Here’s what happened in crypto today
Today in crypto, Elon Musk’s Department of Government Efficiency (DOGE) reportedly explores using blockchain to track US government spending, Solana-based decentralized exchange aggregator Jupiter announced a majority stake in Moonshot, and Nasdaq proposes a rule change for BlackRock’s spot Bitcoin ETF.DOGE explores tracking government finances via blockchainThe Department of Government Efficiency (DOGE), headed by Elon Musk, is reportedly exploring tracking government spending via blockchain in a bid to reduce the federal deficit.According to a report published by Bloomberg, the DOGE is also exploring the potential use of blockchain in payments and securing data by storing it in a decentralized way.Sources say that personnel associated with the DOGE have met with representatives from several public blockchain networks to discuss potential implementations of blockchain in the US government's operations.Following the initial reports, Binance co-founder Changpeng Zhao (CZ) echoed calls to track government spending onchain and said that all government spending in every country should be on a public ledger.Solana-based DEX Jupiter acquires majority stake in MoonshotSolana-based decentralized exchange (DEX) aggregator Jupiter announced the acquisition of a majority stake in Moonshot, an app that allows users to buy memecoins using Apple Pay.Meow, Jupiter’s pseudonymous founder on Jan. 25 shared the news on X:“For the first announcement of Catstanbul, I'm thrilled to share that Jupiter Exchange has acquired a majority stake in Moonshot. The team is amongst the smartest, most driven group of people I have ever met.”Moonshot’s popularity surged, especially following the launch of Donald Trump’s Official Trump (TRUMP) memecoin on Jan. 18. On Jan. 1, the Moonshot app was ranked 309th in the US App Store’s finance category. However, just a day after TRUMP’s memecoin launch, Moonshot climbed to the top spot.During TRUMP memecoin’s debut, Moonshot saw nearly $400 million in trading volume. By Jan. 20, Moonshot recorded 1 million daily active users. Launched in July 2024, Moonshot is a self-custodial app powered by TurnkeyHQ.Jupiter also announced the acquisition of SonarWatch, a portfolio-tracking tool that is being integrated into Jupiter’s platform.Nasdaq seeks amendment to BlackRock’s Bitcoin ETF for in-kind redemptionsNasdaq has submitted a filing on behalf of asset manager BlackRock, seeking a rule change to permit in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).Bloomberg ETF analyst James Seyffart said in a Jan. 24 X post that BlackRock “should have been allowed to do this from the get-go” when the BlackRock iShares Bitcoin Trust (IBIT) launched alongside the other ten US spot Bitcoin ETFs in January 2024.On the same day as the filing, six more crypto ETF applications were filed in the US.Nasdaq proposed “to allow for in-kind transfers of the Trust’s Bitcoin,” as per a Jan. 24 filing with the US Securities and Exchange Commission (SEC).The filing stated that Authorized Participants — institutions that facilitate the creation and redemption of fund shares — would be able to use either cash or Bitcoin to create shares or receive cash or Bitcoin when redeeming shares.