The Last 168 Hours in DeFi
Let it Burn ($ETH) - EIP 1559 goes live and Regulation takes center stage
MARKETS:
All eyes are on the Biden Infrastructure Bill and amendment around financing by raising taxes through cryptocurrency. Senator Mark Warner (D) from Virginia stirred up the hornet’s nest of passionate cryptocurrency investors and entrepreneurs and the Washington Post has been following along.
The Senate moved to vote on the bill in its current form, which classifies cryptocurrency exchanges, developers, node operators/validators, and miners as ‘brokers,’ meaning they need to provide 1099s for all of their ‘customers.’ Under the current anonymous format for cryptocurrency wallets, it would be impossible for those parties to comply. The bill now goes to the House.
The market shrugged off the FUD from regulation and both BTC and altcoins were up double digit percentages. $COIN had an excellent earnings report for Q2 and was also up 7%.
NEWS:
Jump Trading Group (hedge fund) acquires Cryptocurrency Staking as a Service Company, Certus One
REGULATORY:
Yellen Lobbies Congress to Include Backdoor Crypto Reporting Requirements in Infrastructure Bill
NFTS:
RUGS:
Biggest DeFi exploit ever - $661m stolen, but the drama didn’t stop there
POD ‘o THE WEEK:
New one from Mission: DeFi. An interview with Maki, of Sushiswap, about what they’ve achieved, how they run the organization, and what’s coming