Advertisement

Loading...

👀 CFTC Chair Says 70% Of Cryptocurrencies Aren't Securities

Together with

the-defiant

GM Defiers!

Rostin Behnam, the chair of the CFTC, told the U.S. Senate that at least 70% of cryptocurrencies do not comprise commodity assets. The move suggests the CFTC is looking to assert greater regulatory jurisdiction over the crypto sector.

The news coincides with the SEC dropping an investigation into Paxos and its BUSD stablecoin. This follows a U.S. federal court ruling the BUSD is not a security asset two weeks ago.

Digital assets continue to recover after the violent weekend sell-off. The markets were buoyed by U.S. inflation dropping to a three-year-low, signaling that an interest rate reduction may be just around the corner.

Plus, BitMEX pleads guilty to Bank Secrecy Act violations, Lyra Finance offers leveraged USDe exposure, and Starkware proposes a STRK staking.

✍️ In today’s newsletter:

  • Most digital assets aren’t securities: CFTC chairman
  • SEC abandons Paxos and BUSD investigation
  • Crypto bulls react to multi-year inflation low
  • BitMEX pleads guilty to AML violations
  • Lyra integrates USDe for leveraged vault
  • Starknet staking proposal

🙏Sponsored

📈 Markets in the last 24 hrs:

TickerValue24h
the-defiantBitcoin$57,9251.62%
the-defiantEthereum$3,072.310.70%
the-defiantBNB$514.770.48%
the-defiantSolana$140.951.48%
the-defiantXRP$0.4350.63%

🎬WATCH

Check out our interview with Dr. Marwan Al Zarouni, the CEO of the Dubai Blockchain Center and advisor to Dubai’s government. Catch up on our interview with Chris Bradbury, the CEO of Summer.fi, to learn about the project’s new points campaign. Plus, watch our explainer diving into passive income strategies using DeFi protocols 👀

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

the-defiant

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

the-defiant

The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSD on Solana and start building the future of payments.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

🎉CFTC Chair Asserts At Least 70% of Crypto Assets Are Not Securities

the-defiant

The CFTC chairman believes between 70% and 80% of cryptocurrencies do not comprise securities, in stark contrast to the SEC. The comments were delivered to the U.S. Senate, and accompanied by calls for lawmakers to grant the CFTC extended authority to oversee digital assets, including spot markets.

🔎SEC Drops Investigation into Stablecoin Issuer Paxos

The U.S. Securities and Exchange Commission has bailed on its investigation into Paxos and its BUSD stablecoin. The move came just two weeks after a U.S. federal judge tossed SEC charges against Binance concerning BUSD sales.

🚀Crypto Markets Surge On Inflation Hitting Three-Year Low

Digital assets continue to recover from the weekend’s violent sell-off, with crypto bulls on parade in response to inflation dropping to multi-year lows. The data is the latest signal suggesting that the Federal Reserve may soon cut interest rates.

SPONSORED POST

the-defiant

The OEV Network was recently launched by API3 and is available on 37 networks, marking a significant milestone in the next evolution of oracle infrastructure used to secure DeFi protocols.

The OEV Network is a major upgrade for the API3 Oracle Stack and is designed to address the pervasive issue of maximal extractable value (MEV) on lending protocols, which has historically led to millions of dollars of lost value each year. By offering lending protocols a solution to recapture this value, the OEV Network not only enhances the financial viability of these protocols but will likely disrupt the existing business models in this competitive on-chain industry.

READ MORE: API3's OEV Network Transforms Lending Protocols with Next-Generation Oracle Solution

⚖️BitMEX Pleads Guilty to Bank Secrecy Act Violations

BitMEX, the once-dominant crypto derivatives exchange, has pleaded guilty to failing to establish an effective anti-money laundering program while operating in the United States. The move could carry prison time and heavy fines for the company and its executives, and is the latest in a string of admissions to U.S. prosecutors from BitMEX.

🆕Lyra Finance Offers Leveraged Exposure to ETH Through Ethena

Lyra Finance, a yield protocol in the Synthetix ecosystem, has launched a vault product offering leveraged exposure to Ethena’s yield-bearing USDe stablecoin. The product seeks to offer boosted yield during bullish ETH uptrends while forfeiting returns as the price of Ether dips.

🗳️Starkware Introduces Proposal For Staking on Starknet by End of Year

Starkware, the team behind the StarkNet Layer 2, launched a governance proposal advocating for the introduction of a staking mechanism on the network. The plan includes a staged rollout intended to deliver staking by 2025.

🌍 ELSEWHERE

  • US House fails to meet threshold to override Biden's veto of a resolution to overturn SAB 121 (The Block)
  • Squarespace Exploit Exposes Over 100 Crypto Projects (CoinGape)
  • Hacks, Rug Pulls Cost BNB Chain $1.6B Since Inception: Immunefi (CoinDesk)
  • 50% of Illicit Funds End Up At Centralized Crypto Exchanges: Chainalysisl (Unchained)

🔥 TRENDING

The Defiant Alpha
“an industry must-read
new-york

Get even more! For actionable insights and community access, Join The Defiant Alpha to receive:

  • The Defiant Daily | Mon to Fri
  • Weekly Recap | Saturdays
  • DeFi Alpha | Sundays
  • Access to exclusive degen chats and events

Become a Member