🚨CFTC Charges DeFi Derivates Protocols

GM Defiers!

The CFTC has taken action against the derivatives protocols Opyn, Zeroex, and Deridex, ordering each of the Delaware-based companies to cease operations. The protocols are accused of offering illegal derivatives to U.S. persons, receiving fines of $250,000, $200,000, and $100,000 respectively.

Institutional asset managers Ark Invest and 21Shares teamed up to file for a spot Ether ETF in the United States. The move comes after a U.S. court sided with Grayscale in the firm's appeal against the SEC's rejecting its spot Bitcoin ETF application.

Ethereum is trending inflationary during September so far, with a lull in activity flipping Ether's burn rate negative after a largely deflationary opening eight months of the year. More than 3,500 entered circulation over the past seven days.

A DeFi user took out a $1.1M loan against an NFT representing a collection of designer tee shirts as collateral on the Arcade lending protocol. The lender can redeem the NFT to take possession of the shirt collection from an escrow company in the event of default, with the collection recently receiving a $2.5M valuation from Sotheby's.

Also. Metamask launched a new feature allowing U.S., U.K., and certain European users to sell crypto and receive fiat sent to their PayPal account. However, users are complaining that the service incurs heavy fees.

✍️ In today’s newsletter:

• DeFi derivatives teams face CFTC's wrath
• Ark Invest and 21Shares submit spot Ether ETF filing
• On-chain activity slump sends ETH inflationary
• NFT-backed by designer shirts backs $1.1M DeFi loan
• MetaMask's 'sell' feature cops flak for high fees