What Happened In Crypto Today

Today in crypto, Republicans suffered their first setback in Congress on crypto legislation, Bitcoin-powered darknet marketplace Abacus Market has gone offline amid suspected law enforcement pressure, and Ripple plans to pursue a MiCA license.

First crypto bill vote fails to get 100% Republican support despite Trump’s call

Cryptocurrency-related bills backed by US President Donald Trump failed to clear a key procedural step in the House of Representatives on Tuesday, despite the president’s public push for action.

Trump had urged Republican lawmakers to “get the first vote done this afternoon” on legislation to regulate payment stablecoins as part of a larger effort to pass crypto legislation before the August recess.

In a Tuesday post on his social media platform Truth Social, Trump ordered all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a bill designed to regulate payment stablecoins in the US.

The legislation is one of three bills, along with ones to address market structure and central bank digital currencies, that Republican House leaders had been pushing as part of the party’s “crypto week” plans.

Bitcoin-fueled darknet marketplace vanishes in possible exit scam

Abacus Market, the largest Bitcoin-powered Western darknet marketplace, has gone offline in an apparent exit scam. 

Its website and infrastructure, including its clearnet mirror, are inaccessible, TRM Labs said in a report on Monday. The disappearance has led TRM to believe the “operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.” 

TRM Labs said the closure could be the result of attention from law enforcement, as Abacus Market clocked a monthly record after the closure of Archetyp Market, one of the longest-running dark web marketplaces, in mid-June. 

In late June, users began reporting withdrawal issues, which prompted the Abacus administrator known by the handle “Vito” to assure users that the problems were merely a result of an influx of new people and a distributed denial-of-service attack. 

“This behavior was consistent with known exit scam patterns seen across other darknet markets.”

Ripple confirms intention to pursue MiCA license for EU expansion

Ripple told Cointelegraph it will apply for a MiCA license to expand its crypto and stablecoin operations across the European Economic Area.

A Ripple spokesperson said the company intends “to become MiCA-compliant” as it recognizes “significant opportunity in the European market.”

The statement follows Ripple’s registration of Ripple Payments Europe S.A. in Luxembourg in late April.

On Tuesday, industry media outlet Ledger Insights reported that the company had applied for an electronic money institution license in Luxembourg. Ripple refused to confirm or deny the report, saying only that the firm does not “have any updates to provide currently.”