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Anthony Scaramucci, founder of SkyBridge Capital, says New York’s Martin Act, an anti-fraud statute enacted in 1921, should be repealed. The SkyBridge Capital founder’s call for the abolishing of the law comes in the wake of the New York Attorney General’s $200 million settlement settlement with Galaxy Digital . And it all relates to the collapsed LUNA ( LUNA ) token. In a post on X , Scaramucci, labelled the Martin Act as a “dangerously powerful” law whose application is likely to be abused and lead to legal overreach. The Martin Act allows the NYAG to bring lawsuits against parties deemed to have violated its stipulations, but according to Scaramucci, the sweeping authority allowed the AG in terms of investigation and penalties can be abused. With no need to prove intent, the Act comes short. It’s “low standard of proof” is what the SkyBridge Capital founder says is dangerous. To him, this law “shouldn’t exist,” and NYAG’s use of the Act to reach the $200 million settlement with Galaxy Digital is “lawfare pure and simple.” He added that the case and the settlement is at odds with actions taken by the United States Securities and Exchange Commission and the Department of Justice. “This makes no sense and is completely at odds with the SEC and DOJ which have been pursuing actions against Do Kwon and Terraform,” he posted. “It’s [lawfare] pure and simple due to an obscure but dangerously powerful New York law known as the Martin Act. The law has no need to prove intent, creating a low standard of proof that can open the door for abuse like this. It shouldn’t exist.” In its investigation, the NYAG alleged financial misconduct on the part of Galaxy Digital, claiming the firm’s marketing of LUNA eventually harmed retail. The crypto project’s collapse in May 2022 saw more than $40 billion in value vanish into thin air. Scaramucci says Galaxy Digital and its chief executive Michael Novogratz were deceived by bad actors – Terraform Labs and its founder Do Kwon . “Novogratz is a dear friend and one of the smartest investors I know. Everything he ever said about Luna was because he thought it was true based on the deception perpetrated by the real bad actors here, Do Kwon and Terraform Labs.” Despite the sentiment on the Martin Act, Scaramucci’s remarks on Novogratz have largely been criticized on social media. Many say Galaxy Digital “was paid” to pump LUNA and it reaped huge profits as alleged in the investigation.

Now tracking @BrzToken's BRZ coin on our Stables Dashboard Brazilian Digital Token (BRZ) is a stablecoin, pegged to the official currency of Brazil, the Brazilian Real

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The stablecoin market, after slowly building up for a while, has suddenly taken off significantly. Since the end of 2023, its total value has shot up by around 90%, crossing the $230 billion line. Everyday investors are now looking for ways to get a piece of the action as this space gains serious financial weight. Ethereum and Tron—two of the biggest blockchain networks in the game—have hit all-time highs in stablecoin circulation. Ethereum, the more dominant of the two, hosts roughly $126 billion in stablecoins. Tron follows with a solid $65 billion, driven largely by peer-to-peer transaction growth across developing nations. That kind of expansion isn’t just about numbers—it’s also about position. Patrick Scott, a leading voice in decentralized finance, said : There are 3 ways to play the stablecoin boom: 1) Chains stablecoins are issued on 2) Stablecoin issuers 3) DeFi protocols stablecoins are used in. Retail investors are beginning to notice that investing in the native tokens of these networks—ETH for Ethereum and TRX for Tron—could be a smart long-term move. Analyst DCinvestor made a bold claim : …within a few years it will be obvious in hindsight that the best way to invest in the coming stablecoin boom was simply just to buy ETH where the most stablecoins are and will be settled and ultimately a key beneficiary of the economic activity which emerges around them. Both ETH and TRX act as the fuel that drives stablecoin usage on their platforms. As more digital dollars move across these rails, demand for these native tokens could increase. Ethereum already serves as the home for more than half the total stablecoin supply, while Tron is quickly narrowing the gap. Outside of Ethereum and Tron, other blockchains are trying to get a piece of the action, but these two remain the most battle-tested when it comes to stablecoin scalability and adoption. While the biggest stablecoin issuers—Tether and Circle—remain private and unavailable for direct investment, new kids on the block have arrived with something different to offer. Emerging issuers like Ethena ( USDe ), Ondo’s USDY, HONEY on Berachain, and Curve’s crvUSD have introduced governance or utility tokens that give retail investors a chance to tap into the revenue and growth of their platforms. These aren’t just decorative tokens—they often come with voting power, governance control, or even a slice of the revenue pie. That means as the stablecoin economy swells, these tokens could see real upside potential. Issuers are innovating fast, and investors are paying attention. It’s not just about holding a stablecoin anymore—it’s about becoming a stakeholder in the system that runs it. DeFi is where stablecoins are put into use in the fullest possible manner. Aave, Morpho, Pendle, Curve, and Fluid have incorporated stablecoins into the very core of their offerings—lending and borrowing to yield farming and liquidity pools. Retail investors can access such platforms through providing capital or taking part in smart lending strategies. Such operations generally make money on the basis of interest fees or trading commissions. Small players would be able to earn consistent returns with the proper steps if market conditions are favorable. Stablecoins are the lifeblood of DeFi, and the protocols that use them best are seeing a steady uptick in user activity. As long as adoption keeps growing, the incentives to participate will likely grow with it.

