Today in crypto, significant developments occurred. The Maldives government has signed a $9 billion deal with MBS Global Investments to create a crypto hub in Malé, aimed at attracting foreign investment and diversifying its economy away from tourism and fishing. The ambitious project includes a large facility designed for blockchain, crypto, and Web3 firms, with funding exceeding the Maldives' annual GDP of $7 billion. Additionally, a group of pro-crypto US Senate Democrats announced their withdrawal of support for a stablecoin bill unless substantial modifications are made. Nine senators expressed their concerns about unresolved issues within the bill, formally known as the Guidelines and Establishing National Innovation for US Stablecoins (GENIUS) Act. Finally, OKX CEO Star Xu addressed accusations from Tron founder Justin Sun regarding a failure to act on a law enforcement request related to stolen funds. Xu clarified that OKX had not received any formal requests from law enforcement, despite Sun's claims. These events highlight ongoing trends and challenges in the crypto landscape.

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