Caulerpa (Macro Algae) of some sort. Most, at least IMHO, are to be considered as a invasive nuisance. pull the rock, trim it back as close as you can, and then carefully (an eyedropper will work well) put Hydrogen Peroxide on it. Allow it to soak on for a few minutes and then rinse in tank water and return to your tank. Take care of it now and it won't become an issue.
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