Tornado Cash Developer to Go Home 🏠

In today's edition: 🎙️ New episode on the SEC and Gary Gensler, ⛓️ Tornado Cash developer to be released, 👩‍⚖️ Do Kwon's potential indictment, 🔎 Binance under investigation, and more!

April 21, 2023

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It got heated this week on Capitol Hill with SEC Chair Gary Gensler testifying before the House Financial Services Committee on his agency’s efforts to rein in the U.S. crypto industry. Jason Gottlieb, partner at Morrison Cohen, unpacks what was said and whether we’ll continue to see more crackdowns from the U.S. securities regulator.

What’s Poppin’?

by Samyuktha Sriram

Tornado Cash’s Alexey Pertsev will be freed on April 26 and will await trial under electronic surveillance from his home.

Binance is under investigation by Brazilian authorities for allegedly directing customers to circumvent a stop order on futures products.

ENS has partnered with MoonPay to integrate a direct fiat payment option for .eth domains.

A new decentralized exchange from Bancor aims to give traders greater control over their liquidity on-chain.

Daily Bits…✍️✍️✍️

  • Terraform Labs cofounder Do Kwon faces an indictment proposal in Montenegro, where he was arrested and charged with forgery last month, with extradition requests pending from South Korea and the U.S.

  • Rebase cofounder Krzysztof Gagacki filed a $77 million lawsuit against fellow cofounder Edmond Truong, accusing him of stealing millions in crypto, seizing control of the company, and excluding Gagacki from its operations.

  • Flashbots unveiled the beta version of its MEV-Share protocol to distribute Maximal Extractable Value profits among Ethereum users.

  • Sam Bankman-Fried's legal team encountered difficulties in complying with bail conditions requiring the installation of monitoring software on his parents' smartphones.

  • MakerDAO approved a transfer of up to $500 million in USDC stablecoins to Coinbase Custody, which will pay a 2.6% annual yield on deposits, as part of a move to open a real-world asset vault.

Today in Crypto Adoption...

  • The European Union passed the landmark Markets in Crypto Assets (MiCA) regulation after approval from the European Parliament, providing clarity on crypto regulation and allowing firms with a license in one EU member state to access the EU market.

  • The Abu Dhabi Global Market's Registration Authority proposed a legislative framework for distributed ledger technology, focusing on disclosures, liquidation, and governance structures, and is seeking feedback on these proposals.

The $$$ Corner…

  • Berachain secured $42 million in a private token round led by Polychain Capital to launch a new Cosmos SDK-based Layer 1 blockchain with EVM compatibility.

  • P2P.org, a non-custodial staking provider, raised $23 million in a Series A funding round with participation from Jump Crypto, Bybit, and Sygnum.

  • London-based MetaGravity closed a $9.5 million seed funding round from investors such as Sino Global Capital and Spartan Group to develop infrastructure for large-scale metaverse experiences and expand its engineering and product teams.

  • Decentralized cloud database Tableland garnered $8 million in a Series A funding round led by CoinFund, with participation from Multicoin Capital, Blueyard, and A Capital, to support its mainnet launch.

What Do You Meme?

Learn 🤓

Developers have long sought ways to make Ethereum fit for huge numbers of users. Here are the most hopeful scaling solutions.

📈 Your Market Update 📉

  • BTC is down 2.6%, trading at $28,079

  • ETH is down 1.7%, trading at $1,920

  • BTC dominance: 43.88%

  • Crypto market cap: $1.24 trillion

*All data as of today, 7 am ET

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