👴🏻SEC Seeks Crypto Oversight Budget - TWJ #147
Maybe focus on regulating Twitter stonk meme accounts first.
In today’s issue:
The crypto market is down with the total market cap at ~$1.2-1.3 trillion. ApeCoin (APE) is the best performer in the top 100 in the past 7-d. Powell reemphasized the Fed’s resolve to reduce US inflation.
In other news, SEC seeks more budget for crypto oversight, Aave launches Lens Protocol, and Coinbase launches an in-house think tank.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆SEC Seeks More Budget for Crypto Oversight
SEC Chief Gary Gensler pitched to the US House of Representatives that his agency requires more budget to regulate crypto assets. He claims that the SEC is currently outnumbered, and cited the UST de-pegging events as one of the examples of why the SEC requires more staffing. Suffice to say, responses have been quite mixed.
⎆Aave Launches Lens Protocol
One of Aave’s projects on Polygon, Lens Protocol, has officially gone live. Lens Protocol is a decentralized social media infrastructure that aims to be the backbone of decentralized ownership, enabling creators to own their content across different platforms.
Crypto needs to start finding real use-cases and product-market-fit outside of PvP financial games in DeFi/P2E. Lens Protocol is still approaching this in the right direction even if decentralized social media has not been successful in the past.
⎆Coinbase Launches an In-House Think Tank
The largest US-based crypto exchange is launching its internal crypto think tank that will work with academic institutions, policymakers, and crypto thought leaders to produce research reports.
This initiative arguably falls under other lobbying efforts that have been conducted by Coinbase in the past few years. With its US-first focus and being highly regulatory conservative, Coinbase needs to put a lot of effort into such initiatives compared to centralized exchanges that target a global audience.
👨🏻💻Decentralized Finance (DeFi)
KDSwap is Live
Volt Protocol USDC PSM is Live
Lens Protocol is Live
Lyra Avalon Upgrade Gated Launch on Optimism
Balancer Vulnerability Disclosure
Stargate Degenbox Strategy is now Live
Polygon Partners with Orbs and DeFi.org to Launch an Accelerator Program
Do Kwon Pushes On-Chain Proposal Live Even as 92% Vote 'No' in Online Poll
Kaiko Probes DEX Liquidity With New Product
🏛Governance - Active Proposals
Uniswap - Deploy Uniswap V3 on Gnosis Chain
🦮NFT & Metaverse
Axie Infinity’s Discord Bot Compromised
‘V1’ CryptoPunks Move on With Rarible Marketplace After Larva Labs Dispute
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
UBet - $2.7M Unknown Round
FreshCut - $15M Unknown Round
DoraHacks - $20M Unknown Round
Algoracle - $1.5M Seed Round
Pine Protocol - $1.5M Seed Round
Tally Labs - $12M Seed Round
QuestBook - $8.3M Series A
BitKeep - $15M Series A
N3TWORK Studios - $46M Series A
a16z - $600M Gaming Fund
⚖️Regulatory Update
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials
CFTC Chair Indicates Agency Will Increase Crypto Enforcement: Report
Biden Administration Wants Crypto Exchanges to Separate Customer and Corporate Funds
Binance Seeking ‘Ideal Point’ for India Launch
Binance in Talks for Regulatory Approval in Germany, CEO Says
📚Noteworthy Reads
Delphi Digital’s Read on Learnings From Last Week
Galois Capital’s Thread on Thoughts on Terra Ecosystem Revival Plan 2
Immunefi’s Read on A New Era of State-Backed DeFi Blackhats Is Upon Us
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.