DeFi Daily Digest 2022-07-22: First Crypto Insider-trading Case, Core Scientific's $100M Financing, and Unreleased Curve.Finance's Stablecoin Facing Strict License-related Regulation
After accusing former Coinbase PM of insider trading, SEC listed 9 cryptos as securities. Though not allowing users to withdraw assets, Celsius, 3AC, and Voyager seek lawyers paid $2K/hr for help.
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CEX
Ex-Coinbase manager was arrested on crypto insider trading charges that shared information about at least 14 different listings at Coinbase.
Regulation
SEC calls 9 cryptos 'securities' in crypto insider trading case.
The tokens listed were Flexa’s AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM.
Stablecoin
US House expects to implement bank-like regulation for stablecoin on July 27.
The current draft of the bill would mandate that stablecoin issuers maintain 100% reserves and bar them from lending stablecoins to customers.
Stablecoins would be known as “payment stablecoins” under the legislation, and bank and non-bank issuers would operate under the same regulations.
The Federal Reserve would license any non-bank stablecoin issuers and would be responsible for monitoring those firms’ financial health.
There would also be strict rules on the types of assets that can back stablecoins and a prohibition on commercial companies such as Walmart Inc. and Home Depot Inc., being issuers.
Lending
To get ready for the Merge, Aave V3 has been deployed on the Goerli testnet.
L1
Bitcoin
Fun fact
Celsius, 3AC, Voyager all hired the same law firm for their bankruptcy protection, whose highest paid lawyer is pulling in $2K each hour.
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