This week, the crypto industry saw a potential regulatory breakthrough as bipartisan lawmakers introduced the Genuine Innovation and Upliftment of Startups (GENIUS) Act in Congress. The bill proposes a safe harbor for blockchain startups, granting them a 24-month window to develop and launch decentralized networks before being subject to certain federal securities laws

The Act passed the senate this week now it’s awaiting a vote in the House of Representatives If it passes there it will move to the President’s desk for signature. Many in the crypto industry are watching the House closely now for what could be a major regulatory milestone paving the way for widespread stablecoin adoption.

Federal Reserve Holds Rates Steady

On Wednesday, the Federal Reserve announced it would leave interest rates unchanged, maintaining its benchmark rate at a 23-year high. While acknowledging signs of cooling inflation, Fed Chair Jerome Powell emphasized that it was "too early to declare victory." Crypto markets initially reacted cautiously but gained traction later in the week as broader investor sentiment turned risk-on. 

Metallicus Launches Stablecoin Pilot for Financial Institutions

San Francisco-based blockchain company Metallicus unveiled a new Stablecoin Pilot Program this week, inviting financial institutions to test private, interoperable stablecoin infrastructure within a secure sandbox. The program, exclusive to members of the Metal Blockchain Innovation Program, lets institutions simulate real-world stablecoin payment flows without holding or transferring real money. The goal is to simplify adoption and ensure regulatory alignment before going live on The Digital Banking Network (TDBN), a network purpose-built for blockchain-era financial services. 

Bitcoin ETF Flows: A Week of Choppy Inflows and Outflows

The week kicked off with strong net inflows for U.S. spot Bitcoin ETFs, totaling $412.2 million on Monday, led by IBIT ($266.6M) and FBTC ($83M). However, sentiment quickly reversed on Tuesday, June 17, as outflows mounted across multiple issuers, most notably Fidelity (-$208.5M), ARK (-$191.4M), and Bitwise (-$22.8M) - bringing net flows down to $216.5M despite BlackRock’s solid $639M contribution. Wednesday saw a modest recovery, with net inflows of $388.3M, but Thursday flows were absent, due to Thursday being a public holiday in the US. Overall, Bitcoin ETFs ended the week net positive but with notable volatility midweek.

Ethereum ETF Flows: Uneven Interest Amid Macro Caution

Ethereum ETFs posted a net gain for the week, though inflows were more restrained compared to Bitcoin. Monday and Tuesday brought in $21.4M and $11.1M respectively, despite some outflows from Fidelity and Grayscale. The strongest single-day performance came Wednesday, with $19.1M in net inflows led by BlackRock and Bitwise. The overall picture shows a cautious but steady uptick in Ethereum ETF demand, likely influenced by broader market uncertainty and anticipation of regulatory movement, especially on the stablecoin front.

Top Gainers (Coins Available on Metal Pay)

Only Metal Blockchain (METAL) finished the week notably in the green, climbing +12.7% thanks to attention from the stablecoin pilot launch and increasing institutional traction. Litecoin held slightly positive at +0.6%, while Ripple (XRP) remained flat. Meanwhile, Bitcoin (-0.7%) and Solana (-1.2%) posted small weekly losses amid broader market indecision.

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