TL;DR Breakdown US lawmakers move forward with proposed legislation on crypto asset classification. The bill aims to clarify the jurisdiction of the CFTC and SEC regarding cryptocurrencies. The court ruling in the Ripple Labs case has raised questions about crypto asset categorization. Description In a landmark move, members of the House Financial Services Committee voted to push forward proposed legislation aimed at providing clarity on whether certain crypto assets should be treated as securities or commodities. The bill, known as the Financial Innovation and Technology for the 21st Century Act (H.R. 4763), is set to be considered by … Read more In a landmark move, members of the House Financial Services Committee voted to push forward proposed legislation aimed at providing clarity on whether certain crypto assets should be treated as securities or commodities. The bill, known as the Financial Innovation and Technology for the 21st Century Act (H.R. 4763), is set to be considered by the House Agriculture Committee as well. If enacted, this legislation will define the jurisdiction of the Commodity Futures Trading Commission (CFTC) and the U.S….

TL;DR Breakdown Sequoia Capital reduces its cryptocurrency fund from $585 million to $200 million. The ecosystem fund also cut from $900 million to $450 million amidst market challenges. Strategic shift focuses on investing in younger startups over established businesses. Description Sequoia Capital, the prominent venture capital firm, has significantly reduced its cryptocurrency investment fund. Citing anonymous sources, the once $585 million crypto-focused fund has now been downsized to $200 million. Simultaneously, Sequoia has cut down its ecosystem fund, originally valued at $900 million, to $450 million. These measures come as the company seeks to adapt … Read more Sequoia Capital, the prominent venture capital firm, has significantly reduced its cryptocurrency investment fund. Citing anonymous sources, the once $585 million crypto-focused fund has now been downsized to $200 million. Simultaneously, Sequoia has cut down its ecosystem fund, originally valued at $900 million, to $450 million. These measures come as the company seeks to adapt to the prevailing market circumstances, which have witnessed sustained declines. The decision to downsize the cryptocurrency investment fund was reportedly driven by a strategic shift in the…

TL;DR Breakdown SEC Chief Accountant cautions accounting firms about legal liabilities when auditing crypto firms, urging them to avoid misrepresenting reviews as financial statement audits. Accounting firms are advised to exercise independence, consider contractual prohibitions on misleading language, and report any potential misstatements to the Securities Exchange Commission for best practices. Description In a recent statement, Paul Munter, the Chief Accountant of the United States Securities and Exchange Commission (SEC), issued a stern warning to accounting firms regarding their responsibilities when auditing cryptocurrency firms. The rise of the cryptocurrency industry has led to an increasing number of accounting firms engaging with these companies to review certain aspects … Read more In a recent statement, Paul Munter, the Chief Accountant of the United States Securities and Exchange Commission (SEC), issued a stern warning to accounting firms regarding their responsibilities when auditing cryptocurrency firms. The rise of the cryptocurrency industry has led to an increasing number of accounting firms engaging with these companies to review certain aspects of their businesses, often masquerading these reviews as full-fledged financial statement audits. Munter highlighted the…

TL;DR Breakdown Gemini Foundation plans to host its first trading competition, the Gemini Leaderboard, to lure new users and boost trading volume on its crypto derivatives exchange. Traders outside the US, UK, and EU can participate in the competition, where top-performing traders will be rewarded with up to 250 GUSD daily. Description In an effort to revitalize its trading volume and expand its global user base, the Gemini Foundation, a derivatives exchange founded by billionaire entrepreneurs Cameron and Tyler Winklevoss, is gearing up to launch its inaugural trading competition next month. As trading volumes have experienced a significant decline in recent times, the international crypto derivatives exchange … Read more In an effort to revitalize its trading volume and expand its global user base, the Gemini Foundation, a derivatives exchange founded by billionaire entrepreneurs Cameron and Tyler Winklevoss, is gearing up to launch its inaugural trading competition next month. As trading volumes have experienced a significant decline in recent times, the international crypto derivatives exchange aims to leverage the competition to attract new users to its platform and bolster its…

TL;DR Breakdown Only 5% of crypto projects funded in 2021 have achieved product-market fit, according to a recent report. DeFi projects face challenges in delivering offerings, while early entry appears essential for success in the crypto space. Description The year 2021 witnessed an unprecedented surge in funding for a myriad of ambitious crypto projects, fueled by the relentless growth and soaring popularity of digital assets. From decentralized finance (DeFi) platforms promising to revolutionize the financial landscape to cutting-edge gaming ventures tapping into the metaverse’s potential, the crypto space saw an influx of investment … Read more The year 2021 witnessed an unprecedented surge in funding for a myriad of ambitious crypto projects, fueled by the relentless growth and soaring popularity of digital assets. From decentralized finance (DeFi) platforms promising to revolutionize the financial landscape to cutting-edge gaming ventures tapping into the metaverse’s potential, the crypto space saw an influx of investment like never before.  However, as the dust settles and the euphoria subsides, a stark reality emerges: very few of these projects have managed to achieve the coveted “product-market fit”…

