Warren & AOC vs. Crypto 👊

In today's edition: 🚫 Tether against the MEV exploiter, 💹 the market impact of Shanghai, 🕵️‍♀️ a16z unveils new 2023 crypto report, and more!

April 12, 2023

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On the Pod…

Show highlights:

  • how to determine whether something is actually a DAO

  • the pressing legal issues around DAO formation

  • where the liabilities lie in these types of organizations

  • Delphi Labs’ new “borg” concept and the problems it aims to solve

  • what jurisdictions are more appropriate for different DAOs

  • the nuances of Wyoming’s DAO LLC law

  • Utah’s Introduction of LLDs – limited liability DAOs – and why it is innovative

  • why the CFTC filed a lawsuit against Ooki DAO

  • whether governance token holders are liable for the DAO’s actions

  • how the Ooki lawsuit will impact how DAOs structure their activities in the future

  • what happened in the MakerDAO case and its implications

What’s Poppin’?

by Samyuktha Sriram

Tether blacklisted the $3 million USDT held by last week’s sandwich bot exploiter – a move that drew criticism from crypto industry proponents.

On-chain analysts at Glassnode believe that the economic impact of unlocking staked ETH will be “a lot less dramatic than many have painted it to be.”

The chief executives of Circle and BlockFi received letters asking them to disclose their rationale for banking with SVB.

Maple Finance is banking on a trend of real-world assets picking up in the decentralized lending sector.

Laura’s Journey to Becoming a Crypto Journalist

In an inspiring Twitter thread, Laura shared her story of how she left her full-time job to start Unchained.

She doesn’t get personal very often, so be sure not to miss it!

Daily Bits…✍️✍️✍️

  • FTX's founder and former CEO, Sam Bankman-Fried, requested access to the company's $10 million director and officer liability insurance policy to pay his legal bills, with a hearing on the matter scheduled for Wednesday.

  • Former FTX Head of Institutional Sales, Zane Tackett, believes that the exchange should relaunch and offer trading in FTX bankruptcy claims.

  • Alameda-backed Ren Protocol will transfer all of its pegged assets, including Bitcoin and Dogecoin, to FTX Trading.

  • Binance.US delisted Tron's TRX token following regulatory concerns, resulting in a 6.4% drop in TRX's value.

  • Bitfinex has become the first digital asset service provider to receive a license in El Salvador, as the country looks to develop a regulatory framework for digital securities, including tokenized shares and bitcoin-backed bonds.

  • a16z released its 2023 State of Crypto Report and unveiled a new crypto index. 

  • Wyoming Attorney General Bridget Hill filed a motion with the U.S. District Court in Wyoming asking for permission to intervene in Custodia Bank's lawsuit against the Federal Reserve Board and the Kansas City Fed. 

  • Rashawn Russell, a former Deutsche Bank investment banker, was arrested in New York and is facing up to 20 years in prison for allegedly committing crypto fraud by promising altcoin riches as a registered broker.

  • A survey conducted by the Pew Research Center found that two-thirds of all U.S. adults don't trust cryptocurrencies.

Today in Crypto Adoption...

  • The G-7 will focus on assisting developing nations in introducing their central bank digital currencies (CBDCs), according to Masato Kanda, Japan's senior financial diplomat.

The $$$ Corner…

  • Sei Labs raised $30 million in funding from investors, including Multicoin Capital, Jump Crypto, and Bixin Ventures, among others, to accelerate its growth, including a deeper expansion into the Asia-Pacific region.

  • CleanSpark closed a $144.9 million deal with Bitmain to purchase 45,000 of its Antminer S19 XP Bitcoin mining machines, doubling its fleet's total operational mining capacity by the end of the year.

  • Metalpha is launching a licensed digital asset fund in Hong Kong, providing investors with exposure to Grayscale’s products, including the Grayscale Bitcoin Trust, and the ability to redeem shares, with the fund targeting a raise of $100 million.

What Do You Meme?

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📈 Your Market Update 📉

  • BTC is down .4%, trading at $30,005

  • ETH is down 2.5%, trading at $1,917

  • BTC dominance: 45.74%

  • Crypto market cap: $1.27 trillion

*All data as of today, 7 am ET

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