😮 Will the SEC ❌ Staking?
In today's edition: 📺 Do VCs control crypto?, 🕵️♀️ Kraken under investigation, 😮 Brian Armstrong's comments on staking, 🏦 MakerDAO's new proposal, and more!
From our sponsor
Unchained Daily is brought to you by ICON, the chain connecting all blockchains and communities with the latest interoperability tech.
Blockchain Transmission Protocol (BTP) and xCall service are ICON's main protocol and interoperability solution that support cross-chain token swaps as well as more generic messaging features like cross-chain smart contract calls.
💰 Last Two Days to Score a Free Premium Tax Plan from CoinTracker!
Take part in our survey and help us improve Unchained Daily while having a chance to win big! 🤑
By completing this survey, you will automatically enter into a chance to win 8 Premium Tax Plans from CoinTracker, a crypto tax filing solution worth $199.
A little insider tip 🤫 your chances are sky-high since not many people have participated yet!
Share your thoughts and you could be one of the lucky ones to take home the prize! 🎖️
New Video 📺 Does a16z Control Uniswap?
Weigh in with your thoughts!
What’s Poppin’?
by Samyuktha Sriram
SEC Probes Kraken Over Securities Violations: Report
The U.S Securities and Exchange Commission has launched a probe into crypto exchange Kraken over an alleged violation of securities laws. According to a Feb. 8 report from Bloomberg, people familiar with the matter said the inquiry was in an “advanced stage” and could lead to a settlement in the days to come.
In September, Kraken CEO Dave Ripley said the exchange had no plans to delist any tokens that the SEC has labeled securities, nor does it plan to register with the regulator as a market intermediary.
Robinhood Board Approves Buying Back SBF’s $578M Stake
Retail brokerage Robinhood’s board has approved a plan to buy back Sam Bankman-Fried’s $578 million stake in the company. In its fourth quarter report released on Feb. 8, the firm’s CFO Jason Warnick confirmed the board’s approval of purchasing “most or all” of the 55 million shares that Bankman-Fried had acquired in May 2022.
The controversial shares were seized by the United States Department of Justice on Jan. 9, after a three-way fight between BlockFi, FTX and Bankman-Fried over ownership rights. SBF funded the purchase through a shell corporation called Emergent Fidelity Technologies, by borrowing funds from Alameda Research.
Coinbase CEO Addresses Rumors of SEC’s Plans to End Crypto Staking
Coinbase CEO Brian Armstrong delivered a grim piece of news to his Twitter followers on Wednesday. “We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers,” said Armstrong in a tweet, adding that it would be a “terrible path for the U.S.”
Shortly after Armstrong’s tweets, Andrew Parish tweeted that Coinbase was asked to wind down its crypto staking service or face fines, without naming any sources. His tweet was discredited by Coinbase’s chief legal officer Paul Grewal, who called the assertions “totally false.”
MakerDAO Community Proposes DAI-Based Liquidity Market
DeFi lending giant MakerDAO’s community has proposed creating a liquidity market for borrowing and lending crypto assets focused on the DAI stablecoin. The solution, called Spark Protocol, will evolve over time to include new products – the first of which will be a tool called Spark Lend, that will allow users to borrow DAI at the 1% savings rate.
Spark will use Aave v3’s smart contract infrastructure, and in return, Phoenix Labs developer team will send AaveDAO 10% of profits earned in the DAI market over the next two years.
Dormant Bitcoin Address Moves $9.6M After 11 Years
A unique on-chain transaction, reported by Decrypt on Wednesday, shows that a Bitcoin address that dates back to the Satoshi-era moved funds for the first time in 11 years. The address held 412.12 BTC, acquired over four transactions for a total profit of $8. Now, these coins are worth $9.6 million – a 120,000,000% profit from when they were first bought.
Movements like these are a rare occurrence, according to blockchain analytics firm Glassnode. The analysts noted that dormant coins become increasingly unlikely to be spent after a 155-day holding period.
In Other News…✍️✍️✍️
Binance's head of Asia-Pacific, Leon Foong, said that a full audit of assets and liabilities may be difficult due to challenges such as price volatility and the limitations of traditional industries.
Various parties, including the unsecured committee of creditors, Celsius borrowers, and the U.S. trustee have objected to Celsius's request to extend its exclusivity period for filing a Chapter 11 restructuring plan.
Tether, the issuer of USDT, revealed its financial standing with the release of its Q4 2022 attestation report, showing a profit of $700 million, which they claim has been added to their existing reserves.
FTX and its related firms have incurred over $20 million in legal and consulting expenses in the initial stages of its bankruptcy proceedings.
The SEC listed cryptocurrencies and emerging technologies as one of its priorities for the year, with a focus on potential risks to investors and market integrity.
Peter Wall is leaving his position as CEO and interim chairman of Argo Blockchain to explore “other opportunities.”
Dubai published its new cryptocurrency regulations, which prohibit the issuance and all activities related to anonymity-enhancing cryptocurrencies such as Zcash and Monero, and set licensing and authorization requirements for virtual asset companies and issuers.
Today in Crypto Adoption...
Revolut, the digital banking platform, unveiled its crypto staking service, which will support proof-of-stake tokens, including Ethereum, Cardano, Polkadot, and Tezos.
The $$$ Corner…
Miami-based cryptocurrency firm, VRRB Labs, secured $1.4 million in pre-seed funding for developing its Layer 1 network.
What Do You Meme
📈 Your Market Update 📉
BTC is down 2.11%, trading at $22,720
ETH is down 2.41%, trading at $1,633
BTC dominance: 39.75%
Crypto market cap: $1.1 trillion
*All data as of today, 5 am ET
Recommended Reads
pseudo on ZK-Rollup Categories:
korpi on post-Shanghai withdrawals:
Ignas on MakerDAO’s new proposal:
⛓️ Join Unchained Premium to get access to:
🎙️ Behind-the-scenes interviews, in which I talk with crypto experts and entrepreneurs to learn all about the latest developments in the industry.
💬 A subscriber-only Telegram group, where you can talk with the other members of the Unchained community, build a network in crypto, and talk directly with me and the Unchained team!
📰 Transcripts of all the shows, for subscribers only.
If you liked what you read:
👍 follow me on Twitter, Facebook, Instagram, TikTok, Mastodon and/or LinkedIn
🎧 subscribe to Unchained on YouTube, Apple Podcasts, Spotify, Google Podcasts, Pandora or wherever you get your podcasts
👯♀️ share Unchained with a friend
and/or 📚buy my book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze