The cryptocurrency sector witnessed a series of significant developments today, ranging from a record-breaking Bitcoin rally to regulatory shifts and data transparency concerns in decentralized finance.
GENIUS Act May Redefine Traditional Banking
The GENIUS Act, enacted earlier this year to regulate stablecoins, is drawing strong reactions from the crypto investment community.
According to Tushar Jain, Co-founder and Managing Partner at Multicoin Capital, the legislation could accelerate the migration of funds from traditional banking systems into higher-yielding stablecoin products.
Jain described the new law as a transformative event for the financial industry, noting that it may mark “the beginning of the end” for banks’ reliance on low-interest retail deposits.
He further suggested that major technology companies such as Apple, Meta, and Google could soon compete directly with banks by offering stablecoin-based payment and savings products with instant settlement and 24/7 access.
Meanwhile, traditional financial institutions have reportedly urged regulators to tighten oversight, aiming to restrict stablecoin issuers from offering yields through associated entities—an effort widely interpreted as an attempt to preserve existing profit margins.
DeFiLlama Suspends Aster DEX Volume Data
In another major development, decentralized finance analytics platform DeFiLlama announced the removal of trading volume data for the Aster decentralized exchange (DEX) due to concerns over data accuracy.
DeFiLlama’s pseudonymous co-founder, 0xngmi, explained that Aster’s reported perpetual futures trading volumes appeared almost identical to those of Binance, raising questions about data integrity.
Since Aster does not provide granular trading information—such as order origins or participant identities—DeFiLlama has decided to delist its data temporarily until verification can be completed.
