Today in cryptocurrency news, US lawmakers are considering an amendment to the GENIUS Act aimed at preventing sitting presidents from profiting off stablecoins, stemming from concerns regarding President Donald Trump's involvement in the crypto space. This comes after a procedural vote to advance the regulation of payment stablecoins failed earlier this month. Meanwhile, the decentralized exchange Cetus, built on the Sui blockchain, reportedly suffered a hack, leading to potential losses of over $200 million as funds were drained and bridged to other platforms. This incident has raised alarm among users due to massive price drops in various assets traded on Cetus. On a more positive note, Bitcoin surged past the $110,000 mark for the first time, reflecting a 20% increase this year and a significant recovery from an earlier slump in April. Analysts attribute this rise to improved institutional infrastructure and regulatory clarity.

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