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Why You Shouldn't Underestimate the Significance of the US Stablecoin GENIUS Act?

XRP’s recent rally has stalled with market activity slowing down and uncertainty surrounding the Securities and Exchange Commission’s review of the 21Shares XRP spot ETF. The token is trading at about $2.35 at press time, down 1.4% over the last day and 8.3% in the previous seven days, suggesting that its momentum is waning following a strong run earlier this month. Additionally, trading volume has sharply decreased. Over the past day, XRP ( XRP ) has seen spot trading of $2.67 billion, a 15.9% decrease from the day before. Derivatives data paints a similar picture. Coinglass data shows that open interest in XRP fell 3.14% to $4.58 billion, while futures volume fell 28.45% to $4.24 billion. While the drop in open interest shows traders are closing positions rather than opening new ones, frequently an indication of diminished confidence in short-term price action, the steep drop in volume suggests cooling speculative interest. The weakening market momentum comes just as the SEC delayed its decision on the proposed 21Shares Core XRP Trust. In a May 20 filing , the agency said it was extending the review period to evaluate whether the ETF complies with Section 6(b)(5) of the Exchange Act, which requires protections against fraud and market manipulation. The Trust will use Coinbase Custody to store its assets and seeks to track the CME CF XRP-Dollar Reference Rate. The SEC stressed that the delay permits further analysis and public input rather than representing a final decision. Rebuttals must be submitted within 35 days of the Federal Register publication, and the comment period will last for 21 days. Bloomberg ETF analyst James Seyffart called the delay “expected,” adding in a May 20 X post that early approvals for any crypto spot ETFs, including those for XRP or Solana ( SOL ), are unlikely before late June or early July, and more realistically expected in early Q4. Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days. If we're gonna see early approvals from the SEC on any of these assets — i wouldn't expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q. The technical indicators for XRP point to indecision. At the moment, the price of XRP is close to the Bollinger indicator’s lower band, indicating cautious market activity. With a value of 52, the relative strength index is neutral. Short-term moving averages signal weakness. Both the SMA and the 10-day EMA point to bearish pressure. On the other hand, long- and medium-term MAs are more optimistic. Despite the recent decline, the longer trend is still in place, as shown by the 20-day to 200-day EMAs and SMAs flashing buy signals. A breakout above $2.38 and sustained momentum past $2.61 could signal further upside , targeting higher resistance zones. If XRP falls below its 20-day SMA at $2.34, it could test support at $2.26 or even $2.06, increasing the likelihood of downward pressure. With both technical and regulatory signals providing conflicting hints about XRP’s next significant move, the market is currently in a wait-and-see state.

Economist and gold advocate Peter Schiff has intensified his criticism of U.S. President Donald Trump’s economic policies, particularly focusing on tariffs, fiscal management, and cryptocurrency initiatives. While he acknowledges that Trump’s presidency may have been preferable to alternatives like Kamala Harris, he argues that the administration’s economic missteps outweigh its accomplishments. Schiff objects to the extension of the 2017 Tax Cuts and Jobs Act, saying that it has led to a big rise in the US debt, which is now exceeding $36 trillion. Yesterday, he also criticized Treasury Secretary Scott Bessent for attributing the recent Moody’s credit downgrade to the Biden administration, pointing out that Moody’s specifically cited the extension of Trump’s tax cuts as a contributing factor. The economist has been a vocal opponent of Trump’s tariff strategies, labeling them as detrimental to American consumers and businesses. He states that tariffs function as a tax on Americans, leading to higher prices and potential inflation. Schiff warns that if such measures persist, they could bring in a financial crisis worse than that of 2008. Considering he never was that big on Bitcoin, it comes as no surprise that Schiff was against Trump’s foray into cryptocurrency, especially the proposal to establish a US Strategic Bitcoin Reserve. A few months ago, he accused Trump of orchestrating a pump-and-dump scheme, alleging that the administration’s announcements led to artificial inflation of crypto markets and that they benefited insiders before a subsequent crash. In March, he called for a Congressional investigation into these actions, suggesting possible market manipulation. In today’s post, he once again said something similar, mentioning that Trump’s family has exploited the presidency for personal gain. Schiff’s critiques are shared with concerns from other economists and financial experts who caution that Trump’s economic policies may undermine the US economy’s stability. They argue that the combination of tax cuts, increased spending, and aggressive trade policies could lead to long-term fiscal challenges. These would include inflation, reduced investor confidence, and the likelihood of a capital flight. In his post, Schiff warns that Trump’s policies could set the stage for a radical left presidency in 2028. Whatever the case, this likely won’t be the last time he will have something to say against Trump and his administration. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

24H Hot Coins and News | GENIUS Stablecoin Act is expected to start voting on Wednesday; SEC sues Unicoin for suspected securities fraud (5.21) Argentine President Milley closes investigation into Libra scandal.

$BB $BTC 🔥 Bitcoin News Today: Bitcoin Eyes Price Discovery Above $110K as $3B in Short Positions Face Liquidation Risk 👀Bitcoin (BTC) is approaching a critical juncture, with analysts forecasting a potential price discovery phase if it breaches the $110,000 level. As of May 21, BTC is trading around $107,457, just below its all-time high. The asset has already recorded a weekly close at $106,407, and if it ends May above $102,400, it would mark Bitcoin’s highest monthly close in history. $3 Billion in BTC Shorts at Risk Above $107,000 Market analysts estimate that more than $3 billion in leveraged short positions could be liquidated if Bitcoin sustains a move above $107,000. According to trading data, this creates a so-called “liquidation magnet”—a technical condition where concentrated short positions act as upward fuel if breached, accelerating bullish momentum. Crypto trader Jelle described the market as being “inches away” from price discovery, a term used when an asset enters a previously uncharted range with no historical resistance, allowing price to be determined by real-time market dynamics.