beasrahc

@beasrahc

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Just finished work and hitting the gym alone. Nothing beats this feeling.

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Can't wait to explore Monad testnet on @farcaster_xyz . Looking forward to trying out the mini apps soon. Count me in for updates in the /monad channel. #monad_xyz

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Today in crypto, the European Securities and Markets Authority (ESMA) has confirmed to Cointelegraph that the European Union’s Markets in Crypto-Assets Regulation (MiCA) does not explicitly ban non-compliant stablecoin custody and transfers, the US Senate voted to kill the IRS’ DeFi broker rule, and more than $1 billion worth of derivatives were liquidated on March 4 due to fears of a trade war

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“The alliance between Republicans and crypto is a matter of anti-establishment feeling, so they’re both agitating against the order,” Liao continued.

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This makes stablecoins ideal for laundering large sums of money without worrying about price fluctuations and makes tracking transactions harder due to faster shifts through mixers, crosschain bridges and DeFi protocols to obscure transaction origins and evade detection. This pivot shows a growing preference for more efficient financial tools in the evolving landscape of crypto crime.

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Stablecoins have grown into a $230-billion industry supporting use cases across both developed and emerging economies. As a standalone figure, the value of stablecoins in circulation is equivalent to more than 1% of the US money supply, according to Polygon’s $0.02timmy.

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News outlets like The New York Times and Huffington Post have also called out DOGE’s figures. Although they have been amended, DOGE still maintains that the final amount it has cut out of the budget is $55 billion — raising alarm bells among observers over how much the department, tasked with reducing perceived government waste, can be trusted.

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US President Donald Trump has said 20% of the money “saved” by DOGE could go straight to the American taxpayer, while another 20% would be used to pay down the national debt.

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Spearheaded by Tesla founder Elon Musk, DOGE’s website currently shows $55 billion in cuts to various sources of federal funding and shrinking certain agencies. But according to Momentum Chaser, the real figures are far lower.

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An anonymous crypto sleuth named Momentum Chaser has called out the US Department of Government Efficiency’s (DOGE) claims that it has saved American taxpayers $55 billion, prompting the agency to revise its figures — the latest in a series of dramatic events that are already impacting Americans.

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“The blame for the Libra memecoin disaster and other pump-and-dump schemes like it lies on the shoulders of the regulators, and they are the only ones that can fix this,” Puckrin said in a statement to Cointelegraph.

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Due to the collapse of LIBRA, some, including The Coin Bureau co-founder and CEO Nic Puckrin, have blamed regulators for the lack of clarity surrounding these assets.

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Meanwhile, Grayscale executive Dave LaValle has predicted that the success of crypto ETFs will spawn new product offerings in the near future.

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The Ether ETFs saw more than $3 billion in cumulative inflows in the final two months of 2024, with Galaxy Digital forecasting that trend to intensify this year. The investment manager forecasts net inflows into ETH funds to reach nearly $5 billion between January and May.

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FTSE Russell is backed by the London Stock Exchange Group and currently provides over 20 stock market indexes. The Russell Indexes allow investors to track various segments of the global stock market, with the Russell 2000 index of US small-cap stocks arguably the most popular.

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In 2023, FTSE partnered with digital asset manager Grayscale to offer an index series covering cryptocurrencies, smart contract platforms and other segments of the industry.

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Traditional financial circles have been broadening their coverage of cryptocurrencies in recent years, with Bloomberg Terminal adding over 50 digital assets back in 2022.

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A FTSE Russell spokesperson told Cointelegraph that, “Institutional investors are asking for more data and information [on cryptocurrencies] than in previous years.” Specifically, they are “interested in understanding the onchain data [...] that could help inform what is the intrinsic value of various protocols.”

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In traditional finance, these indexes typically provide a benchmark for passively managed investment funds.

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Specifically, FTSE Russell plans to use onchain metrics and market data on various cryptocurrencies to build fundamentally weighted indexes, which are a type of index whose constituents are chosen based on fundamental factors.

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