🕵️SEC Probes Binance Over BNB - TWJ #160
$45 billion token vs US regulators.
In today’s issue:
The crypto market is flat with its total market cap sitting at $1.2-1.3 trillion. LUNC (Terra Classic) is the worst performer in the top 100 in the past 7-d. Certain inflation indicators suggest that inflation levels might be turning around.
In other news, the US probes Binance over BNB, US Senators introduce an important crypto bill, and Fireblocks implements USDC settlement checkout.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆The US Probes Binance Over BNB
The SEC is reportedly investigating whether Binance Coin (BNB) was considered security when it was sold in 2017. The news also came out alongside a Reuters article about Binance, alleging/attacking that the exchange is a hub for money launderers.
CZ took it to Twitter to address the issue:
⎆US Senators Introduce an Important Crypto Bill
In short, the crypto bill, if passed, will cause a lot of short-term pain to web 3.0 projects. The complexities and nuance surrounding whether [insert name] tokens are securities, whether DAO needs to be registered entities, and who’s responsible for the spot market, will be addressed.
⎆Fireblocks Implements USDC Settlement Checkout
In partnership with Checkout.com, merchants now can utilize instant fiat-to-stablecoin conversion using Fireblocks’ crypto payment tech. Fireblocks expansion to payments comes after it acquired First Digital, a payment technology firm.
Crypto use-case as payment is probably the most obvious and pragmatic product-market fit. However, it is still not easy to do so without the help of providers such as Visa and Mastercard, hence why the top firm is crypto.com with their crypto-linked cards. Fireblocks effort will make it easier for crypto-asset owners to interact and integrate with the real economy via USDC.
👨🏻💻Decentralized Finance (DeFi)
USDD Upgrades into the First Over-Collateralized Decentralized Stablecoin
Bancor Pool Rollout Update
Convex Finance Holds 51% veCRV
Hidden Hand Deployment of Ribbon Finance is Live
Orion Money Updates
PlutusDAO Update and Epoch Change Detail
Frontier Integration with Fantom
Chainalysis: DEX Beat Centralized Counterparts for On-Chain Flows
Stepn Suffers Cyber Attack After Upgrade
🏛Governance - Active Proposals
Babylon Finance - BIP-20: Idle Finance Bounty
Babylon Finance - BIP-21: Security Bounty- Rewards
🦮NFT & Metaverse
Hong Kong's Securities and Futures Commission Warn of NFT Risks
Illuvium Sells Over $72M in Digital Land Plots
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Learnoverse - $1M Unknown Round
Mash - $6M Seed Round
VirgoCX - $8M Series A
Cryptio - $10M Series A
Pintu - $113M Series B
BlockFi - $1B Down Round
Crypto.com Cronos - $100M Accelerator Fund
⚖️Regulatory Update
Key US Senators Introduce Crypto Bill
Lithuania Latest to Anticipate EU Crypto Law With One of Its Own
SEC is Investigating Binance's BNB token: Bloomberg
📚Noteworthy Reads
Yaron Velner’s Read on How DeFi’s Liquidity Contraction Breaks Liquidation Bots
Deathereum’s Read on Chasing Stability - A Stablecoin Deep Dive
Jack Niewold’s Thread on The State of DeFi
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.