The Daily: Trump signs GENIUS stablecoin bill into law, crypto market cap hits $4T, JPMorgan says regulators abroad prefer tokenized bank deposits, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! President Trump has officially signed the GENIUS stablecoin bill into law — a landmark moment that’s helping push the crypto market to new highs. The total crypto market cap briefly crossed $4 trillion, and Coinbase stock hit a new all-time high amid the policy momentum. JPMorgan says regulators outside the U.S. appear to be favoring tokenized bank deposits over stablecoins, a shift that could shape the next phase of crypto-market infrastructure. Meanwhile, crypto treasury companies keep stacking tokens, with Thumzup Media, Bit Digital, and TAO Strategies joining the list. Plus, dYdX acquires social trading platform Pocket Protector. Let’s get started.

Trump signs stablecoin GENIUS Act

• President Trump has signed the GENIUS stablecoin bill into law, marking the first major piece of crypto legislation to clear Congress and reach the White House.
• The bill — formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act — creates a federal regulatory framework for stablecoins.
• It requires stablecoins to be fully backed by U.S. dollars or liquid equivalents, mandates annual audits for issuers with over $50 billion in market cap, and sets new guidelines for foreign issuers.
• At the Friday signing ceremony, Trump called it a "giant step to cement American dominance of global finance and crypto technology" and joked that the GENIUS name was inspired by him. He also took a swipe at the Biden-era approach to crypto, saying, "half of you were under arrest for no reason."
• Trump called the signing a "massive validation" for the crypto industry.

Crypto market cap tops $4T — then slips slightly

• The global crypto market cap crossed $4 trillion on Thursday for the first time ever. It's now around $3.94 trillion, according to CoinGecko.
• Bitcoin and major altcoins all rallied alongside the broader market.
• The milestone marks what Kronos Research calls a “structural re-rating” of crypto’s place in global finance.
• The rally is being fueled by institutional demand and U.S. policy momentum.
• BTC Markets sees the next technical resistance near $4.5 trillion but warns of downside risks if ETF inflows weaken or macro conditions shift.

Trump Jr.-backed Thumzup gets board approval for $250M crypto treasury

• AdTech firm Thumzup Media, where Donald Trump Jr. is a shareholder, has received board approval to hold up to $250 million in crypto assets — including bitcoin, ether, Solana, XRP, Dogecoin, and USDC.
• The company cited favorable U.S. policy shifts as a key reason for the move. "As the U.S. federal government moves toward more crypto-friendly policies and greater regulatory clarity, Thumzup is committed to remaining at the forefront of this transformative technology,” CEO Robert Steele said.
• Thumzup reported a $2.2 million net loss in Q1 2025. Its stock closed down 2.9% on Thursday but remains up 17% over the past week and 267% year-to-date.

JPMorgan: Non-U.S. regulators appear to favor tokenized bank deposits over stablecoins

• Tokenized bank deposits may be gaining favor with regulators outside the U.S. over stablecoins, according to a new JPMorgan report led by Nikolaos Panigirtzoglou.
• Citing Bank of England Governor Andrew Bailey, the analysts say non-bearer tokenized deposits — which settle at face value between banks — are preferred over stablecoins due to their price stability and regulatory safeguards.
• The structure, they argue, better preserves the "singleness of money," where all forms remain interchangeable at par.
• While stablecoins continue to dominate crypto markets due to liquidity and ease of use, the report notes they don't remove money from the banking system — as reserves are typically parked in assets like Treasury bills.
• The analysts also question whether it's economically viable for banks to issue their own stablecoins under current proposals, especially if required to hold non-interest-bearing reserves at central banks.

dYdX acquires Pocket Protector

• Decentralized exchange dYdX has acquired Pocket Protector, a crypto social trading platform, marking its first external acquisition. The deal brings in most of Pocket Protector’s engineering team along with co-founders Eddie Zhang and Kaiser Kinbote, who join dYdX as president and head of growth, respectively.
• The acquisition — a mix of cash and dYdX tokens — was disclosed by founder and CEO Antonio Juliano. The company plans to expand into new forms of trading and integrate social features, though specific product plans weren’t shared.

In the next 7 days

• U.S. Leading Economic Indicators out July 21. Fed Chair Powell speaks July 22 at the Fed’s “Integrated Review of the Capital Framework for Large Banks” conference in Washington, D.C. U.S. jobless claims, flash PMIs, and New Home Sales land July 24. ECB interest rate decision also set for July 24.
• Thailand SEC’s crypto listing rules consultation ends July 21.
• Token unlocks ahead for LayerZero, Nym, Avail, Cloud, Soon, Pixels, Renzo, and Safe.

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