🏛️Crypto Advocates Ask Congress For Clear Regulations

The Defiant

The Defiant Daily

GM Defiers!

We kick off with a look at yesterday's congressional hearing where crypto leaders called for industry-specific rulemaking, following a crackdown on major digital asset exchanges by securities regulators. Then, we explore Polygon's ambitious plans to redesign its ecosystem into a symbiotic network of many chains.

We also examine Open Exchange, a new venture by the controversial founders of Three Arrows Capital. Finally, we take you to the 3XP Web3 Gaming Expo, where blockchain gaming companies are striving to crack the secret to the perfect crypto-infused game.

✍️ In today’s newsletter:

  • Crypto founders seek clarity on Capitol Hill
  • Polygon unveils 2.0 roadmap
  • FLEX rallies on OX conversion plan
  • Web3 gaming studios are trying to figure out the formula for the next blockbuster

📈 Markets in the last 24 hrs:

BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%


Watch our video on Uniswap V4. And check out our podcast with Alex Gluchowski, the CEO of Matter Labs.


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Crypto Advocates Call for Regulatory Clarity in Congressional Hearing

TLDR In a recent congressional hearing, crypto industry leaders called for specific regulations for digital assets. This comes a week after the SEC took action against major crypto exchanges Coinbase and Binance. The hearing focused on proposed legislation for digital assets, introduced by congressmen Patrick McHenry and Glenn Thompson.

SO WHAT The discussion centered on whether the digital asset space has sufficient regulatory clarity or if it needs a bill like McHenry and Thompson’s to establish a crypto-specific regulatory regime. If new legislation is passed, it could provide more clarity and certainty for crypto businesses and investors. However, it could also impose new restrictions and requirements that could impact the growth and innovation of the industry.


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Scaling Solutions

Polygon Unveils 2.0 Roadmap

TLDR Polygon, a leading Ethereum scaling team, has announced plans to transform its ecosystem into a network of interconnected chains, dubbed Polygon 2.0. The upgrade aims to enhance the utility of the MATIC token, increase community governance over the Polygon protocol and treasury, and establish a future path for its Proof-of-Stake (PoS) Chain.

SO WHAT The move towards a multi-chain architecture could significantly enhance Polygon's scalability and interoperability, making it more attractive to developers and users. However, the announcement comes at a time when Polygon's MATIC token has been identified as a security by the SEC in its lawsuit against Coinbase, which could have implications for the platform's future growth.


Controversial Open Exchange Token Rallies On Conversion Plan

TLDR The FLEX token has more than doubled following an announcement from Open Exchange, a new venture by Three Arrows Capital founders Su Zhu and Kyle Davies, that it will offer one-way conversions of the FLEX token to OX, which can be staked for discounts on the exchange. Despite the founders' controversial past, the exchange has seen an increase in usage, although many in the crypto community remain skeptical.

SO WHAT The traction gained by Open Exchange shows that even disgraced founders can attempt to make a comeback in the crypto space. However, it also raises questions about the ethics and credibility of such ventures.


Web3 Gaming Studios Grapple With Tokenomics and DAOs at 3XP Conference

TLDR The 3XP Web3 Gaming Expo saw blockchain gaming companies, including hopeful independents and major players, exploring ways to create the perfect crypto-infused game. With the gaming industry projected to grow to $533B by 2027, web3 gaming studios are looking to balance the development of an integrated blockchain stack with a compelling gameplay experience.

SO WHAT The convergence of blockchain and gaming could potentially open up new opportunities for both industries. By making the technical aspects of crypto more accessible through gamification, blockchain gaming could attract a wider audience and drive adoption of crypto. The integration of DAOs in game governance could also empower players and foster a sense of community.



  • Fed Preview: Bitcoin Market Skews Bearish as Analysts Anticipate 'Hawkish Rate-Hike Pause' (Coindesk)
  • Michael Saylor says Bitcoin could grow to 80% of crypto market after SEC suits against Binance and Coinbase (Fortune)
  • AWS experienced outages in the US, but Ethereum kept humming (Cointelegraph)