A key stablecoin-regulating bill has been advanced by the US Senate after the bill was blocked by the Democratic senators to move advance earlier.
On May 19 local time, an important procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act was passed with a 66-32 vote.
However, due to votes to invoke the cloture, the bill will now be set for a debate on a senator floor.
Quantum Biopharma bolsters Bitcoin treasury
The Canadian biotechnology company Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies.
According to a May 19 press release, the buys take Quantum’s total cryptocurrency holdings to approximately $4.5 million. The biotech company plans to stake a portion of its crypto to generate revenue.
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A return of investment can be expected for the shareholders, and Quantum expects to hold a treasury of Bitcoin BTC$105,184.
According to data from Google Finance, Shares of Quantum’s stock, QNTM, rose by approximately 25% following the announcement.
Crypto.com and Canary Capital to launch US CRO fund
A US investment fund designed to provide exposure to the Cronos blockchain’s native token, CRO, is about to be launched by the Crypto.com and asset manager Canary Capital. This was said by the cryptocurrency exchange said in a statement.
Crypto.com said, that the Canary CRO Trust will hold the Cronos CRO $0.09606 token in a regulated fund wrapper, adding that the trust is not an exchange-traded fund (ETF) and is only available to accredited investors.
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Eric Anziani, president and chief operating officer of Crypto.com, said in a statement, Creating regulated funds such as CRO Trust is part of Crypto.com’s plan for “further mainstreaming crypto.”
According to Cointelegraph, in March, the crypto exchange partnered with Trump Media & Technology Group, a company affiliated with US President Donald Trump, to launch a series of Trump-branded ETFs, including one holding CRO.
