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MOG Coin Skyrockets as Elon Musk and Garry Tan Embrace "mog/acc" Identity

MOG Coin Soars as Elon Musk and Garry Tan Embrace "mog/acc" Identity

Speaking at the Consensus 2025 conference in Toronto, PayPal Senior Vice President of Digital Currencies Jose Fernandez da Ponte said that incorporating banks into the stablecoin business is important and that without doing so, the full potential of these coins cannot be unlocked. Stablecoins, digital currencies that track traditional assets like the US dollar, have taken on new prominence as a way to move money between the volatile, programmatic world of cryptocurrencies and the more predictable, government-controlled realm of the traditional financial system. But they have been hamstrung by regulatory grey areas and worries about financial stability. PayPal’s own stablecoin, PYUSD, launched in August 2023, is fully backed by US dollar deposits and short-term US treasuries, allowing for 1:1 redemption. Despite its potential, PYUSD’s adoption has been modest, with a market capitalization of approximately $872 million, compared to the stablecoin market’s total exceeding $238 billion. Fernandez’s comments come as lawmakers are close to passing stablecoin legislation that could transform the market and open it up to banks. The US also seeks to update rules around digital assets. Fernandez da Ponte claims that although it may seem counterintuitive if stablecoins are to grow outside of crypto-native circles, the banks in this market will be essential because their infrastructure, from custody to providing fiat rails, will be crucial. Both the fabric and the connectivity must function. One other famous name that weighed in on the topic of conversation, Anthony Soohoo, chairman and CEO of MoneyGram, a cross-border money transfer service, claimed that this was a big breakthrough. Based on his argument, “There’s always hesitation: Can I trust this? [The stablecoin legislation] will answer many of those questions.” Once there are clear regulations, both executives said, they expect consolidation after a wave of new issuers floods the industry. Fernandez da Ponte said there wouldn’t be just two stablecoins, or even 300, but more than that. The stablecoin market is, at present, mostly run by Tether and Circle’s Stablecoins , commanding almost 90 of the $230 billion asset class. However, at a supply of $900 million, PYUSD is far behind. Fernandez said market capitalization should not be the basis for measuring success. He said one should focus on velocity, active wallets, and the total number of transactions, emphasizing that drives actual use. In the meantime, customers have been hunting for stablecoins backed by dollars that they can use for international payments and as stores of value in nations with high inflation and volatile currencies. MoneyGram, which has nearly a million cash-access locations in over 200 countries, helps enable that access, Soohoo says. According to reports, developed countries have been slower in embracing stablecoins. With adequate clear regulation, stablecoins can streamline cross-border disbursements and corporate treasury activities, Fernandez da Ponte said. The GENIUS Act is back in the spotlight as lawmakers make a final attempt to bring the legislation to the Senate floor following weeks of debate. Senate sources say a bipartisan amendment is under consideration, with proposed changes that include stricter regulations for tech firms handling financial assets, enhanced consumer protections, and increased oversight of public figures—including Elon Musk. The amendment also aims to tighten bankruptcy protections and prevent misuse of FDIC insurance. These changes could also make the bill more palatable to a wide array of Republicans. The pending vote will be the litmus test for whether the Senate is prepared to move forward with digital asset legislation that includes strict accountability without stifling innovation. Led by Senator Bill Hagerty, the GENIUS Act imposes a regulatory structure for token issuers, rather with an emphasis on US dollar-pegged stablecoins. The bill would require issuers to meet strict licensing, asset backing, and transparency conditions. Under the proposal, stablecoin issuers with more than $10 billion in assets would be subject to oversight by the Federal Reserve, while the states would regulate smaller issuers. US dollars or Treasury securities must fully back all stablecoins. The legislation is intended to strengthen the dollar’s status in the global marketplace and boost broader financial access in the digital era. KEY Difference Wire helps crypto brands break through and dominate headlines fast

Musk and Garry Tan detonate MOG Coin: revealing the Mog/Acc cultural phenomenon The “mog/acc” idea quickly spread among everyone from Elon Musk to Garry Tan, a trend that raised the project’s profile and ultimately drove up prices.

House of Democrats are urging the U.S. Treasury to investigate Donald Trump’s crypto dealings, Elon Musk’s political actions committee (PAC), and the Republican fundraising platforms over possible fraud, bribery, and foreign influence. In a letter sent to Treasury Secretary Scott Bessent, top Democrats from three powerful House committees requested all suspicious activity reports (SARs) related to Trump’s cryptocurrency ventures, Elon Musk’s PAC, and the GOP’s WinRed fundraising platform. President Donald Trump, through World Liberty Financial (WLFI), launched the $TRUMP meme coin earlier this year. He promoted it on his social media accounts and at campaign events, which led to a surge in the coin’s price and attracted thousands of investors. However, lawmakers are growing more concerned because over 80% of the token’s total supply exists in digital wallets that Trump and his allies control. This means they can manipulate the price and supply to benefit themselves at the expense of ordinary investments that lack inside information or control. Lawmakers further noted that the earliest investors in the $TRUMP meme coin made millions of dollars selling their tokens at peak prices before the market crashed, leaving regular investors who bought later to suffer huge losses. The letter also highlights USD1, a proposed new stablecoin that plans to raise $2 billion through a Binance deal, a global cryptocurrency exchange, and MGX Capital (controls 90% of the token’s ownership). This proposal raises constitutional concerns because heavy foreign ownership could violate the Emoluments Clause of the American Constitution, which forbids U.S. government officials from accepting gifts or financial benefits from foreign government entities in ways that could influence elections or policy decisions. In short, USD1 could potentially open doors for foreign governments or investors to hold undue influence on the U.S. political and financial systems. To that end, lawmakers want the Treasury to review suspicious activity reports connected to World Liberty Financial and its digital wallets to trace the source and movement of funds, verify the true owners behind these wallets, and ensure that the entire operation complies fully with U.S laws to prevent money laundering, foreign interference, and other financial crimes. Elon Musk’s America PAC spent over $250 million on political campaign advertisements, voter giveaways, and messaging that strongly supports Republican candidates across multiple races, forcing Democratic lawmakers to send a formal letter demanding a thorough investigation into it. Lawmakers suggest that this large-scale spending could have influenced the elections in ways that don’t comply with existing campaign finance laws and question whether the America PAC coordinated its spending and messaging directly with GOP candidates’ campaigns or if it hid the identities of its donors. The letter cited public examples that show that Musk’s America PAC incentivized voters with prizes and held aggressive outreach through social media, which lawmakers warn crossed legal lines by “paying” or bribing voters to support specific candidates. In addition to concerns about Musk’s PAC, lawmakers stress that the Treasury must investigate WinRed, the dominant online fundraising platform the Republican Party uses to collect millions of dollars in donations, to confirm whether it verified the identity of donors, screened out legal or foreign contributions, and ensured all funds processed comply with U.S campaign finance laws. The Democrats were specific about the possibility of improper connections between the activities of Musk’s America PAC and public endorsements or promotional events involving Musk’s companies like Tesla. Lawmakers requested that Treasurey’s Financial Crimes Enforcement Network (FinCEN) review the SARs related to Elon Musk’s America PAC, the GOP’s WinRed platform, and other associated entities to support their review, and trace true suspicious financial flaws, uncover any hidden or unlawful donations, and ensure full compliance with the law. KEY Difference Wire helps crypto brands break through and dominate headlines fast