A recent week in crypto was marked by significant developments, including product launches and moves on stablecoin legislation. Senator Hagerty introduced a proposal to oversee stablecoin issuance, building on a previously stalled bill. The Senate also examined the coordinated efforts to deny financial services to crypto firms during the Biden administration, as Nathan McCauley from Anchorage Digital testified. Ondo Finance launched a new tokenization blockchain amid growing institutional interest. Berachain debuted its mainnet with a massive airdrop, and its market cap quickly reached over $800 million. Meanwhile, discussions around Ethereum revealed that its performance has lagged due to competition and a lack of a compelling narrative, despite the upcoming Pectra upgrade. Gold-backed cryptocurrencies have also seen a rally, outperforming traditional digital currencies as the market for precious metals surges. Lastly, a crucial case for internet privacy unfolded with the sentencing of Tornado Cash developer Alexey Pertsev, which had significant implications for the crypto community.

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