Today’s developments in the cryptocurrency world saw some significant events unfold. The Republican crypto legislation faced its first hurdle in Congress, the Bitcoin-based darknet marketplace called Abacus Market disappeared under suspected law enforcement scrutiny, and financial technology firm Ripple announced plans to secure a MiCA license.
Despite a direct call to action from former US President Donald Trump, the cryptocurrency-related bills he supported failed to progress through a key procedural stage in the House of Representatives on Tuesday. Trump had encouraged Republican representatives to pass the legislation concerning the regulation of payment stablecoins as part of a broader initiative to advance cryptocurrency legislation ahead of the August recess.
In a post on his social media platform, Truth Social, Trump urged Republicans to support the GENIUS Act, which seeks to regulate payment stablecoins in the US. This bill was one of three others aimed at addressing market structure and central bank digital currencies that Republican leaders were promoting as part of their “crypto week” initiative.
In another development, Abacus Market, the largest Bitcoin-enabled Western darknet marketplace, abruptly went offline, sparking suspicions of an exit scam. The entire infrastructural setup, including its clearnet mirror, is now inaccessible, according to a report by TRM Labs. The sudden disappearance led TRM to speculate that the “operators might have staged an exit scam, ceasing operations and absconding with users’ funds.”
Ripple, meanwhile, confirmed its plan to apply for a MiCA license, aimed at expanding its cryptocurrency and stablecoin operations across the European Economic Area. A representative from Ripple stated that the company acknowledges the “significant opportunity in the European market” and intends to become “MiCA-compliant”.