Close to 20% of South Korea’s public officials have indicated that they own crypto. Moreover, as per recent government disclosures, much of their investments consist of altcoins such as Ripple’s XRP. This is based on data from the nation’s Ethics Committee, which compels officials to disclose their digital assets under the law of financial openness. Of 2,047 officials who filed financial disclosures, 411 said they own cryptocurrency, according to reports . Their total holdings are worth 14.4 billion won ($9.3 million). The disclosure system, put in place to increase transparency, requires public officials to include crypto assets in their disclosures along with conventional properties like real estate and stocks. Among the holders who revealed their digital assets, a Seoul City Council member, Kim Hye-young, is the biggest holder. His portfolio, which includes 16 various cryptocurrencies, is worth about 1.76 billion won ($1.1 million). Crypto investments also reach his family, with his wife owning Ethereum (ETH) and Dogecoin (DOGE), and his oldest son owning 3,336 XRP tokens. Seoul City Councilor Choi Min-gyu comes second as the second-largest owner, with his crypto holdings amounting to 1.62 billion won ($1 million). His holdings comprise 409,551 XRP, 9,402 Arbitrum (ARB), and 4,701 Cardano (ADA), reflecting a strong inclination toward altcoins. Kim Ki-hwan, CEO of Busan-Ulsan Expressway Co., Ltd, comes in third, with investments valued at 1.42 billion won ($969,000). In contrast to most of his fellow responders who are invested in widely recognized cryptocurrencies, his portfolio skews toward lesser-known altcoins such as 152,251 Terra Luna Classic (LUNC). He also holds 5,979 Challengedocs, 1,989 Horus Pays, and 2,989 EOS Blacks. Even though South Korea has a stringent regulatory strategy for digital assets, most of its officials are more inclined toward altcoins compared to Bitcoin (BTC). XRP is especially favored by government officials and their relatives, who mention it frequently in their disclosure reports. The token, linked to cross-border payments and banks, has been very popular among the country’s crypto community. This is the second year that South Korea has seen mandatory crypto asset reporting by public officials, as highlighted last week. It serves as a testament to the growing adoption of digital currencies in the nation’s financial system. The reports shed light on investment patterns among government officials and indicate wider adoption outside the retail trader and institution segments. Whilst, investors are eagerly waiting for XRP as the SEC prepares to officially withdraw its appeal of the programmatic sales ruling. If true, this action would be a significant legal win for XRP and potentially redefine its future in the cryptosphere. In the meantime, Ripple has also eliminated their cross-appeal, thus removing further regulatory roadblocks. This aside, XRP has not returned to its January high of $3.3999. However, it’s subject to change with increasing speculation regarding a U.S. XRP ETF, which would dramatically impact market forces, driving further demand, as mentioned in our last newspiece.