Trump fast-tracks Genius Act for stablecoins

Trump pushes forward the Genius Act for stablecoins

The United States Senate has passed the Genius Act by a vote of 68 to 30, establishing the first federal framework regulating stablecoins, which are now considered supervised financial instruments. The bill requires full 1:1 asset backing, federal oversight, monthly audits, and bans interest-bearing offers to prevent systemic risks.

At the same time, President Trump publicly urged the House of Representatives—via his Truth Social platform—to swiftly adopt a “clean” version of the bill, without additions or amendments. He called for a “lightning fast” passage before the August congressional recess.

If enacted, the law could strengthen the dollar’s position in the digital economy by encouraging issuers to hold U.S. government debt. However, some critics claim the bill is too lenient: it explicitly exempts the President and Vice President from its restrictions, potentially leaving the door open to Trump’s crypto interests.

TikTok and the $TRUMP memecoin

California Congressman Brad Sherman made a stunning accusation: Chinese owners of TikTok allegedly purchased $300 million worth of $TRUMP memecoins as a “disguised bribe” to prolong Trump’s tolerance of the app. TikTok immediately responded on its official X account, calling the allegations “blatantly false and irresponsible.”

This controversy arises amid rising tensions: Trump has signed a new executive order delaying, for the third time, the ban or forced sale of TikTok in the U.S. Sherman objected, pointing out that the law only allows a single 90-day extension. That same day, anonymous investor GD Culture Group announced a $300 million investment into the $TRUMP memecoin and Bitcoin, adding to the confusion and further fueling accusations against TikTok.

TikTok maintains that GD Culture has no ownership or official ties to the platform, undermining Sherman’s claims. Online reactions were divided: some accused TikTok of conspiracy, while others felt Sherman was exaggerating to justify his anti-crypto stance.

What’s at stake? On one hand, this case highlights how vulnerable political decisions can be to digital financial dynamics. On the other, the use of memecoins as political influence tools raises new questions about transparency, ethics, and economic sovereignty.

Ink, Kraken’s Layer 2, launches its token

Ink, the Layer 2 blockchain backed by Kraken, is set to launch its own token, named INK, with a maximum supply of 1 billion units and no possibility of future dilution. Unlike other projects, this token is not meant to govern the network, but rather to function as a utility token within the DeFi ecosystem, particularly to boost liquidity at launch.

The INK token will initially be distributed via an airdrop, deployed directly on the Ink blockchain at launch. The Ink Foundation—a nonprofit initiative affiliated with Kraken—has committed to making the airdrop resistant to exploitative farming, supported by a dedicated subsidiary.

The initial distribution, likely through Aave, aims to ensure sustainable liquidity while avoiding the typical pitfalls of tokens launched without a solid economic model. Kraken is betting on quality over quantity in a Layer 2 market often plagued by post-launch volatility.

This launch comes seven months after Ink’s mainnet went live in December 2024, showcasing strong community momentum despite limited adoption so far. It remains to be seen whether Ink’s DeFi-driven positioning can help it stand out in the increasingly crowded Layer 2 landscape.

Pavel Durov warns of imminent societal collapse in France

Pavel Durov, founder of Telegram and recently naturalized French citizen, has warned that France is heading toward a “societal collapse” if it doesn’t rapidly change its political course. In an interview with Le Point, he openly criticized Emmanuel Macron’s stance and the authoritarian shift in censorship policies. According to Durov, France is losing key talent: “many of the best are leaving for Dubai or the United States.”

He condemned the enforcement of EU laws like the DSA, which he sees as “Trojan horses” designed to stifle freedom of speech. Worse yet, he warned, a Soviet-style collapse could occur if reforms are delayed.

Durov also lamented the French government’s softness in the face of global competition and its failure to protect intellectual capital. He argues that declining competitiveness and increasing overregulation are steadily weakening France.

His warning comes as Durov remains under judicial supervision in France, banned from leaving the country but allowed temporary travel—particularly to Dubai. His August 2024 arrest, following allegations linked to Telegram content, sparked major debate around digital freedom and platform moderation.

As France prepares new digital regulation laws, Durov’s comments stand as a stark warning: without bold reform, the country faces a serious step backward—both economically and civilly.