ChainCatcher news, according to Fortune, the U.S. Senate is set to vote on the "Guidance and Establishment of the American Stablecoin Innovation Act" (GENIUS Act) on Thursday.This is a comprehensive stablecoin bill, and both critics and supporters have stated that it will allow the federal government to recognize this emerging industry and pave the way for broader adoption of stablecoins as a means of payment beyond the cryptocurrency trading space.Massachusetts Democratic Senator Elizabeth Warren has expressed her desire to unite Senate Democrats against the measure, warning that it would open the door for large tech companies to take over the dollar. In a two-page analysis of the bill, she stated: "Under this bill, Musk could launch 'X Money' tomorrow, turning social media into a payment empire with almost no regulation, and what we are seeing is the potential privatization of the dollar."

ChainCatcher news, according to the Financial Times, the latest data from the U.S. Treasury Department shows that Elon Musk's extremely aggressive efficiency improvement measures failed to prevent federal spending from rising to a record $603 billion last month, highlighting the difficulties the Trump administration faced in reducing the size of the government. The government efficiency department led by Musk claims to have saved over $100 billion, but in the first month of the new administration, only a few departments saw a decrease in spending. Compared to the same period last year, spending increased by $40 billion, a rise of 7%.This new data was released after Musk and members of the department infiltrated several government agencies, including state and health departments, as well as multiple divisions of the Treasury Department. Tens of thousands of workers were suspended or fired, and thousands of government grants and contracts were canceled. Musk has repeatedly claimed that the government efficiency department expects to save $1 trillion from the annual federal budget and stated that the plan is currently cutting at a rate of $4 billion per day. However, the monthly financial report for February showed that there was little significant decrease in major categories of spending. Treasury officials pointed out that the Department of Education cut $6 billion in spending.

ChainCatcher news, according to The New York Times, Musk recently expressed to advisors of President Trump that he hopes to invest $100 million into organizations controlled by Trump's political team.

According to ChainCatcher news and data from the Bloomberg Billionaires Index, since the last trading day before Trump's inauguration on January 17, several attending billionaires have seen their fortunes significantly shrink, with the total market value of their companies dropping by $1.39 trillion.Among them, the personal wealth losses of the five top billionaires are particularly notable:Elon Musk's personal wealth decreased by $148 billion;Jeff Bezos's fortune shrank by $29 billion;Google co-founder Sergey Brin's assets decreased by $22 billion;Meta's stock decline caused Mark Zuckerberg to lose $5 billion;LVMH's stock pullback resulted in Bernard Arnault's wealth decreasing by $5 billion.In the seven weeks following the start of Trump's second term, the companies behind these billionaires became the biggest losers in the market, with significant wealth retraction.

ChainCatcher news, Musk showcased the approval ratings for the Department of Government Efficiency (DOGE) he leads on the X platform. The data shows that only 18.9% of respondents expressed disapproval of DOGE, while among the remaining 81.1%, 42.3% indicated "super support" for DOGE.A total of 1,507,496 people participated in this vote.

ChainCatcher news, U.S. President Trump stated on social media, "Musk is 'taking risks to stand up' to help our country, he is doing a fantastic job, but those radical people are trying to resist Tesla in an illegal and collusive manner, aiming to attack and harm Musk and everything he represents. I am going to buy a brand new Tesla car tomorrow morning to express my trust and support for Musk."Subsequently, according to The Kobeissi Letter, Tesla's stock price rose more than 6% from an overnight low and turned positive; Trump's post seems to have set the overnight price for Tesla stock $TSLA.

ChainCatcher news, the expectation that Trump's second term would drive market gains has evaporated. At Trump's inauguration, the wealth of many billionaires sitting behind him has astonishingly shrunk.According to the Bloomberg Billionaires Index, the combined wealth of five individuals has evaporated by as much as $209 billion. Compared to the day of Trump's inauguration (January 20), Musk's personal net worth has decreased by $148 billion, Bezos's personal wealth has dropped by $29 billion, Google co-founder Brin has lost $21 billion, and Zuckerberg and Arnault have seen their fortunes shrink by $6 billion and $5 billion, respectively. The total wealth of these five billionaires has decreased by $209 billion. Just yesterday alone, the combined net worth of the five billionaires plummeted by $49.78 billion.

ChainCatcher message, Musk stated this morning that the X platform is undergoing a large-scale cyber attack, and the attack is still ongoing. "We are attacked every day, but this time a significant amount of resources has been invested, possibly involving a large coordinated organization and/or a nation, and we are tracking it."Previously, multiple users reported access issues on the X platform.

ChainCatcher message, Musk stated in response to a post about Tesla's (TSLA.O) largest single-day drop that everything will be fine in the long run.

