The Fed fails to inspire, but big crypto regulatory news out of the US

June 19, 2025

James Bowater

📉 Bitcoin and Ethereum steady - both trading flat.

🏦 Fed holds rates - but inflation concerns and Trump’s tariff policy weigh on sentiment.

🦄 Uniswap (UNI) and Ondo (ONDO) show gains - bucking broader market softness.

🇺🇸 US Senate passes GENIUS Act - paving the way for wider stablecoin adoption.

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There’s some more sideways action in crypto markets this morning. Yesterday’s Fed decision to hold steady on interest rates came as no surprise, but crypto and stock markets seemed uninspired, even by the finer details in Chair Jerome Powell’s press briefing. The gist of it was that while rate cuts are on the cards, inflation worries and a slightly tempered economic outlook put a damper on things. Much of these inflation concerns stem from Trump’s tariff policy. The US President last week extended the deadline for talks between the US and affected countries to 8 July to reach an agreement. Analysts have marked this as an important date on the economic calendar.

Against this backdrop for risk assets, Bitcoin’s (BTC) price is down negligibly, by less than 1% overnight, still trading around $105K, while Ethereum (ETH) is following the same path. Both are closely tracking the broader US stock market, which has also shown little momentum this week. There were sparks of life in crypto, though. Uniswap (UNI) has gained 3% in price, while Ondo (ONDO) is up by a similar margin.

Meanwhile, US crypto regulation continues to make progress. The US Senate yesterday passed the GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, which will create a regulatory framework for USD-backed stablecoins. The new bill could open the door for banks, institutions, and even retailers to issue their own stablecoins or integrate them into existing payment platforms.

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