CFTC Wants to Onshore DeFi
gm, Defiers!
TL;DR:
- ACI says it’s leaving Aave
- CFTC promises regulated perps are coming soon
- Mastercard adds SoFi’s stablecoin
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Let’s dive in.
Markets are back today, with total market cap surging 6% to $2.55 trillion. Bitcoin and Ethereum both rallied around 8% on the day to push back over key psychological price points. Among large-caps, DOGE and ZEC were today’s biggest winners, both gaining 10%-11%.
Meanwhile, Aave drama continues as one of the biggest players in the DeFi protocol’s governance, ACI, announced that it’s leaving, just days after the “Aave Will Win” proposal tepidly passed its temp check vote.
On the regulatory front, the Chairs of the U.S. CFTC and SEC participated in a panel discussion, stating that the agencies are working together to keep DeFi platforms, prediction markets, and perpetuals futures in the country.
In TradFi news, neobank SoFi and Mastercard announced that they’re partnering to integrate the bank’s recently launched USD stablecoin as a settlement option in MC’s global payments network.
Read more below! But first, please give our sponsors some love; they make this newsletter possible.
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We’re back! Here’s what you need to know in web3 today
📈 Markets in the Past 24 Hours
| TICKER | VALUE | 24H | |
|---|---|---|---|
 | Bitcoin | $73,318 | 7.49 % |
 | Ethereum | $2,146.1 | 8.13 % |
 | BNB | $659.98 | 3.99 % |
 | XRP | $1.45 | 5.91 % |
 | Solana | $91.71 | 7.26 % |
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🎬WATCH
Did L2 Fragment Ethereum? — With Yuval Rooz, CEO of Digital Asset, Co-Founder of Canton
In this episode of The Defiant Podcast, Cami sits down with Yuval Rooz, CEO of Digital Asset and co-founder of Canton, who says permissioned blockchains and not zk are the key to onchain privacy. He also believes L2s have overall hurt Ethereum as they have made it more centralized.
Watch the full interview:
Top News in the Past 24 Hours
Marc Zeller's ACI Exits Aave Amid Governance Rift
The Aave Chan Initiative (ACI), one of the largest delegated service providers in the Aave governance ecosystem, has announced it will wind down its engagement with the Aave DAO and depart the protocol over the coming months,
Why it matters: ACI’s exit escalates the ongoing governance friction, particularly as other major contributors like BGD Labs recently announced plans to leave as well.
CFTC Says It's 'Modernizing' Rules to Make a Place for DeFi in the US
The Chairs of the U.S. CFTC and SEC said in a panel yesterday that their agencies are working together to keep on-chain finance, prediction markets, and perpetuals futures in the United States.
Why it matters: Crypto firms in general have faced years of regulatory uncertainty in the U.S. — as well as regulation by enforcement — under prior administrations.
SoFi and Mastercard Join Forces to Integrate SoFiUSD for Global Settlement
United States-based neobank SoFi and Mastercard announced a strategic partnership to use the bank’s stablecoin, SoFiUSD, in Mastercard's global payments network.
Why it matters: SoFi’s USD stablecoin is built on Ethereum and the company told The Defiant it has plans to expand to other public networks, such as Solana.
Trending on The Defiant
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- SoFi and Mastercard Join Forces to Integrate SoFiUSD for Global Settlement
- Visa and Stripe-Owned Bridge Roll Out Stablecoin-Linked Cards to 100+ Countries
- Marc Zeller's ACI Exits Aave Amid Governance Rift
- Venice AI Surges Above $600 Million Valuation
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