Binance & Coinbase & SEC | Tether & El Salvador | redefined & Bonfida | Circle & Arbitrum | Lens Protocol & $15m funding | &more
06.06. - 13.06.2022
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1 | U.S. SEC sues Binance and Coinbase amid crypto crackdown
Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months after FTX’s bankruptcy, SEC crypto-related enforcement actions rose 183%.
2 | Tether invests in El Salvador’s $1B renewable energy project
Decentralized finance (DeFi) lending protocol MakerDAO’s community has voted to ditch $500 million Paxos Dollar (USDP) stablecoin from its reserves, impacting half of the token’s supply. Voters unanimously favored decreasing the debt ceiling for USDP to zero from $500 million, according to a vote concluded Thursday. The decision has a significant impact on embattled stablecoin issuer Paxos, as Maker’s treasury holds roughly half of USDP’s $1 billion supply. This comes after New York state regulators forced the company in February to halt minting Binance USD (BUSD), another Paxos-helmed stablecoin. The market capitalization of BUSD has cratered to $5 billion from $16 billion since then, according to CoinGecko data.
https://cointelegraph.com/news/tether-invests-in-el-salvador-renewable-energy-scheme
3 | redefined and Bonfida announce partnership
Bonfida and redefined are partnering together to bridge the Solana identity to EVM-compatible chains Not only can users aggregate their .sol names under redefined's unified cross-chain identity, we also integrated Solana Name Service in our Web3 Name Service SDK. What does this mean for users? Well, it’s a protocol unifying domain names across many different chains. This means that your .eth, .bnb, .sol names and more can all be aggregated under a single email or username with redefined. Then you can use this username to transact on any chain and the funds will be directed to the corresponding address set (given integrations take place).
4 | Circle Rolls Out Support for USDC Stablecoin on Arbitrum
The stablecoin issuer Circle Internet Financial on Thursday rolled out its native USDC on Arbitrum, the leading layer 2 scaling solution for the Ethereum blockchain. Arbitrum becomes the ninth blockchain to support USDC. Businesses that have an account with Circle can now access Arbitrum USDC and “readily swap USDC across supported chains - avoiding the costs and delays associated with bridging,” said Circle’s official Twitter account. Several key applications will support Arbitrum USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap, according to the announcement. The rollout of USDC on Arbitrum comes hot off the heels of the layer 2 scaling solution experiencing a bug yesterday in its Sequencer software that temporarily caused the network to stop confirming transactions on-chain.
https://finance.yahoo.com/news/circle-rolls-support-usdc-stablecoin-153432207.html
5 | Aave’s Lens Protocol raises $15M to build the decentralized social web
Lens Protocol, a web3 product aimed at creating a decentralized social networking ecosystem, has raised $15 million, its team told TechCrunch exclusively. The protocol is being built by Aave, a web3 technology firm, that allows users to lend and borrow crypto tokens from one another, among other things (Aave has raised a known $49 million to date). The protocol is trying to integrate the best of the web as we know it, but with a focus on the new innovations of web3 to make the internet “more equitable, fair and democratic for social media networks,” Aave Companies CEO Stani Kulechov said. Kulechov said it’s important that future infrastructure for internet and social media networks isn’t owned by large entities like Meta, which owns Facebook, Instagram and WhatsApp. When there’s a powerful incumbent, it creates less say for users and less choice as well, not just in web3 or on the internet, but in any industry.
6 | EU’s Landmark Crypto Law MiCA Published in Official Journal
The European Union’s Markets in Crypto Assets law (MiCA) was published in the Official Journal of the European Union (OJEU) on Friday, starting the clock ticking for landmark crypto licensing rules to take effect. The full law, published alongside related legislation requires crypto wallet providers to identify their customers when they transfer funds, offers crypto companies, such as exchanges and wallet providers, a license to operate across the bloc, and introduces new governance and financial requirements for stablecoin issuers. This comes as crypto operators in the U.S. face significant uncertainty, with the Securities and Exchange Commission suing Binance and Coinbase (COIN) on the basis that the tokens traded on their platforms constitute regulated financial instruments.
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