Here’s what happened in crypto today
Today in crypto, US spot Ether exchange-traded funds (ETFs) saw their largest-ever daily outflow of $465 million on Monday, US President Donald Trump could reportedly soon sign an order to probe crypto debanking claims, and Coinbase adviser George Osborne claims the United Kingdom is falling behind on crypto.BlackRock leads record $465 million spot Ether ETF Monday exodusUnited States spot Ether exchange-traded funds (ETFs) recorded almost half a billion dollars in daily net outflows on Monday, marking their highest in a single day since launch, according to data from investment firm Farside Investors.Farside Investors’ data shows that spot Ether ETFs had net outflows of $465 million on Monday, their second day of outflows since breaking a 20-day inflow streak on Friday with net outflows of $152 million. The sharp pullback suggests a potential shift in investor sentiment after a strong performance in July, during which spot Ether ETFs saw a record $5.43 billion in net inflows.This coincided with ETH dropping to $3,380 on Sunday, down 12% from its Thursday price of $3,858. On Tuesday, the token had recovered, rising to $3,629, according to CoinGecko. SoSoValue data shows that asset manager BlackRock’s iShares Ethereum Trust (ETHA) took the biggest hit on Monday, seeing nearly $375 million in net outflows. The ETF still has a cumulative net inflow of $9.3 billion and net assets of $10.7 billion.Trump order would probe crypto debanking claims: WSJUS President Donald Trump could sign an executive order as soon as this week to direct banking regulators to investigate claims of debanking made by the crypto sector and conservatives, The Wall Street Journal reported on Monday.A draft of the executive order seen by the Journal directed bank regulators to probe if any financial institutions violated antitrust, consumer financial protection or fair lending practice laws and to cut any agency policies that could have contributed to banks dropping customers such as crypto firms.It also asked regulators to refer some of the potential violations for the Justice Department to follow up, with violators facing fines or legal action. Trump could reportedly sign the order this week, but that could be delayed or changed.Crypto industry executives have long alleged that the Biden administration used regulators to cut their industry off from banks after crypto exchange FTX was found to be a fraud scheme and collapsed in 2022.Court documents revealed in December that the Federal Deposit Insurance Corporation asked some banks to pause crypto-related activities in 2022, which Coinbase chief legal officer Paul Grewal said at the time showed the industry’s claims weren’t “some crypto conspiracy theory.”Coinbase turns lobbying efforts to UK in scathing op-edThe United Kingdom is falling behind in the digital asset market, particularly in the area of stablecoins, despite the technology’s potential to help the country preserve its leading role in global financial services.That was a central message in a recent Financial Times op-ed by George Osborne, the former UK chancellor turned crypto lobbyist, who joined Coinbase as an adviser last year.“What I see makes me anxious. Far from being an early adopter, we have allowed ourselves to be left behind,” Osborne wrote, referring to his native UK.A key concern for Osborne is the sluggish progress on stablecoins — onchain representations of fiat currencies that are helping to reduce friction in transactions and cross-border remittances.Osborne’s op-ed followed the release of a provocative musical ad by Coinbase, the company he advises, which criticized the UK for its economic mismanagement and ongoing cost-of-living crisis.