The Last 168 Hours In DeFi

FAANG Web3 and More Regulatory News

MARKET:

Bitcoin and crypto have been rallying since the beginning of the year and has maintained an uptrend into February. The $24k level appears to have held after the Fed minutes were released today.

On the macroeconomic front, the yield curve inversion previously lead to a hard landing every time since 1970. A recession is still not out of the question even though inflation seems to have peaked.

NEWS:

Polygon restructuring and lays off 20% of staff:

Sandeep | Polygon 💜 Top 3 by impact @sandeepnailwal

Polygon has grown exponentially. To continue on this path of stupendous growth we have crystallized our strategy for the next 5 yrs to drive mass adoption of web3 by scaling Ethereum. Our treasury remains healthy with a balance of over $250 million and over 1.9 billion MATIC

Microsoft partners with Ankr for validator nodes:

Tree News @News_Of_Alpha

THE BLOCK: Microsoft and Ankr partner to offer blockchain node infrastructure service theblock.co/post/213554/mi…

Google partners with Tezos:

Google Cloud @googlecloud

Tezos Foundation 🤝 Google Cloud Just announced: @tezosFoundation is working with Google Cloud to accelerate Web3 application development on the @tezos blockchain. Find out more about this collaboration ↓ fortune.com/crypto/2023/02…

fortune.comGoogle Cloud partners with Tezos Foundation as it pushes for Web3 relevanceThe tech giant has also announced its technical support for other blockchains, including Solana, Aptos, and Ethereum.

Crypto, not a political lever, is becoming a political lever:

Senator Bill Hagerty @SenatorHagerty

I’m hearing examples of companies in the crypto space being debanked by US banks who are caving to political pressure from the left.   If Operation Choke Point taught us anything, it’s that under no circumstances should banks be used as partisan tools to kill legal businesses.

American crypto companies push back on SEC’s Draconian rules:

Brian Armstrong @brian_armstrong

America risks losing it's status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK.

Crypto熊猫 @NoodleofBinance

On June 1st, 2023, Hong Kong will officially make crypto purchase & sell, trading, fully legal for all of its citizens Expect a huge influx of big money from the East Asian currency based stablecoin coming out of HK will be a certainty as well

SEC going after Binance through Paxos:

Tree News @News_Of_Alpha

WSJ: Crypto Firm Paxos to Stop Issuing Dollar-Pegged Binance Token

wsj.comRegulator Orders Crypto Firm Paxos to Stop Issuing Binance StablecoinPaxos Trust will stop issuing one of the largest dollar-pegged cryptocurrencies, as a government clampdown on the sector widens.

Circle alerted watchdog about BUSD:

db @tier10k

Circle alerted the watchdog last autumn to issues its team had surfaced in blockchain data that showed Binance did not store enough crypto in reserve to support tokens it had issued Around the time when Binance stopped support for USDC and started auto-converting into BUSD?

db @tier10k

[DB] Circle Warned NY Watchdog About Binance Token Issues in 2022: BBG

If you’re a OneCoin Podcast fan:

Tree News @News_Of_Alpha

FINANCEFEEDS: OneCoin founder Ruja Ignatova allegedly murdered by drug lord

financefeeds.comOneCoin founder Ruja Ignatova allegedly murdered by drug lordOneCoin founder Ruja Ignatova, who steered one of the world’s biggest cryptocurrency frauds, is back into the spotlight more than five years after vanishing from the public eye. The woman behind the biggest and most blatant frauds in the cryptocurrency history had simply vanished into thin air after…

NFTs:

A judge declares basketball NFTs are securities:

Jeremy Goldman @jeremyg2k

BREAKING: A federal court just DENIED Dapper Labs' motion to dismiss a class action complaint alleging that NBA Top Shot Moment NFTs are securities.

dropbox.com2023.02.22 Dapper MTD Order.pdfShared with Dropbox

Tons of NFT news:

Tree News @News_Of_Alpha

DECRYPT: Final Fantasy Maker Square Enix to Launch NFT Game on Polygon

decrypt.coFinal Fantasy Maker Square Enix to Launch NFT Game on Polygon - DecryptSymbiogenesis, an original NFT-driven narrative game, will debut on scaling network Polygon instead of Ethereum’s mainnet.

RYAN SΞAN ADAMS - rsa.eth 🏴🦇🔊 @RyanSAdams

Looks like Spotify is doing things. Music NFTs. Podcast NFTs. Token gated access. Every web2 company is working on a crypto strategy right now. You thought this crypto was ded? Nah…we just getting started. 🚀

Cozomo de’ Medici @CozomoMedici

1/ Announcing the first donation of on-chain art from a collector to a museum, and the largest digital fine art collection to enter a museum 22 works from The Cozomo de' Medici Collection have been added to the permanent collection of the Los Angeles County Museum of Art (LACMA)

REGULATORY:

Thank you!

Tom Emmer @GOPMajorityWhip

Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy. 👇

SEC sues Terra over UST:

Ally Versprille @allyversprille

SCOOP: SEC poised to sue Terraform Labs, the company behind the failed TerraUSD stablecoin. w/ @austwein and @MuyaoShen

SEC coming after BUSD via Paxos, a regulated New York bank:

Byzantine General @ByzGeneral

SEC sues Paxos over BUSD. The SEC is on a warpath. What a gross institution. Paxos is regulated by the NY state dep of financial services by the way.

wsj.comWSJ News Exclusive | Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD TokenThe Securities and Exchange Commission has told Paxos that it plans to sue the company for violating investor protection laws.

RUGS:

Ouch:

Spreek @spreekaway

. @Platypusdefi new stablecoin has been exploited for approximately 8m it appears

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