill Man in legal battle to recover $800 million bitcoin fortune from landfill Back in 2011, when Bitcoin traded at roughly $0.78 per coin, these wallets represented a modest investment of around $7,800 each. Today, thanks to a nearly 13,982,800 percent increase, the contents of each wallet are estimated at more than $1.1 billion—placing their owners squarely in the rarefied ranks of crypto's "whale" class. "In the early days of Bitcoin, there were quite a few early enthusiasts who mined BTC or bought it for a fraction of a dollar, but most of them either sold it much earlier—for millions instead of billions—or spent it on something trivial at the time, like the two pizzas famously bought for 10,000 bitcoins in 2010," Nic Puckrin, crypto analyst, investor and founder of The Coin Bureau, told Newsweek. A file photo of golden Bitcoins, representing the digital currency. A file photo of golden Bitcoins, representing the digital currency. Tevarak/Getty Images "Holding on to such a staggering amount requires either a great deal of foresight, when the asset is already soaring by many thousands, or a great deal of forgetfulness," he explained. Despite the digital trail, little is known about the wallets' owners. The sudden activity—on consecutive days, and involving identical sums—has led analysts to believe the wallets may be linked. With the wallets now valued at over $2 billion, the bitcoin represents a 140,000-fold return on the original investments. But cashing in isn't as easy as it may seem. "There's no such thing as payouts or dividends when it comes to Bitcoin—like gold, it's simply an asset that can be sold in exchange for its market value in a fiat currency," Puckrin explained. "As long as the person still has access to the private key to the wallet where the Bitcoin is held, which it seems they do if they moved it to a new address, they can sell this Bitcoin. However, given the amount, they would have to sell it very carefully, because disposing of this amount of Bitcoin all at once could crash the price." Nobody knows the identity of the Bitcoin owner or owners, but Puckrin explained it is unlikely that they will come forward. "It's highly unlikely this person will go public, especially considering the physical danger several prominent crypto figures have found themselves in lately from so-called 'wrench attacks,' such as David Balland, co-founder of cryptocurrency wallet firm Ledger, who was kidnapped with his wife in January," he said. "Apart from that, early adopters of Bitcoin tend to value privacy and anonymity, so there's no reason why they would want to reveal their identities to the world."
CNBC
13-06-2025
- Business
- CNBC
The Senate just advanced a bill to regulate stablecoins—what the GENIUS Act could mean for crypto and other investors
The U.S. Senate voted on Wednesday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins, known as the GENIUS Act, setting it up for a final floor vote in the coming days. The legislation aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data, creating a clearer framework for banks, companies and other entities to issue the digital currencies. The bill has bipartisan support, as well as criticism from both parties, making its fate in the Senate uncertain. Here's what to know about what's included in the bill and how it could impact investors — even those who don't hold crypto. A stablecoin is a type of cryptocurrency that is pegged to another asset, typically the U.S. dollar, which makes it less volatile than other cryptocurrencies tend to be. The currency is used in a number of ways, including for payments and futures trading. Since they're also more predictable than regular crypto tokens, traders also use stablecoins "to sit out times of volatility or market downturns," says Nic Puckrin, a crypto analyst, investor and founder of The Coin Bureau. "Stablecoins are also being used increasingly in emerging markets, like Latin America and Sub-Saharan Africa, to hedge against monetary instability, as well as for cheap cross-border payments," he adds. "The use cases are very broad, and new ones are emerging all the time." Ultimately, the GENIUS Act could make stablecoins more mainstream by bolstering trust in the currency and encouraging more competition in the market, Puckrin says. "Right now, [the stablecoin market] is, for all intents and purposes, a duopoly. The market is nearly entirely dominated by Circle's USDC and Tether's USDT," Puckrin says. Since the bill will create a clear pathway for banks and other entities to begin issuing stablecoins, "we'll likely see a flood of them rush into the market at the start," he says. Big banks are gearing up to create their own coins. And while they may not all be successful, Puckrin says they will give consumers more options to find a stablecoin and issuer that works best for their needs. Proponents say it will help safeguard investors and regulate the stablecoin market by ensuring issuers have the reserves needed to give stablecoins their value. "If we fail to act now, not only will these benefits slip away — we will also fall behind in global competitiveness," Sen. Bill Hagerty (R-Tenn.), who introduced the bill, said in the Senate on Wednesday. "Without a regulatory framework, stablecoin innovation will proliferate overseas — not in America!" Puckrin agrees stablecoin regulation could be a boon for the U.S. and its position in the global economy. "Congress has also realized that instead of threatening the U.S. dollar, stablecoins can help cement its global dominance, because 99% of stablecoins are pegged to USD," he says. "With the dollar struggling to maintain its role in the global economy, the GENIUS Act could just be the thing that saves it." Some supporters acknowledge the bill isn't perfect, but think it's better than not having regulation on stablecoins at all. "The general outlook is that [the bill] will do better than anything that is currently happening," says Bezalel Eithan Raviv, CEO of blockchain security firm Lionsgate. "It's a step in the right direction for everyone. There are ways to make it better. There are ways to make everything better. But this is the first one. Let's give it a try, and it will ripple in many ways." Critics of the GENIUS Act argue it compromises crypto's decentralization and could enable corruption, such as officials favoring specific stablecoins under new regulations. "We need guardrails that ensure that government officials aren't openly asking people to buy their coins in order to increase their personal profit or their family's profit," Sen. Jeff Merkley (D-Ore), who opposed the current version of the bill, said during Wednesday's session. "Where are those guardrails in this bill? They're completely, totally absent." Some critics also say the bill gives too many entities the ability to create new stablecoins which could make enforcement of the regulation standards more difficult. "As long as issuers are clearly following the rules and regulations, more competition in the stablecoin landscape is both welcome and necessary," Puckrin says. During the GENIUS Act's passage through the House, some members sought to attach amendments, including proposals from the Credit Card Competition Act. The latter, introduced in 2023 but previously stalled, aimed to boost credit card payment competition by requiring issuers to allow more than two networks (beyond mainly Visa and Mastercard) to process transactions. Some legislators saw enough similarities between the credit card and stablecoin marketplaces to justify adding the CCCA to the GENIUS Act, but Senate Majority Leader John Thune (R-S.D.) nixed that plan, fearing the CCCA's inclusion could cost votes in favor of the larger bill. Still, the GENIUS act could impact retailers outside of crypto, Puckrin says. "We'll likely see stablecoins increasingly adopted as a digital alternative to the U.S. dollar, so banks, fintechs and merchants will be forced to offer stablecoin payment options," he says. "Eventually, payment networks like Visa and Mastercard will have to do so as well, which will lead to lower fees. The CCCA proposals are an inevitable evolution of the GENIUS Act. It will just take a little longer if it isn't written into law."
