Trump Backs GENIUS Act Amid Crypto Market Moves

Happy Wednesday! The recent "Crypto Week" took a turn as the U.S. House cancelled planned votes on crypto legislation due to procedural issues. In today’s newsletter, President Trump announced that 11 out of 12 key House members have pledged their support for the GENIUS Act vote set for today. Meanwhile, Ark Invest has sold off $13.3 million in Coinbase shares and $8.7 million in its own bitcoin ETF after both reached record highs. Additionally, a SPAC led by Cantor Fitzgerald is finalizing a multi-billion-dollar bitcoin acquisition deal with Blockstream founder Adam Back. In other news, the Eclipse Foundation has launched a 100 million ES token airdrop for early users, while Pump.fun has initiated a token buyback worth millions using platform fees, repurchasing nearly 3 billion tokens shortly after its launch. Never miss any updates with The Block’s daily digest of crucial events in the digital asset ecosystem.