It’s time for another round of the latest news around the Crypto globe! Mr. Yabby has traversed the waters of the world yet again, brining you the freshest scoop on the happenings surrounding digital currencies. Here are the hottest stories so you don’t have to search through an endless sea of news to find the top ones.
New U.S. Crypto Law Takes Shape
Late last week, the U.S. Senate approved the so-called GENIUS Act by a comfortable 68–31 margin, marking the most significant stablecoin legislation in years. Under the new rules, every issuer must hold a full 1:1 reserve of U.S. dollars and submit to federal supervision—moves designed to bolster consumer confidence and thwart market shocks. Beyond these provisions, the law even bars sitting members of Congress and high-ranking executive-branch officials from launching stablecoin payment products while in office, aiming to curb conflicts of interest. Critics on the left, however, argue that the bill still leaves too many loopholes, while opponents on the right warn it could inadvertently strengthen established players who already have the capital to meet the reserve requirements. As lawmakers head into the fall session, the crypto community is bracing for a deluge of rule-making from multiple agencies trying to iron out the finer points of enforcement.
Israeli Hackers Hit Iran’s Nobitex for Nearly $100M
A pro-Israel hacking group calling itself “Predatory Sparrow” has claimed responsibility for a daring cyberattack on Nobitex, Iran’s largest cryptocurrency exchange, making off with nearly $100 million in Bitcoin, Ethereum, Dogecoin, and other tokens. According to their statements, the group targeted funds earmarked for regime financing and military activities, then published the exchange’s full source code—forcing Nobitex to go offline for several days. The stolen coins were sent to wallets emblazoned with anti-Revolutionary Guard messages, suggesting this was as much political theater as a financial strike. Security analysts see the breach as the latest chapter in a growing back-and-forth of cyber operations between Iran and its adversaries, with potential for retaliation echoing across the region’s digital battleground. Despite claims the loot has been “burned,” experts warn that any unauthorized code release could expose customer data and infrastructure vulnerabilities long after the headlines fade.
JPMorgan Bets on Base with New Deposit Token
JPMorgan has quietly rolled out a new digital deposit token on Coinbase’s Base blockchain, positioning it as a regulated alternative to existing stablecoins and a complement to its in-house JPM Coin network. The token is designed to facilitate near-instantaneous cross-border payments and streamline interbank settlements, potentially shaving days off traditional processes—provided regulators sign off. Internal memos suggest the bank is keen to test this onchain instrument in corridors of global finance that have long relied on Swift messaging, with a pilot already underway in select corporate accounts. While JPMorgan insists the token isn’t a “crypto play” per se, industry observers note that it underscores a broader trend: traditional banks embracing blockchain rails for operational efficiency. With more institutions now building on Base—Coinbase’s emerging Layer 2—the project could signal a shift toward hybrid models where regulated entities and public chains coexist.
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That’s it for now folks! Let Mr. Yabby know what you think of these and maybe some other stories that were not featured here. You can also put any suggestions for future news posts if you like.
