Gensler to Congress: ‘Give Me Money’ 🤑
In today's edition: 😳 A bill to kill DeFi?, ⚓ Nasdaq abandons crypto ship, 🫂 Polygon's shift in governance, and more!
What’s Poppin’?
by Samyuktha Sriram
SEC’s Gensler Seeks to Increase Agency Budget Citing ‘Wild West’ of Crypto
The SEC Chairman sought an additional $70 million in funding, citing crypto markets that were “rife with noncompliance” as one of the reasons.
U.S. Senate Bill Calls for Strict KYC and AML Regulations for DeFi
If nobody controls a DeFi service, anyone who invests more than $25 million in developing the project will be responsible for these obligations, stated the bill.
Nasdaq Abandons Crypto Custody Plans Citing US Regulatory Environment
The Nasdaq stock exchange operator has suspended its effort to launch a crypto custody service that was set to go live in the second quarter.
Polygon Proposes Revised Governance Framework for Version 2.0 of Protocol
Polygon developers called for a new governance structure, assigning specific decision-making mechanisms for protocol governance, smart contracts and the community Treasury.
On the Pod…
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
Read the Transcript:
Daily Bits…✍️✍️✍️
🧑💼 Senior Republican Representatives French Hill and Dusty Johnson urged SEC Chair Gary Gensler to actively collaborate on the creation of comprehensive digital asset regulations in the U.S. House of Representatives.
🏛️ The bankrupt FTX and Alameda Research are seeking to reclaim $71 million, which were allegedly used for FTX founder Sam Bankman-Fried's personal gain, from FTX's philanthropic and life sciences arms.
📣 Democratic presidential candidate RFK Jr. proposes exempting bitcoin from capital gains tax and starting to back the US dollar with finite assets, including gold, silver, platinum, and bitcoin.
🔄 Sequoia Capital saw the departure of two crypto investors, Daniel Chen and Michelle Fradin, along with three other partners, following the reputational and financial hit from FTX's 2022 collapse.
🚫 Kuwait's Capital Markets Authority imposed a comprehensive ban on cryptocurrency payments, investments, and mining, in a bid to combat money laundering.
📈 El Salvador's 2027-due bonds witnessed a 62% surge over the past six months, concurrent with Bitcoin's ascent in 2023.
🔥 BNB Chain executed the 24th quarterly burn event, permanently eradicating nearly 2 million BNB tokens, equivalent to about $484 million.
The $$$ Corner…
💻 RISC Zero, a company developing infrastructure for creating zero-knowledge proof software, garnered $40 million in a Series A funding round led by Blockchain Capital.
🌐 Web3 firm Cosmic Wire raised $30 million in seed funding, led by Solana Foundation and Polygon, to expand its range of infrastructure products.
💰 p0x labs, the team behind Manta Network, secured $25 million in a Series A funding round and launched the testnet for its Layer 2 solution, Manta Pacific.
Bringing institutional-grade financial products on-chain, starting with the tokenization of US Treasuries and money market funds.
What Do You Meme?
Learn 🤓
What Is a Smart Contract Audit?
Smart contract security audits are an integral part of ensuring a secure and user-friendly web3 experience.
📈 Your Market Update 📉
BTC is up 1%, trading at $30,336
ETH is up .4%, trading at $1,919
BTC dominance: 46.63%
Crypto market cap: $1.26 trillion
*All data as of today, 6:05 am ET
Recommended Reads
CoinDesk: ‘Get a Horse!’: What Crypto Can Learn From Early Automakers' Struggle for Acceptance
Ignas on how Koreans are ‘crazy’ for crypto
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