A whale who previously won big on the Official Trump (TRUMP) memecoin booked a loss on the controversial asset over the weekend, according to the crypto tracker Lookonchain.

Lookonchain notes on the social media platform X that the whale spent $5 million worth of Circle’s stablecoin, USDC, to buy TRUMP right after President Donald Trump posted “I LOVE $TRUMP” on his social media platform Truth Social.

The whale then sold the TRUMP stash an hour later, booking a $207,000 loss.

However, the loss pales in comparison to gains the whale made earlier this year when it spent 1.09 million USDC to buy 5.97 million TRUMP and booked a $108 million profit, according to Lookonchain.

The president launched the Official Trump memecoin in mid-January, days before he took office. The asset has generated controversy in and out of crypto circles, raising questions of corruption in an already heavily questioned administration.

Even Ethereum (ETH) founder Vitalik Buterin said in January that political coins represented “vehicles for unlimited political bribery.”

In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued TRUMP could be a violation of federal law regulating gifts to government officials.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The asset management titan Fidelity Investments reportedly plans to roll out its own dollar-backed stablecoin.

Citing two people familiar with the matter, the Financial Times reports that the Boston-based firm with $5 trillion in assets under management (AUM) is now in the advanced stages of testing the crypto asset.

Fidelity’s digital assets arm will manage the stablecoin, which is designed to function as cash in cryptocurrency markets.

The report says the company is launching the stablecoin as part of its expansion into the nascent market for tokenized versions of US Treasury bonds. Last week, the asset manager also submitted a filing to the U.S. Securities and Exchange Commission (SEC) to register a blockchain-based version of the Fidelity Treasury Digital Fund.

The development comes amid Donald Trump’s support for dollar-backed stablecoins. The president has pledged to promote stablecoin growth to strengthen the dominance of the US dollar and urged Congress to pass legislation establishing regulatory clarity for the assets.

Lawmakers are working to pass the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which restricts what types of investments the assets can use for collateral.

Senator Bill Hagerty (R-TN), who sponsored the bill, says that a regulatory framework for stablecoins can help boost demand for the US Treasury.

“This legislation is a critical first step in establishing a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto.”

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On Wednesday, the office of Rep. Gabe Amo issued a press release stating that Rep. Amo and Rep. Kim (R-CA) reintroduced a bipartisan resolution supporting the use of distributive ledger technologies (DLT), including blockchain, to “support democratic governance, human rights, freedom of information, transparency, and innovation around the world.”

The resolution (the full text of which was not linked to in the press release) urges federal agencies to explore and support DLT and expresses Congress’ commitment to advancing responsible innovation on this technological front.

Rep. Kim commented on the importance of this technology in the press release.

“U.S. leadership in emerging technologies like blockchain not only improves Americans’ lives but also helps us advance transparency in U.S. foreign assistance, human rights, and freedom across the globe,” said Rep. Kim.

“This legislation is vital, especially as we see the Chinese Communist Party exporting its surveillance technologies and authoritarianism abroad. I am proud to join Congressman Amo to lead this bipartisan resolution to ensure the United States shines as a beacon of hope, freedom, and innovation on the world stage,” she added.

The press release also cited how, in Screven County, Georgia, the Bitcoin blockchain was used to safeguard election election results and provide transparency to voters, linking to this article, which tells the story of the event.

Simple Proof, the company that helped Screven County officials commit its vote tallies to the immutable Bitcoin blockchain also recently helped Republicans in Williamson County, Tennessee do the same with the results of its Republican leadership vote.

Simple Proof put itself on the map when it helped to secure the results of the most recent presidential election in Guatemala, the story of which is told in the short documentary Immutable Democracy. Thanks to the vote tallies from the election being safeguarded on the Bitcoin blockchain, the integrity of the election was upheld, despite efforts made to tamper with physical votes once voting had concluded.

The work that the company has done both in the U.S. and abroad is a testament to a point Rep. Amo made in the press release.

“Innovative technology like blockchain helps promote transparency and strengthen democratic institutions around the world,” said the congressman.

While the press release provided evidence of the Bitcoin blockchain being used to preserve democratic values, it didn’t differentiate between Bitcoin and other blockchains, many of which, by design, are less secure.