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The cryptocurrency market dipped 3.1% over the past 24 hours amid a renewed public dispute between Tesla CEO Elon Musk and US President Donald Trump. The escalation stems from Musk’s latest criticism of Trump’s proposed “big, beautiful bill,” prompting a sharp response from the President and reigniting tensions that have previously roiled financial markets. Elon Musk and Donald Trump Clash Again The conflict between Musk and Trump started again after the former posted a series of tweets criticizing the bill. He called it a “debt slavery bill” and condemned its supporters. “Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!” he said. Musk expressed his commitment to taking all necessary actions to ensure that these politicians are defeated in their primary elections next year, emphasizing his determination to hold them accountable for their actions. He also stressed that the bill could have detrimental debt implications. “It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS, that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people,” he posted. The billionaire, who strongly backed Trump in the presidential elections, even called for the creation of a new political party. “If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE,” he added. The string of attacks prompted President Trump to respond. He accused Elon Musk of benefiting from excessive government subsidies and suggested that Musk’s businesses would struggle to survive without them.
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why is #Robinhood working on#ARBİTRUM instead of #solana here's why... Robinhood is making its biggest bet on crypto yet, announcing on Monday that it’s developing an Ethereum layer-2 scaling network for trading digital representations of assets like stocks, while similar products exist already on competing networks like Solana. For Johann Kerbrat, Robinhood's crypto general manager, the existence of multiple projects is frustrating. Tokenization becomes less beneficial when a digital version of the same stock is issued across multiple networks beneficial because activity is siloed across ecosystems, he told Decrypt. “I hate the idea of having a Tesla-Kraken token and a Tesla-Robinhood token,” he said. “Instead of actually moving forward and creating a better financial system, we’re splitting [up] liquidity.” Robinhood’s initiative highlights stark differences between major crypto trading platforms as they use tokenization to break from traditional methods of record keeping and create more efficient systems for investors. In developing its own Ethereum-compatible network, based on Arbitrum’s design, Kerbrat said that Robinhood is trying to cast as large a net as possible, as it looks to expand on tokenized assets and connect with other entities within the cryptosphere. “We’re launching [tokenized stocks and ETFs] first in the EU, but in the future, [we] want to open it up as soon as we get clarity on regulations,” he said. “We want the maximum participation there. We want to be compatible with other players.” But crypto exchanges Kraken and Bybit have rolled out tokenized stock trading through Backed Finance’s xStocks. The assets, which trade on Solana, underscore how companies are leveraging competing networks and standards in trying to give the financial system a facelift. As Kraken pushes forward with tokenized stock trading on Solana, Kerbrat noted that Ink, an Ethereum layer-2 network released by Kraken last year, has gone untapped.
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BREAKING: SEC Approves ETF Conversion for Anticipated Altcoin Group – Here Are the Affected Altcoins The U.S. Securities and Exchange Commission (SEC) has “expedited” the conversion of Grayscale’s digital asset mix investment fund into an exchange-traded fund (ETF), a decision that could generate positive momentum for similar filings in the cryptocurrency market. In a regulatory filing released today, the SEC approved the rule change regarding the conversion of Grayscale Digital Large Cap Fund LLC. “Pursuant to Section 19(b)(2) of the Exchange Act, the proposed rule change (SR-NYSEARCA-2024-87), as amended by Amendment No. 1, is hereby approved on an expedited basis,” the decision reads. The fund, currently available over-the-counter (OTC) only to accredited investors, consists of approximately 80% Bitcoin, 11% Ethereum, and single-digit percentages of Solana (SOL), Cardano (ADA), and XRP.
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