Today, the Financial Stability Board (FSB) expressed concerns regarding the systemic risks of cryptocurrencies as they integrate with traditional finance. Outgoing FSB Chair Klaas Knot indicated that crypto does not currently pose a systemic risk, but the situation could change soon. He noted that barriers for retail investors have significantly lowered, particularly with crypto ETFs. Knot also emphasized the growing interlinkages between stablecoins and traditional finance due to issuers holding substantial amounts of US Treasurys. Meanwhile, Bitcoin is experiencing renewed bullish sentiment, with a positive comment ratio on social media indicating an encouraging trend for the cryptocurrency as it approaches $112,000. As of June 11, there were over two positive Bitcoin comments for every negative one. In regulatory news, the US Senate advanced the GENIUS Act, aimed at establishing a regulatory framework for stablecoins, with Majority Leader John Thune promoting its potential to make the US a leader in the crypto sector. The bill passed with a vote of 68-30, setting the stage for further debate and consideration.

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