Business Insider
08-05-2025
- Business
- Business Insider
Bitcoin just hit $100,000 for the first time in 3 months
Bitcoin reclaimed the six-figure mark on Thursday, crossing $100,000 for the first time in three months. The top crypto hit an intraday high of $101,370, the highest level since early February. A number of tailwinds have boosted the token recently, but broadly it has been moving in line with other risk assets like stocks, as markets settle down after April's historic bout of volatility stemming from tariffs. Similar to stocks, bitcoin gained on Tuesday on news that the White House had reached a trade agreement with the UK—a positive sign that could help unwind last month's tariff uncertainty and reignite risk appetite among investors. Analysts have also suggested that April's trade chaos may positioned bitcoin to climb as tariffs diminish the appeal fo safe havens like the US dollar and Treasurys. Standard Chartered said that inflows into spot bitcoin ETFs have surged to $5.3 billion over the past three weeks, suggesting that demand has ballooned since mid April. Meanwhile, New Hampshire and Arizona gave crypto bulls more to be excited about, introducing the country's first crypto reserves this week. But to Zack Shapiro, head of policy at the Bitcoin Policy Institute, the impact of state crypto reserves is likely to be small compared to Wall Street's soaring appetite. Institutional interest is helping send bitcoin higher, as companies have entered something on an "arms race" to acquire a meaningful stake, he told BI. Strategy, at the forefront of this effort, is now funding a plan to spend $84 billion on more bitcoin acquisitions, Standard Chartered wrote. Given these factors, bitcoin should make new highs this quarter, the bank's global head of digital assets research wrote on Thursday. The bank has predicted the token to hit $120,000 in the second quarter but said in the note that the target might be too low. But others think that while progress on trade gives bitcoin fuel for more gains in the near term, heightened volatility is still a risk for traders as tariff uncertainty stays high. "Plus, at the moment, BTC is rallying on low volume, which is a recipe for short-term volatility," Puckrin said.
Business Mayor
04-05-2025
- Business
- Business Mayor
There's No Altseason Without These 3 Key Indicators, Analyst Says
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure CEO and Co-founder of crypto education media firm Coinbureau, Nic Puckrin has shared a 'realistic' take on the altseason. The former TradFi entrepreneur and prominent digital asset advocate has highlighted three necessary conditions to usher in an altseason. Altseason Still On Ice: What Needs To Change The altseason defines a period in the crypto bull market where altcoins significantly outperform Bitcoin. It is an entirely anticipated event, presenting investors with the opportunity to register massive profits due to the smaller market caps of altcoins compared to Bitcoin. However, the potential of altseason in the current bull cycle has been previously questioned, with analysts citing the rising number of altcoins compared to previous cycles. In contributing to this discourse, Puckrin states that an altseason usually occurs 320 days after the Bitcoin halving, a target that has been met following the last halving in April 2024. However, Pukrin explains an altseason for this current bull cycle can only occur following the development of three crucial signals. Firstly, the analyst states that Bitcoin dominance must fall below 54%. The Bitcoin dominance measures BTC's share of the total crypto market. It represents the percentage of crypto investment that is in Bitcoin. Notably, an altseason only occurs after Bitcoin Dominance begins to fall, indicating that investors are rotating their capital into altcoins. Nic Puckrin explains that Bitcoin Dominance must stop rising and fall below the 54% threshold to confirm this rotation. However, despite the need for this fall in BTC Dominance, the Coin Bureau boss further states that Bitcoin must break above its current all-time high to induce an altcoin bull market. However, the premier cryptocurrency must achieve this feat without pulling all the liquidity from the market. It is worth noting that in prior cycles, an altcoin market rally comes after Bitcoin establishes market dominance, then consolidates, giving room for investors to move their liquidity to lower-cap speculative assets. Nic Puckrin's final condition states the US Federal Reserve must cease all Quantitative Tightening (QT) measures and confirm incoming rate cuts to counter the current interest rates above 4%. In doing so, the Fed can induce in rise in market liquidity, which is necessary for altseason. Crypto Market Overview At the time of writing, the total crypto market has now reclaimed the $3 trillion mark following the general bullish swing in the past week. Meanwhile, market trading volume is down by 16.82% and valued at $68.83 billion. Notably, the altcoin season index is still at 21, indicating that Bitcoin still outperforms a large percentage of the altcoin market, and there is no altseason in view for now. Historically, altseasons occur when the index is above 75, which indicates broad-based strength across altcoins. Total crypto market cap valued at $2.96 trillion on the daily chart | Source: TOTAL chart on Featured image from Pexels, chart from Tradingview
