The End of the DCG vs. Genesis Fight?

In today’s edition: 🚪 CZ's Binance.US departure, 🛡️ Hayes defends CZ, 🚨 Coinbase's CFTC notice, 💵 Chainlink's $140M stake, and more!

November 29, 2023

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What’s Poppin’?

by James Rubin, Kollen Post, Sage Young, and Samyuktha Sriram

A lawsuit filed by Genesis against its parent company DCG could soon conclude after the two reached an agreement that would see the latter repay $275 million early next year.

Zhao will not be part of the firm’s governance, but will retain his economic interest in Binance’s U.S. affiliate company.

Hayes called the treatment of Binance and its former CEO “absurd” and “arbitrary.”

Coinbase told customers that it may have to share information about their exchange accounts with the CFTC.

The newest iteration of Chainlink’s program expands its staking pool to 45 million, roughly 8% of the tokens’s circulating supply.

The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable. 

Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry’s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are.

Daily Bits…✍️✍️✍️

  • 🌐 Decentralized exchanges Velodrome and Aerodrome alerted users of a compromise to their websites, likely due to a DNS attack, and advised against interaction until further notice.

  • 🔄 Troubled crypto exchange Zipmex proposed to pay creditors 3.35 cents on the dollar, with potential to rise to 29.35 cents, amid restructuring and creditor pushback.

  • 🚫 The Philippines Securities and Exchange Commission warned that Binance is operating without a license in the country and is seeking to block platform access.

  • 💬 The KyberSwap hacker promised to release a statement on a potential deal with victims on November 30, following a $47 million exploit.

  • 👥 The SEC is seeking public feedback on whether to approve Franklin Templeton’s spot bitcoin ETF application, indicating a possibly accelerated decision-making process.

  • 💻 EU lawmakers are advocating for a metaverse strategy that supports EU businesses and reduces dependency on non-EU technologies.

The $$$ Corner…

  • 📈 DeFi yield platform Coinchange raised $10 million in funding, led by G1.VC and other participants, planning to expand operations and client onboarding.

  • ⛏️ Jack Dorsey spearheaded a $6.2 million seed funding round for Mummolin’s OCEAN, a decentralized Bitcoin mining pool offering non-custodial payouts.

  • 💲 MYX, an Asia-based crypto derivatives protocol, garnered $5 million in a seed round led by HongShan, with contributions from other major investors.

  • 🔑 Setter, a consumer app designed to simplify entry into Web3 for brands and users, closed a $5 million seed round led by Venture capital firm Andreessen Horowitz (a16z).

What Do You Meme?

Recommended Reads

📈 Your Market Update 📉

  • BTC is up 2.35%, trading at $37,985

  • ETH is up 1.5%, trading at $2,045

  • BTC dominance: 49.72%

  • Crypto market cap: $1.5T

*All data as of today, 06:00 am ET

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