TL;DR Breakdown Sam Altman confidently claims that Worldcoin verifies one person every 8 seconds, but the lack of evidence raised skepticism. Despite 2 million pre-registrants, on-chain data showed limited uptake, with only 3,650 unique token holders and 13,766 transactions. Worldcoin’s reliance on user identity and eye-scanning technology received criticism from decentralization proponents. Description Sam Altman, the creator of Worldcoin, caused a stir on Twitter on July 26 when he confidently asserted that “one person is getting verified every 8 seconds now” for the ambitious Worldcoin project. He shared a cellphone video featuring long queues of people waiting to participate, aiming to showcase the massive demand for the eye-scanning … Read more Sam Altman, the creator of Worldcoin, caused a stir on Twitter on July 26 when he confidently asserted that “one person is getting verified every 8 seconds now” for the ambitious Worldcoin project. He shared a cellphone video featuring long queues of people waiting to participate, aiming to showcase the massive demand for the eye-scanning technology used for verification. However, the lack of substantial evidence to back his claim…

TL;DR Breakdown SEC Chairman Gary Gensler’s concerns over fraud and non-compliance in the crypto industry persist. Gensler criticizes crypto market structure, highlighting lack of investor protection. Crypto exchanges are also under scrutiny, accused of not adhering to traditional exchange rules. Description The cryptocurrency sector remains firmly under the watchful eye of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), whose concerns over industry-wide fraud and compliance violations are far from being appeased. The SEC boss’s disquiet resurfaces following a significant court ruling concerning XRP’s security status, a judgment that contradicts the SEC’s … Read more The cryptocurrency sector remains firmly under the watchful eye of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), whose concerns over industry-wide fraud and compliance violations are far from being appeased. The SEC boss’s disquiet resurfaces following a significant court ruling concerning XRP’s security status, a judgment that contradicts the SEC’s stance. Gensler’s crypto conundrum Beneath the cryptosphere’s dazzling allure lurks a den of fraudsters and hucksters, according to Gensler. His comments should serve as a reminder…

TL;DR Breakdown MakerDAO has approved a proposal that will temporarily increase the interest rates for DAI token holders. Strengthening competitiveness amidst market turbulence. Description MakerDAO, the decentralized autonomous organization behind the stablecoin DAI, recently approved a proposal aimed at increasing interest rates temporarily for DAI token holders. The new mechanism, known as the Enhanced Dai Savings Rate (EDSR), seeks to offer higher yields to users, with rates reaching up to 8%. MakerDAO introduces EDSR to boost yields The decision … Read more MakerDAO, the decentralized autonomous organization behind the stablecoin DAI, recently approved a proposal aimed at increasing interest rates temporarily for DAI token holders. The new mechanism, known as the Enhanced Dai Savings Rate (EDSR), seeks to offer higher yields to users, with rates reaching up to 8%. MakerDAO introduces EDSR to boost yields The decision to introduce the EDSR was prompted by the need to address the low utilization of the DAI Savings Rate (DSR), which had been raised to 3.49% in June. Despite the effort to make DAI more competitive, the DSR was underutilized, with less than…

TL;DR Breakdown Hungarian artist Vera Molnár has sold out a series of computer-generated NFTs for $1.2 million. Navigating the impact of NFTs on the art world. Description In a groundbreaking event, Hungarian artist Vera Molnár collaborated with Martin Grasser to create a series of computer-generated nonfungible tokens (NFTs) that sold out during Sotheby’s Dutch auction for an impressive 631 Ethereum, equivalent to approximately $1.2 million, in under one hour. The collection, titled “Themes and Variation,” comprises 500 unique collectibles generated through an … Read more In a groundbreaking event, Hungarian artist Vera Molnár collaborated with Martin Grasser to create a series of computer-generated nonfungible tokens (NFTs) that sold out during Sotheby’s Dutch auction for an impressive 631 Ethereum, equivalent to approximately $1.2 million, in under one hour. The collection, titled “Themes and Variation,” comprises 500 unique collectibles generated through an algorithmic combination of 170 color palettes and recursive grids. The Hungarian artist sold out the arts in one hour Auctioneers described the collection as an expansion of the Hungarian artist’s 2% d’ordre generative protocol, which explores the potential of grids…

TL;DR Breakdown The Smart contracts industry has demonstrated great resilience in the face of uncertainty in the market. The demand for blockchain-based solutions remains high. Description The second quarter of 2023 has been regarded by some as a challenging period, with the crypto space experiencing lower investments from venture capital firms. However, despite the setbacks, the smart contracts industry has demonstrated remarkable resilience, driven by growing demand for blockchain-based solutions. A notable player in the blockchain platform sector, BNB Chain, recently … Read more The second quarter of 2023 has been regarded by some as a challenging period, with the crypto space experiencing lower investments from venture capital firms. However, despite the setbacks, the smart contracts industry has demonstrated remarkable resilience, driven by growing demand for blockchain-based solutions. A notable player in the blockchain platform sector, BNB Chain, recently released its Q2 report for 2023, which sheds light on the industry’s current state. Verified smart contracts are on the rise Among the positive indicators is an increase in verified smart contracts on multiple blockchains. BNB Chain, along with platforms like…