Bitcoin News Today: U.S. President Signs GENIUS Act, BigONE Hacked for $27 Million

This week in the cryptocurrency world, significant developments unfolded, marked by regulatory advancements and security breaches. U.S. President Donald Trump signed the GENIUS Act into law, a landmark move that aims to establish a comprehensive framework for stablecoins and other digital assets. This legislation is expected to provide clarity and stability to the crypto industry, fostering innovation while ensuring consumer protection. The GENIUS Act is a significant step forward in the U.S. regulatory landscape, positioning the country as a leader in the global crypto market.

The signing of the GENIUS Act is a pivotal moment for the U.S. crypto industry. By providing a clear regulatory framework, the legislation aims to attract more investment and innovation, potentially leading to the development of new financial products and services. This could also encourage other countries to adopt similar regulations, fostering a more cohesive global crypto market. The act's focus on stablecoins is particularly noteworthy, as these digital assets have gained significant traction in recent years due to their stability and utility in transactions.

However, the week was not without its challenges. BigONE, a prominent cryptocurrency exchange, fell victim to a hack, resulting in the theft of $27 million worth of digital assets. This incident highlights the ongoing security risks in the crypto space and underscores the need for enhanced security measures to protect investors and their assets. The breach at BigONE serves as a reminder that while the industry continues to grow, so do the threats it faces.

The hack at BigONE raises concerns about the security of cryptocurrency exchanges. Despite advancements in technology and security protocols, exchanges remain vulnerable to cyberattacks. This incident underscores the importance of robust security measures and the need for exchanges to continually update their defenses against evolving threats. The crypto community must remain vigilant and proactive in addressing security challenges to maintain trust and confidence in the industry.

In addition to the regulatory and security developments, the crypto world saw other notable events. Grvt, a decentralized finance (DeFi) platform, launched "Strategies," a peer-to-peer (P2P) marketplace where users can allocate capital into professionally curated investment and trading strategies managed by top-tier professionals. This innovation aims to democratize access to sophisticated investment strategies, making them available to everyday users.

BTCC, one of the longest-operating cryptocurrency exchanges globally, released its July 2025 Proof of Reserves (PoR) report, disclosing an overall reserve ratio of 132%. This marks the fourth consecutive month in which the exchange has maintained reserves well above full coverage, demonstrating its commitment to transparency and security. The PoR report is a crucial indicator of an exchange's financial health and its ability to meet its obligations to users.

Web3 is undergoing a privacy revolution driven by companies developing scalable, regulatory-friendly encryption solutions. These solutions aim to enable private, secure, and compliant onchain activity across decentralized applications, addressing one of the key challenges in the adoption of blockchain technology. This development is significant as it paves the way for more widespread use of blockchain in various industries, from finance to healthcare.

Roxom unveiled plans to launch what it describes as the world’s first Bitcoin-denominated capital market platform, combining both spot and derivatives trading. This platform aims to provide a comprehensive trading environment for Bitcoin, catering to both retail and institutional investors. The launch of such a platform could further integrate Bitcoin into the mainstream financial system, enhancing its utility and acceptance.

While crypto holds revolutionary potential in finance, mass adoption depends on making it simple, seamless, and user-friendly enough to meet the everyday needs of mainstream users. This week's developments, including the launch of new investment strategies and the focus on privacy and security, are steps in the right direction. However, the industry must continue to innovate and adapt to overcome the challenges it faces, ensuring a sustainable and prosperous future for cryptocurrencies.

In conclusion, the signing of the GENIUS Act and the hack at BigONE represent two contrasting aspects of the crypto world: progress and challenge. While regulatory advancements pave the way for growth and innovation, security breaches serve as a reminder of the ongoing risks. The industry must continue to evolve, balancing the need for regulation with the imperative of security to ensure a sustainable and prosperous future for cryptocurrencies.