ChainCatcher news, Elon Musk stated on Monday that he is facing "huge difficulties" in balancing the efficiency of the U.S. Government Efficiency Department (DOGE) with other business aspects. Tesla experienced its largest single-day drop in five years, while its social media platform "X" underwent several cyberattacks.In an interview, Musk indicated that he expects to stay in the Trump administration for another year. Since Musk joined the Trump administration as the "Secretary" of DOGE, Tesla's stock price has been declining weekly. DOGE is undertaking a broad and controversial initiative aimed at reducing federal government spending and workforce.Tesla's market value has currently been "halved" from its peak, equivalent to a loss of nearly $800 billion. According to Forbes, Musk's net worth shrank by $22.8 billion on Monday, but he still leads Bezos by over $100 billion, who ranks second on the billionaire list. Musk also mentioned that the DOGE team currently has over 100 people, which may increase to 200.

ChainCatcher news, according to Jinshi reports, on Monday, Elon Musk's social media platform "X" received reports of outages from thousands of users in the United States and the United Kingdom.According to the outage tracking website Downdetector.com, during the first outage, over 21,000 people in the U.S. reported issues with the platform, while 10,800 people in the U.K. reported problems. The platform seemed to return to normal around 2:30 AM Pacific Time. Overall, X was down for about 45 minutes. However, later that day, X experienced another outage. According to Downdetector.com, at 6:45 AM Pacific Time, there were over 8,000 reported incidents of issues on the site. Like the previous outage, it resumed service after about 45 minutes.The cause of the interruption is currently unclear, and X has not yet responded.

ChainCatcher news, according to Cointelegraph, Zhao Changpeng called on Musk to ban automated bots on the X platform, which are used to send spam, amplify content, or coordinate attacks. He stated that while users can generate tweets using Grok, ChatGPT, or DeepSeek and post them manually, API posting should be disabled.Zhao further distinguished between social media bots and AI agents, believing that the latter is more valuable in practical applications such as booking hotels or writing code. Currently, automated bots remain a significant issue on the X platform, especially in the cryptocurrency space, where scam information, phishing links, and fake token advertisements are frequently spread. Although Musk has proposed measures such as credit card binding to curb the mass registration of bots, the cryptocurrency community believes that these measures have had little effect.

ChainCatcher news, according to a statement released by the Greater Memphis Chamber on March 7 local time, Elon Musk's artificial intelligence company xAI has acquired a 1 million square foot property in southwest Memphis, marking another expansion following the announcement last December to expand its supercomputer "Colossus" in the city.The statement said that the new facility will complement xAI's existing operations and support the company's expansion in Memphis. The Greater Memphis Chamber indicated that the supercomputer "Colossus" is progressing towards the "supercluster scale" announced by xAI last December.

ChainCatcher news, U.S. President Trump stated that there is no conflict between Elon Musk and the Cabinet.

ChainCatcher News, former President Donald Trump stated on March 6 local time that he has instructed cabinet ministers and leadership to work with the Department of Government Efficiency on cost-cutting and staffing, in order to "very accurately determine who will stay or leave." Tesla CEO Elon Musk currently leads the Department of Government Efficiency.Trump also added, "It is very important to reduce the number of personnel to the appropriate level, but it is also important to retain the best and most efficient people."

ChainCatcher news, according to Jinshi reports, on Tuesday night, Musk attended Trump's speech at the U.S. Congress. Musk took off the T-shirt and jeans he usually wears and changed into a suit. Previously, Ukrainian President Zelensky was criticized for not wearing a suit during his meeting with Trump at the White House. Musk rarely wears a suit and tie; he even once answered questions at the White House while wearing a black T-shirt that said "Occupy Mars."Although Musk was dressed appropriately, he was asked by security to put away his phone for filming a video. Later, Trump praised Musk for his efforts to reduce government spending, and Musk smiled and saluted the lawmakers present.

ChainCatcher news, according to Jinshi reports, U.S. President Trump praised the "Department of Government Efficiency" (DOGE) and thanked Musk.

ChainCatcher news, according to Jinshi reports, court documents show: The U.S. court dismissed the preliminary injunction requested by Musk in the lawsuit against OpenAI.

ChainCatcher news, White House AI and cryptocurrency chief David Sacks posted on the X platform: "To accuse those who are already very successful in business of entering government to make more money is a lazy and foolish narrative. As far as I know, serving in government creates substantial interference and divestment from personal business interests. The real question is how those lifelong 'public servants' became so wealthy.For example, how did Nancy Pelosi become one of the greatest stock pickers of our time? How did the former head of the U.S. Agency for International Development (USAID) become a billionaire? Why are the zip code areas around Washington, D.C. among the wealthiest in the nation?From what I see, all billionaires who serve in government do so for one reason: they absolutely love this country and want to make it great again. To do this, we must drain the swamp and expose the blatant large-scale government corruption."Elon Musk retweeted the post and expressed agreement: "Exactly."