#Fed Ends Novel Activities Supervision# Key developments in cryptocurrencies over the past 24 hours.
The cryptocurrency market retreated somewhat as investors exercised caution amid macroeconomic uncertainty. The total cryptocurrency market capitalization fell to $3.95 trillion. Bitcoin (BTC) was trading at $115,030, and Ethereum (ETH) at $4,235. XRP is trading at $3, and Solana at $179. Meanwhile, on August 18th, a total of $121.81 million in outflows from Bitcoin ETFs and $196.62 million from Ethereum ETFs occurred.
The US Treasury Department has requested public comment on the GENIUS Act.
The US Treasury Department has requested public comment on the GENIUS stablecoin law, signed into law by President Donald Trump in July.
In a statement released yesterday, the Treasury announced that "interested individuals and organizations" are welcome to provide feedback on "innovative methods, techniques, and strategies" for identifying and preventing illicit financial risks associated with digital assets. Comments are due by October 17. Treasury Secretary Scott Bessent, in a statement, described this step as "vital" to the law's implementation and stated that it will ensure the US's leadership in the digital asset field. Following the comments, the Department will evaluate the proposals and submit a report to the Senate Banking Committee and the House Financial Services Committee.
The law regulating payment stablecoins will take effect either 18 months after it is signed into law on July 18th or 120 days after the Treasury Department and the Fed finalize the regulations. The Treasury is specifically requesting feedback on preventing illicit activities like crypto money laundering. The review also addresses the use of APIs, artificial intelligence, digital identity verification, and blockchain technology for tracking.
SEC Postpones Decisions on Solana and XRP Crypto ETFs
The SEC has postponed its decisions on three major crypto exchange-traded funds (ETFs), extending their review period to October. According to notices published yesterday, the new decision dates are October 8 for the Bitcoin and Ethereum ETF, October 16 for the Solana ETF, and October 19 for XRP. The Bitcoin and Ethereum ETF, presented under Trump's brand, is a commodity-based structure that directly holds BTC and ETH and issues underlying stocks.
The agency postponed numerous ETF applications over the summer and is expected to announce most decisions in the fall. In March, proposals for ETFs based on XRP, Litecoin, and Dogecoin were also postponed. Meanwhile, the SEC extended its review period for its request to trade directly with crypto instead of cash for spot Bitcoin and Ethereum ETFs until September.