ICYMI: OG tickets to Dose of DeFi: Brooklyn have all been scooped up however basic admission tickets will likely be launched tomorrow. Excited to see ya’ll on June twenty third at Art + Cafe Bar. Thanks to Hudson River Trading and Caney Fork for sponsoring.
Every six months or so, it’s value checking in on the breakdown of the general crypto market and the way worth is distributed. This chart from Decentral Park’s newest publication, highlights the latest uptick within the BTC market share to 51% as ETH’s decline has been deeper than BTC’s. Note: this chart excludes stablecoins.
Monetary thinker and blogger John Paul Koning lists the 4 items of laws launched during the last 18 months within the US Congress because it pertains to stablecoins. The most up-to-date from Sen. Lummis and Sen. Gillibrand was simply launched final week and is aimed on the broader crypto house, placing most tokens which might be sufficiently “decentralized” below the jurisdiction of the CFTC relatively than the SEC. We argued final yr that laws was coming and that it might be bipartisan. Having a Democratic Senator from New York and a Republican Senator from Wyoming as co-sponsors is spectacular, however this invoice faces an uphill battle as a result of it goals to cowl a lot (even DAOs!).
In actuality, not one of the payments that JP Koning lists has a practical probability of passing however they’re essential first steps. In our view, stablecoins are probably the most urgent legislative precedence. The Gottheimer invoice would set up government-backed insurance coverage for regulated stablecoins, whereas the Toomey invoice focuses on establishing “payment stablecoins” so that they keep away from securities regulation. The STABLE Act, launched in December 2020, would aggressively regulate stablecoin issuers by requiring them to acquire a financial institution constitution.
Elsewhere: JP Koning additionally wrote this week on “Tether’s $10.5bn contraction”
DXdao* month in evaluate Link
Maker governance facilitator LongForWisdom publicizes departure Link
Lido considers promoting 10k ETH from treasury to fund operations Link
WSJ: Novogratz faces trial by hearth to recuperate from Luna Link
Flashbots: Why run mev-boost? Link
Bloomberg: Blackrock begin defects to DeFi Link
That’s it! Feedback appreciated. Just hit reply. Written in Brooklyn, the place it’s grade-A summer time.
Dose of DeFi is written by Chris Powers, with assist from Denis Suslov and Financial Content Lab. Caney Fork, which owns Dose of DeFi, is a contributor to DXdao* and advantages financially from it and its merchandise’ success. All content material is for informational functions and isn’t supposed as funding recommendation.