😯 Is Gary Gensler ‘Abusing His Power’?
In today's edition: 🎙️ New pod with Rep. Ritchie Torres, 🧨 CFTC overstepping bounds?, 🔇 Grayscale's Warning to SEC, 💴 new wallet mimics Venmo, 💸 MakerDAO's bold move, and more!
What’s Poppin’?
by Samyuktha Sriram
CFTC Relies on Regulatory Overreach, Says Binance in Motion to Dismiss Lawsuit
The CFTC seeks to regulate foreign individuals and corporations that reside and operate outside the U.S., stated Binance’s lawyers.
Grayscale Urges SEC Not to Pick Winners and Losers for Spot Bitcoin ETF
Grayscale Investments asked the U.S. securities regulator to approve all spot Bitcoin ETFs together, arguing that approving only some would lead to an unfair first-mover advantage.
MakerDAO to Raise DAI Yield Amid Lower Demand for Stablecoin
The DeFi lender’s community voted to introduce the Enhanced DAI Savings Rate (EDSR), which could raise DAI rewards to as high as 8%.
New Crypto Wallet Beam Functions Like ‘Global On-Chain Venmo’
The Optimism-based wallet uses account abstraction to eliminate the need for seed phrases to recover lost crypto.
On the Pod…
Crypto markets are under the gun from SEC Chairman Gary Gensler’s ‘regulation by enforcement’ policy. Meanwhile, a divided political landscape creates gridlock on Capitol Hill.
Democratic Representative Ritchie Torres (NY-15) claims regulators have overstepped their bounds, while generational divide in the Democratic party slows appropriate regulatory legislation from passing.
Daily Bits…✍️✍️✍️
📜 A significant crypto regulation bill, after approval from two House committees, is set to be voted on by the full US House of Representatives, marking a historic step in crypto legislation. However, the SEC is reportedly not providing all the assistance required for this effort.
🚫 Bipartisan negotiations on stablecoin legislation stalled in the House, with Financial Services Committee Chair Patrick McHenry attributing the stalemate to White House inflexibility, while the ranking Democrat accused McHenry of ending discussions.
🏛️ U.S. Representative George Santos, indicted on multiple felonies, allegedly attempted a crypto variant of the classic Nigerian prince scam.
🏛️💱 The U.S. Senate's 2024 NDAA bill includes stricter oversight on crypto trading and targets crypto mixers and anonymity assets.
🤝 FTX and Genesis reached an agreement in an ongoing bankruptcy dispute, involving a settlement that would resolve the claims made by both parties.
🎙️ SEC Chair Gary Gensler voiced his concerns about potential fraud and manipulation within the cryptocurrency sector, suggesting potential opposition to the approval of spot bitcoin ETF applications.
📊 The SEC mandated that listed companies, encompassing crypto firms, report significant cybersecurity breaches within four days to enhance investor trust.
🐦 Web3 company Suku, in collaboration with Polygon, introduced a solution that enables cryptocurrency transfers using just Twitter handles, attracting over 48,000 downloads.
🐋 According to CryptoQuant, Bitcoin whales are increasing their holdings and retaining their coins amid a rangebound price, marking a notable trend of accumulation at the $30,000 price level.
🔥 Following the approval of a community proposal to burn approximately 7 trillion KIN tokens, a 70% reduction in total supply, the crypto's value surged by over 20%.
Today in Crypto Adoption...
🌐 Securitize, a blockchain firm, is now issuing tokenized securities in Europe that offer equity in Spanish real estate investment trust, Mancipi Partners, pioneering tokenized security issuance and trading across the U.S. and Europe.
The $$$ Corner…
✂️ Venture capital firm Sequoia Capital has reportedly reduced its crypto fund from $585 million to $200 million, adapting to a changing market and refocusing on backing new startups.
📲 Hong Kong-based investment firm Animoca Brands unveiled plans for a strategic alliance with web3 super app hi, involving a proposed investment of $30 million, although final terms are yet to be finalized.
Bringing institutional-grade financial products on-chain, starting with the tokenization of US Treasuries and money market funds.
What Do You Meme?
Learn 🤓
What Are Soulbound Tokens? A Beginner’s Guide
Soulbound tokens (SBTs) could help to show credentials and prove achievements while remaining pseudonymous in the web3 ecosystem.
📈 Your Market Update 📉
BTC is down 1.3%, trading at $29,143
ETH is down 1%, trading at $1,863
BTC dominance: 46.3%
Crypto market cap: $1.22 trillion
*All data as of today, 5:40 am ET
Recommended Reads
Zach Wong on the stablecoin bill
Nocturne Labs on private payments and stealth addresses
CoinDesk: Mining Bitcoin Is an Act of Freedom
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