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🏛️Crypto Bill Advances Through House Committees

The Defiant

DeFi Daily

Together with

Together with

GM Defiers!

Happy Friday! In a landmark week for cryptocurrency regulations, the House Financial Services and Agriculture Committees have advanced the FIT for the 21st Century Act, marking a crucial stride toward clearer guidelines for the crypto industry.

Despite the Federal Reserve hiking interest rates to the highest level since 2001, global markets have remained buoyant, highlighting their resilience in the face of monetary tightening. Meanwhile, the Bank of Italy has partnered with Polygon on a pilot program aimed at creating a regulated platform for institutional DeFi. Finally, PancakeSwap, a leading decentralized exchange, has launched on zkSync Era.

✍️ In today’s newsletter:

  • FIT for the 21st Century Act clears House committees
  • Markets shrug off latest rate hike
  • Bank of Italy partners with Polygon for institutional DeFi platform
  • PancakeSwap deploys on zkSync Era

📈 Markets in last 24 hrs:

TickerValue24h
BTC$29,366 0.01%
ETH$1,872 0.01%
S&P 500$4,582 0.99%
GOLD$1,998 2.71%
Arch WEB30.91pts -0.21%
FINANCE0.96 -0.27%
INFRA0.83pts 0.27%
CONSUMER1.05pts -0.85%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Watch our guide to finding alpha at crypto conferences. And check out our podcast with Nicolas Liochon, Global Lead for Linea, which is a new zkEVM rollup by Consensys.


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Regulation

U.S. House Financial Services Committee Advances Landmark Crypto Bill

TLDR The House Financial Services Committee has approved the Financial Innovation and Technology for the 21st Century Act, which aims to provide clear guidelines and consumer protections for the cryptocurrency industry. It includes registration requirements for digital asset exchanges, brokers, and custodians, enhanced disclosure requirements, and jurisdiction delineation for spot digital asset markets.

SO WHAT This Act, if enacted, would mark a significant turning point in US cryptocurrency regulations. By finally providing regulatory clarity, it could facilitate the growth and stability of the digital asset industry in the United States.


SPONSORED POST

This innovative new protocol eliminates the need for oracles and governance, ushering in a new era for lending and borrowing systems in DeFi.

The Ajna Protocol is a non-custodial, permissionless lending and borrowing system. Ajna expands the universe of accepted collateral tokens in DeFi, letting users instantly borrow against almost any fungible or non-fungible tokens. Lending options are expanded as well, enabling users to lend any fungible tokens. The protocol consists of asset pair pools and offers unique features including perpetual loans, permissionless pair creation, and immutability.

Ajna's mission is to improve DeFi lending and borrowing protocols by giving users a truly decentralized system with more options and less systemic risk.

Ajna is built without governance, which means that the protocol cannot be altered or updated. It’s designed without price feeds, commonly referred to as “Oracles,” to remove a common point of failure.

Six security audits were conducted by five industry-leading audit firms & platforms Sherlock, Trail of Bits, Quantstamp, Prototech Labs, and Code4arena.

The protocol has been launched on Ethereum mainnet, with other network launches planned in the coming months. Ajna can be accessed through third party applications like Summer.Fi and soon others.


Markets

Markets Unfazed As Fed Raises Rates To 22-Year High

TLDR Global markets have remained stable despite the recent 25 basis point hike by the Federal Reserve, pushing US interest rates to their highest level since 2001. Major cryptocurrencies have seen minor gains, while equity indices like the S&P 500 and Nasdaq consolidate near yearly highs.

SO WHAT While the Fed's move was widely telegraphed, most market participants expect the central bank to leave rates unchanged in September given cooling inflation.


DeFi

Bank of Italy Taps Polygon for Institutional DeFi Pilot

TLDR The Bank of Italy and Polygon have joined forces on a pilot program, "Institutional DeFi for Security Token," aimed at developing a regulated platform for institutions. The pilot aims to establish a sandbox environment for trading security tokens.

SO WHAT This collaboration represents a significant step towards integrating blockchain technology into traditional financial systems, signaling institutional acceptance and potential growth of the DeFi space. Overall, this development highlights the increasing convergence of traditional finance and crypto.


Layer 2

PancakeSwap Launches On ZkSync Era

TLDR PancakeSwap, a leading decentralized exchange originally built on Binance Chain, has launched on zkSync Era. This marks PancakeSwap's continued foray into Ethereum's Layer 2 ecosystem, following the exchange's recent launches on other Layer 2 platforms such as Polygon zkEVM and Linea from Consensys.

SO WHAT As congestion and high gas fees continue to plague the Ethereum network, Layer 2 solutions like zkSync Era offer a viable pathway to maintain transaction efficiency and affordability, critical factors in achieving mass adoption. PancakeSwap's deployment on zkSync, along with other emerging Layer 2 solutions, highlights its strategic positioning to cater to a wider user base.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Solana Wants to Lead the Crypto Gaming Charge (Decrypt)
  • Crypto sector is rife with 'fraud' and 'hucksters,' warns SEC chair Gary Gensler (Business Insider)
  • Dogecoin Investors Point Fingers At Elon Musk In Insider Trading Saga (Benzinga)