Michael Saylor again questioned Ethereum’s competitiveness, arguing that rival networks such as Solana, BNB Chain, Sui and Layer 2s are weakening confidence. He said usefulness, not narrative, determines ecosystem success, as ETH has traded below key moving averages and slipped toward $1,600. The article says market participants do not see a full confidence breakdown, citing continued institutional expansion, the deepest smart-contract ecosystem and concentrated DeFi liquidity. It also notes Saylor’s earlier skepticism about spot ETH ETFs.

U.S. banking groups have urged regulators to clearly extend anti-money laundering rules for stablecoins beyond issuance to secondary market trading. The crypto industry has pushed back, warning that imposing responsibility for transactions issuers cannot control could shrink the DeFi ecosystem. The debate centres on who should monitor transfers after issuance, including movements between exchanges, DeFi protocols and private wallets, and how far regulatory responsibility should reach.