Elon Musk believes that the U.S. shouldn't regulate crypto — but the SEC has just made a staunch DeFi critic its top lawyer.
The Biggest, Best Crypto News Ever
But first — subscribe to our newsletter here.
Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts
Molly’s Musings 👩💻
Should We ‘Do Nothing’?
Elon Musk thinks so.
Specifically, Elon Musk thinks that we should “do nothing” in the U.S. for government crypto regulation, that cryptocurrency “isn’t the second coming of the Messiah” and that the latest China ban has a lot to do with the country’s “significant electricity generation issues” and crypto mining.
All of this coming from the Tesla CEO (an electric car company, remember, not a crypto company), who also said yesterday: “I wouldn’t say that I’m a massive cryptocurrency expert.”
Why do we love to analyze this man’s crypto remarks so much? Do we not have enough crypto pundits on Twitter?
I’m half-joking — of course the crypto world (and the regular world) love to pick apart everything that Elon Musk says and does. He’s rich! He’s eccentric! Did I mention that he’s rich!
His tweets also have the power to drastically move the crypto markets, as we saw earlier this year. Musk adding “Bitcoin” to his Twitter bio may have been one of the most powerful price catalysts in Bitcoin’s history (again, only half-joking).
In any case, his remarks yesterday didn’t seem to either crash/raise up the markets. Maybe the markets have matured enough that they don’t live and breathe based on Musk’s tweets — or maybe his comments yesterday were just a bit more boring than usual.
Bitcoin! 😊 Altcoins! 😺
Why $100K Transaction Cost $23.7M in Fees 😱
It's the stuff of nightmares. A $100,000 Tether transaction that ends up costing $23.7 MILLION in fees. Thankfully, there's a happy ending. A Ethereum mining pool that received the 7,676 ETH has returned the funds back, preventing DeversiFi from losing a fortune. The decentralized exchange has now revealed how the "fat-fingered" error happened. Read more.
SEC Hires DeFi Foe as General Counsel 🚨
The Securities and Exchange Commission has a new top lawyer… and he's a big critic of DeFi. Dan Berkovitz has publicly warned that decentralization eliminates intermediaries who protect investors and monitor markets for fraud. He's also called for much tighter regulation. Now, he'll have a crucial role when it comes to bringing enforcement cases. Learn more.
Musk: Crypto Is 'Impossible to Destroy' 🔥
Tesla CEO Elon Musk says the U.S. should avoid trying to regulate crypto. The billionaire told the Code Conference that he believes it isn't possible to destroy crypto, "but it is possible to slow down its advancement." He added: "I think there's some value in cryptocurrency, but I wouldn't say it's the second coming of the Messiah." Check it out.
Ethereum Layer-2 Scaling Solution Nahmii Launches Mainnet 🚀
Nahmii has $8 million in funding from ConsenSys alums at DARMA Capital, Aligned Capital and Delta Fund, and plans to expand Ethereum to cater to the needs of regulated institutions.
Stablecoin Pegged to Peru’s Currency Launches on Stellar ⭐
Anclap (the Latin American digital token issuer), launched the stablecoin on Stellar — and it’s backed 100% by local currency.
Fed Chairman Powell Says It Would Be 'Ideal' to Work With Congress on Digital Dollar 💵
Jereme Powell believes that the central bank would benefit by working closely with Congress in order to work on a digital dollar.
NFTs Galore 👾
NFL Tackles NFTs with Dapper Labs Deal 🏈
The NFL is reportedly close to creating a line of video-based NFTs. According to Sports Business Journal, the big-money deal will be with Dapper Labs — the same company that made NBA Top Shot a success. The article suggests that pro football collectibles could come soon too, with a site up before the end of the season on Jan. 9, 2022. What we know.
‘The Sims’ Creator Is Releasing an NFT Game That Plays on Your Subconscious 🕹️
Will Wright (designer of SimCity and The Sims) will launch a new video game project — Proxi lets players create a collection of memories, eventually allowing them to interact with other players, all based on NFTs.
Art Blocks Hit With ‘Block Reorg’ During Latest Frenzied Auction 🖼️
After a highly attended auction on the NFT platform, some users have raised complaints about not receiving their pieces — most likely due to a block reorganization.
DeFi Never Sleeps 💫
Revolut’s Former Growth Lead Is Turning His Crypto Project, Gro, Into a DAO ☄️
U.K. DeFi startup Gro — founded by former Revolut growth lead Hannes Graah — plans to launch a liquidity mining product, as well as a governance token, as part of its plans to become a DAO.
Bacon Protocol Launches Decentralized Mortgage Platform 🏘️
The platform will allow crypto holders to directly access the mortgage investment market though a new stablecoin backed by USDC and home loans.
How Much Can You Play-to-Earn? 🎲
Animoca Brands and Blowfish Studios Unveil Phantom Galaxies Sci-Fi NFT Game 🕹️
The two companies will work together on Phantom Galaxies — an open-world action role-playing game based on NFTs.
Aavegotchi Announced Grants for Game and Dapp Development 🎮
Aavegotchi Grants will range from 500 to 5,000 DAI, all for developers to make games using the pixelated Aave ghost. The grants are sponsored by Polygon Studios, Ivan on Tech and Moralis Web.
Riot Racers Will Launch Metaverse Next Year 🏎️
The racing game will launch a metaverse in the next year, expanding their play-to-earn offering beyond the car racing game.
No More FUD…😟
Another Major Ethereum Mining Pool Has Shut Down Due to China Crypto Ban ⛏️
BeePool, a Chinese-based mining pool, will shut down on Oct. 15 at midnight, citing a response to new regulatory policies.
CFTC Levies $1.25 Million Penalty Against Kraken — and Commissioner Stump Weighs in on Settlement 😟
The CFTC will settle the charges against Kraken for failure to register as a futures commission merchant, as well as for offering margin transactions in crypto.
Who Got the Money? 🤑
Facebook Launches $50M Investment Fund for Research on Meta-Universe Related Technologies 💰
The XR Programs and Research Fund will help industry partners, civil rights groups, governments, nonprofits and government research on how to build these technologies responsibly.
Social Token Platform Roll Raises $10M in Series A Funding 💸
Roll — which lets users make their own branded tokens — raised the money in a round led by OSG ventures.
Angle Labs Raises $5M in Latest Funding Round 🏦
Stablecoin startup Angle Labs raised the funds from a round led by a16z, with other investors including Fabric VC, Wintermute, Divergence Venture and Global Founders Capital.
