In today's crypto news, Circle's Dante Disparte spoke about the GENIUS Act, which aims to prevent tech giants and banks from dominating the stablecoin market by imposing strict structural and regulatory hurdles. Non-banking firms wanting to mint dollar-pegged tokens must establish separate entities and pass antitrust checks. Additionally, banks must create legally distinct subsidiaries to issue stablecoins, ensuring no risk or leverage is involved. Meanwhile, Bitcoin's market value surpassed $123,100, generating a spike in social media discussions around it, suggesting a potential local top. However, some analysts believe retail investors are still largely absent from the market. In troubling news, India's CoinDCX crypto exchange suffered a $44 million loss due to a sophisticated server breach, although the CEO assured that customer funds remain safe. The hack highlights ongoing security concerns within the crypto space.

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