Gensler to Congress: ‘Give Me Money’ 🤑

In today's edition: 😳 A bill to kill DeFi?, ⚓ Nasdaq abandons crypto ship, 🫂 Polygon's shift in governance, and more!

July 20, 2023

What’s Poppin’?

by Samyuktha Sriram

The SEC Chairman sought an additional $70 million in funding, citing crypto markets that were “rife with noncompliance” as one of the reasons.

If nobody controls a DeFi service, anyone who invests more than $25 million in developing the project will be responsible for these obligations, stated the bill.

The Nasdaq stock exchange operator has suspended its effort to launch a crypto custody service that was set to go live in the second quarter.

Polygon developers called for a new governance structure, assigning specific decision-making mechanisms for protocol governance, smart contracts and the community Treasury.

On the Pod…

Read the Transcript:

Daily Bits…✍️✍️✍️

  • 🧑‍💼 Senior Republican Representatives French Hill and Dusty Johnson urged SEC Chair Gary Gensler to actively collaborate on the creation of comprehensive digital asset regulations in the U.S. House of Representatives.

  • 🏛️ The bankrupt FTX and Alameda Research are seeking to reclaim $71 million, which were allegedly used for FTX founder Sam Bankman-Fried's personal gain, from FTX's philanthropic and life sciences arms.

  • 📣 Democratic presidential candidate RFK Jr. proposes exempting bitcoin from capital gains tax and starting to back the US dollar with finite assets, including gold, silver, platinum, and bitcoin.

  • 🔄 Sequoia Capital saw the departure of two crypto investors, Daniel Chen and Michelle Fradin, along with three other partners, following the reputational and financial hit from FTX's 2022 collapse.

  • 🚫 Kuwait's Capital Markets Authority imposed a comprehensive ban on cryptocurrency payments, investments, and mining, in a bid to combat money laundering.

  • 📈 El Salvador's 2027-due bonds witnessed a 62% surge over the past six months, concurrent with Bitcoin's ascent in 2023.

  • 🔥 BNB Chain executed the 24th quarterly burn event, permanently eradicating nearly 2 million BNB tokens, equivalent to about $484 million.

The $$$ Corner…

  • 💻 RISC Zero, a company developing infrastructure for creating zero-knowledge proof software, garnered $40 million in a Series A funding round led by Blockchain Capital.

  • 🌐 Web3 firm Cosmic Wire raised $30 million in seed funding, led by Solana Foundation and Polygon, to expand its range of infrastructure products.

  • 💰 p0x labs, the team behind Manta Network, secured $25 million in a Series A funding round and launched the testnet for its Layer 2 solution, Manta Pacific.

Bringing institutional-grade financial products on-chain, starting with the tokenization of US Treasuries and money market funds.

What Do You Meme?

Learn 🤓

Smart contract security audits are an integral part of ensuring a secure and user-friendly web3 experience.

📈 Your Market Update 📉

  • BTC is up 1%, trading at $30,336

  • ETH is up .4%, trading at $1,919

  • BTC dominance: 46.63%

  • Crypto market cap: $1.26 trillion

*All data as of today, 6:05 am ET

Recommended Reads

ICYMI: On Unchained Premium 💎

⛓️ 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 Like What You Read: