👴🏻SEC Queries Grayscale on ZEC XLM ZEN - TWJ #218

The US regulator is increasing its crypto scrutiny.

In today’s issue:

The crypto market is flat with its total market cap above ~$1 trillion. Avalanche (AVAX) is the worst performer in the top 100 in the past 24-h. Fed officials stated their intention to follow through with higher interest rates.

In other news, SEC queries XLM ZEC ZEN from Grayscale, Ava Labs dismissed allegations, and Synthetix proposes capping token supply.

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

⎆SEC Queries XLM ZEC ZEN From Grayscale

Grayscale disclosed that it has been fielding questions from the US SEC regarding the firm’s “securities law analysis” of XLM, ZEC, and ZEN. Grayscale states that it has been responding to the SEC.

Adam Cochran (adamscochran.eth) @adamscochran

If the SEC thinks ZEC could be a security then basically they think *everything* is. ZEC had no premine, no initial fundraise, and anyone could mine it from day one. This SEC sees crypto through nothing short of a bias lens.

coindesk.comGrayscale, Disclosing SEC Queries, Says Cryptos XLM, ZEC, ZEN May be SecuritiesZEC, ZEN and XLM “may currently be a security, based on the facts as they exist today,” Grayscale said in recent, little-noticed filings.

⎆Ava Labs Dismissed Allegations

A write-up published on August 26 by “Crypto Leaks” alleged that Avalanche allocated 1% of AVAX supply and Ava Labs stock to the law firm, Roche Freedman, to stage litigations and class-action lawsuits against its competitors.

Crypto Leaks @CryptoLeaksInfo

Kyle Roche @ Roche Freedman, the secret #Avalanche law firm RF litigates against Ava Labs competitors, to draw the SEC & CFTC to them, and away from Ava Labs Roche ensures there's "no such thing as regulation for what they [Ava Labs] want to do"👀 See cryptoleaks.info/case-no-3

⎆Synthetix Proposes Capping Token Supply

Synthetix founder Kain Warwick explained in a governance proposal his rationale for changing the SNX token inflationary design to one with a max supply instead.

“Inflation was intended to bootstrap the network. It has done this extremely effectively,” Warwick said. “The fact that we are only a few weeks away from the very memeable 300 million mark is cause enough to make this change now.”

👨🏻‍💻Decentralized Finance (DeFi)

• RAI I-term Tuning Update

• Tsunami Exchange Live on Solana

• Odos Integrated with Artbirum

• Sui Discord Hack

• Shell v2 Testnet is still Live

• Solana.FM V2 Upgrade

• USDN Breaks Peg again amid Protocol Upgrade

• Synthetix Looks to Turn off the SNX Money Printer Once and for all

• Coinbase Will Consider Listing Ethereum Forks Following Merge

🏛Governance - Active Proposals

• Gitcoin - Moonshot Collective S15 Budget Proposal

🦮NFT & Metaverse

• Solana Now Has a Beer—With DeGods, Okay Bears and Other NFTs

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

• NFTGenius - $10.5M Series A

⚖️Regulatory Update

• Grayscale, Disclosing SEC Queries, Says Cryptos XLM, ZEC, ZEN May be Securities

• Wife of Arrested Tornado Cash Developer Denies Russia Secret Service Links

• Japan Looks at Corporate Crypto Tax Breaks to Entice Startups: Report

• Singapore's Central Bank Asks Crypto Firms to Submit Business Data: Report

• CoinSwitch CEO, in Wake of Searches by Indian Authorities, Says the Crypto Exchange Is 'Fully Cooperating'

📚Noteworthy Reads

• Peter Van Valkenburgh’s Thread on How Tornado Cash Work

• Tokenbrice.eth’s Thread on Exploring the Design Space for New DEXes

• Rain&coffee’s Thread on Privacy - a Private Compute

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.