😱 A Ban on These Kinds of Stablecoins?
In today's edition: 🎙️ New show of The Chopping Block, 💲 a newly proposed crypto bill, ⛔Arbitrum community rejects proposal, and more!
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On the Pod…
The Chopping Block: Are VCs Bad for Crypto?
Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news. In this episode, they’re joined by Unchained’s Laura Shin to debate FTX revival rumors, what the U.S. Treasury got wrong about DeFi, and whether VCs are antithetical to crypto’s core principles.
What’s Poppin’?
by Samyuktha Sriram
New Draft Bill Proposes Two-Year Ban on ‘Endogenously Collateralized’ Stablecoins
The U.S. House Committee has published a 73-page stablecoin draft bill which calls for a moratorium on stablecoins backed by other crypto assets.
Judge Rejects Algorand’s $50 Million USDC Claim From 3AC
A Singapore High Court judge dismissed Algorand’s claim to assets on the grounds that cryptocurrency cannot be considered real money.
Arbitrum Community Rejects ‘Power Play’ Proposal AIP-1.05
The community voted against a proposal that called for the Arbitrum Foundation to return millions of ARB tokens and disclose the terms of the market making deal with Wintermute.
Hacker Steals $7.4 Million From Hundred Finance on Optimism
An attacker drained funds from the DeFi lending protocol over the weekend after manipulating the exchange rate between ERC-20 tokens and hTOKENS.
Daily Bits…✍️✍️✍️
Do Kwon reportedly sent $7 million to a South Korean law firm, Kim & Chang, prior to the collapse of his company platform Terraform Labs.
Silk Road hacker James Zhong, who stole 50,000 bitcoin, received a one-year prison sentence and forfeited the coins after pleading guilty to wire fraud.
The U.S. SEC reopened its proposal to explicitly target decentralized finance (DeFi) platforms, potentially regulating them as securities exchanges, addressing industry concerns over regulatory disparity.
Crypto lender Amber Group contemplates selling its Japan unit to focus on institutional clients, as managing partner Annabelle Huang cites strict regulations in the Japanese market.
Mysten Labs reacquired FTX's equity stake and warrant rights to purchase Sui tokens for $96 million, as approved by the U.S. Bankruptcy Court.
Basketball legend Shaquille O'Neal has been served in a class-action lawsuit against FTX founder Sam Bankman-Fried, following a three-month pursuit by the plaintiffs' lawyers.
Olympus DAO members approved a new Treasury Framework, increasing ether holdings to 25% for backing its OHM token.
NovaWulf prepares to acquire bankrupt Celsius Network's assets, creating a new company with tokenized equity on the blockchain, and managing up to $2 billion in assets for an initial five-year term.
The $$$ Corner…
Chia Network, a blockchain and smart-contract platform, submitted a confidential draft registration to the U.S. SEC for a proposed IPO, with the size and price range yet to be determined.
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Learn 🤓
A Guide to Arbitrum and How Its New Token Works
Arbitrum aims to make Ethereum more efficient—while sustaining its own unique ecosystem. A new token has only increased its popularity.
A Guide to the Big Crypto Analytics Platforms
A guide to crypto analytics platforms attempting to build a coherent picture of crypto markets by sifting and sorting through reams of data.
📈 Your Market Update 📉
BTC is down 1.4%, trading at $29,865
ETH is flat, trading at $2,088
BTC dominance: 43.88%
Crypto market cap: $1.32 trillion
*All data as of today, 7 am ET
Recommended Reads
Arjun Chand on Crypto Aggregation Theory
WSJ TAX GUIDE 2023, which includes a crypto section
Martin Lee on Ethereum withdrawal mechanisms
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