🫣 Who can you really trust in 'Crypto: The Game' ?
In today’s edition: 📜 BlockFi-3AC deal approved, 🚨 SEC expands 'dealer' rules, 💻 Solana's downtime, 💹 EigenLayer's TVL, 🪂 $DYM airdrop, 🤖 AI for fake crypto IDs, and more!
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Trying to regulate DeFi is a huge challenge because in a truly decentralized system, there should be no centralized actors to make and enforce rules for. This could make combating illicit finance challenging since traditionally, regulation has been targeted at centralized intermediaries. Yet Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs; Michael Mosier, the co-founder of boutique law firm Arktouros; and Katja Gilman, senior lead for public policy at Polygon Labs, published a paper last week that proposes to do just that.
Rebecca and Michael join Unchained to discuss what prompted them to write the paper, what the difference is between “onchain CeFi” and “genuine DeFi,” how targeting high-risk wallets can be one part of the solution, how critical communications transmitters (CCTs) are another piece of the puzzle, and what next steps they are pursuing.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Nelson Wang, Juan Aranovich, Benjamin Powers, Sam Sriram, and Sage Young
Day 6 of ‘Crypto: The Game’ Brutally Exposes the Problem of Trust in a Digital World
Nice to meet you, now die. On Monday, the Survivor-like online game forced several players into new tribes and then ordered each tribe to eliminate eight players.
US Judge Approves Sealed Settlement Between BlockFi and 3AC
A US bankruptcy judge approved a settlement resolving disputes between bankrupt crypto lender BlockFi and collapsed crypto hedge fund Three Arrows Capital (3AC), ruling that the details should remain sealed because it would be “counter-intuitive” to disclose them.
SEC’s ‘Dealer’ Rule Expansion Could Include DeFi
The U.S. Securities and Exchange Commission (SEC) adopted a set of rules on Tuesday that further expands the definition of a securities dealer, requiring those that take on liquidity provision roles – including automated market makers – to register with the agency.
AI-Generated Fake IDs Are Being Used to Bypass Crypto Security Measures: Report
Underground website OnlyFake can use AI to generate fake IDs to get around identity security measures, according to 404 Media.
Solana Back Online Again After Suffering 5-Hour Outage
Solana mainnet was halted for around five hours due to a performance issue with a new software update in the pipeline for validators.
EigenLayer’s Total Value Locked Rises $1.8 Billion as Protocol Uncaps Liquid Staking Pools
Restaking protocol EigenLayer’s total value locked (TVL) has increased about 84% in the past 24 hours to over $4 billion, its largest daily increase by dollar amount ever.
Dymension Airdrops Over $400 Million in DYM Tokens Amid Mainnet Launch Issues
Despite a successful token airdrop, the Dymension network faced challenges with its mainnet due to validator issues.
MicroStrategy Increases Its Bitcoin Holdings to 190,000 BTC Worth $8.1 Billion
Software firm Microstrategy acquired 190,000 bitcoins for a total cost of just under $6 billion.
Daily Bits…✍️✍️✍️
🛑 The U.S. SEC postponed a decision on a joint ether ETF application by Invesco and Galaxy Digital, continuing to delay direct ether exposure for US investors.
🔍 A working group of South Korean crypto exchanges reported crypto exchange OKX to local authorities for allegedly operating locally without proper registration in relation to its promotion of its Jumpstart program.
⚖️ South Korea's new crypto law, set to be enforced in July, introduces severe penalties, including life imprisonment, for high-level crypto offenses.
📜 Republican lawmakers queried Treasury Secretary Janet Yellen on the coordination between the SEC and CFTC in defining and regulating cryptocurrencies.
🔚 The Federal Reserve concluded its enforcement action against Farmington Bank, linked to Sam Bankman-Fried, as the bank ceases operations.
🪙 Binance announced the delisting of privacy coin Monero (XMR), leading to a 15% drop in its price.
📊 Curve Finance's informal agreement with bailout providers concluded, resulting in significant CRV token movements and sales by key parties.
🚫 Digital Currency Group opposed additional payouts for select Genesis creditors, citing legal and equity concerns.
🏛 Craig Wright, who claims to be Bitcoin creator Satoshi Nakamoto, refuted allegations that he forged evidence in the Crypto Open Patent Alliance (COPA) trial.
Today in Crypto Adoption...
💳 MetaMask teamed up with Robinhood to streamline crypto purchases for US customers, enhancing user experience in acquiring digital assets.
💰 The Hong Kong General Chamber of Commerce recommended the issuance of Chinese yuan-linked stablecoins and a virtual asset scheme in the upcoming budget.
The $$$ Corner…
🌐 LightLink closed $4.5 million in seed funding for its 'multiverse project' blending virtual and physical worlds.
🤑 Filecoin's Glif secured $4.5 million for its FIL liquid staking services, aiming to enhance yield opportunities on the network.
What Do You Meme?
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📈 Your Market Update 📉
BTC is up .4%, trading at $42,869
ETH is up 1.4%, trading at $2,355
BTC dominance: 48.67%
Crypto market cap: $1.74T
*All data as of today, 06:06 am ET. Source: CoinGecko
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