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Sep 15 • 4 tweets • 5 min read
.@SECGov Chair @GaryGensler said staked cryptocurrencies may be subject to federal securities regulations, repeating a pro-oversight stance in the wake of #Ethereum’s Merge.
@realdannynelson reports
trib.al/FuNww1l
“Of these 10,000 crypto tokens ... I believe that the vast majority are securities,” @SECGov Chair @GaryGensler told a U.S. Senate panel on Thursday, repeating a pro-oversight stance in the wake of @Ethereum’s transition to just such a method.
coindesk.com/policy/2022/09…
Testimony got heated on Capitol Hill today.

@SECGov chair @GaryGensler says “there are many factors“ for crypto to qualify as a security.

“It’s not about the token being on a thousand computers, it’s like a group of developers in the middle.”
coindesk.com/policy/2022/09…
"Not liking the answer from the SEC doesn't mean there isn't guidance," @SECgov Chair @GaryGensler told a U.S. Senate panel on Thursday.

coindesk.com/policy/2022/09…

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More from @CoinDesk

CoinDesk Profile picture
Aug 4
What do Cashio’s @0xghostchain, Sunny Aggregator’s @SuryaKhosla and 9 other anon devs have in common?

They’re all @simplyianm — and they helped him pump TVL on the Saber protocol and Solana last year.

@realdannynelson and @0x_bae investigate: bit.ly/3zZwbYO
Coding as 11 purportedly independent developers, a 20-something computer wiz from Texas created a vast web of interlocking DeFi protocols that projected billions of dollars of double-counted value onto the Saber ecosystem. bit.ly/3zZwbYO
.@simplyianm’s activity temporarily inflated the total value locked on Solana.

The ploy worked for a while. By his count, Saber and Sunny comprised $7.5 billion of Solana’s $10.5 billion TVL at their peak. bit.ly/3zZwbYO
Read 5 tweets
CoinDesk Profile picture
Aug 2
DeFi attackers strike again — siphoning nearly $200 million from the cross-chain crypto bridge @nomadxyz_.

It's suspected that an update to one of the smart contracts that allow Nomad to send and receive tokens across different blockchains is to blame. bit.ly/3OMzxCw Image
Inter-blockchain communication is key to addressing scaling challenges, @davidzmorris wrote back in February. But bridges and other connections between blockchains present inherent security challenges.
coindesk.com/layer2/2022/02…
If you want to move tokens from one blockchain to another, you’ll likely need a blockchain bridge to allow those assets to travel.

Still confused? We explain how they work: coindesk.com/learn/what-are…
Read 4 tweets
CoinDesk Profile picture
Jul 18
After a months-long battle with insolvency issues, crypto lender @celsiusnetwork initiated bankruptcy proceedings last week and faces its first bankruptcy court hearing today.

Here’s a timeline of how it got here: 🧵
bit.ly/3RFznQ4
🗓️ April 12 🗓️
@CelsiusNetwork shows its first sign of distress, announcing its U.S. platform will begin holding non-accredited investors’ coins in custody, so investors will no longer be able to add new assets and get rewards on its Earn platform.
bit.ly/3zeFe7F
🗓️ May 🗓️
$UST and $LUNA implode in a $40 billion collapse, disrupting the crypto market and spurring $300 billion in losses.

Later, in its bankruptcy filings, Celsius attributes its liquidity woes to “the domino effect” of LUNA’s collapse.

coindesk.com/learn/the-fall…
Read 15 tweets
CoinDesk Profile picture
Jul 13
We're live now discussing building in Web3 with with @ericnakagawa, @Onallee, @jamiew, @KPase_Crypto, @EllisJNorman1, @WhatAsherThinks, @SuperRareDavid, @markheynen and CoinDesk's @mikejcasey

Come join us! twitter.com/i/spaces/1yoKM…
Interested in building in Web3?

Along with @cradl_org we're bringing developers and creatives together to address some of the most pressing problems facing communities with @Web3athon_xyz, powered by @HackerEarth.

Find out more: web3athon.xyz
“The technical understanding is important, but really the people who understand the problems that they’re trying to solve and want to learn whatever technology is going to make solving that problem possible,” @cradl_org’s @KPase_Crypto says. twitter.com/i/spaces/1yoKM…
Read 11 tweets
CoinDesk Profile picture
Jun 30
Crypto often feels like a family affair.

@Natalia_Ameline is more than @VitalikButerin’s mom. She’s the founder of the educational non-profit @crypto_chicks.

For #FutureofWorkWeek, presented by @Nexo, she offers advice on how to make it in crypto: bit.ly/3y9sgq8
When the Philippines went on lockdown, many struggled to put food on the table. Enter play-to-earn crypto.

#FutureofWorkWeek, presented by @Nexo: bit.ly/3yxKd36
Those in countries where jobs are sparse can now look beyond their borders.

This is the world of working on a DAO.

An opinion by @ryanmberkun for #FutureofWorkWeek, presented by @Nexo:
coindesk.com/layer2/2022/06…
Read 6 tweets
CoinDesk Profile picture
Jun 30
ICYMI: EU policymakers largely overturned a proposal from @Europarl_EN calling for money-laundering checks on all transfers to unhosted crypto wallets on Wednesday.

Here’s how the news unfolded 🧵
coindesk.com/policy/2022/06…
Under the new agreement, verification requirements for unhosted wallets will only apply for transfers to one’s own private wallet, and only when the transfer is over 1,000 euros (~$1,052).
coindesk.com/policy/2022/06…
EU lawmaker @OKovarikMEP told CoinDesk the final result had “moved quite far from the initial proposal of the European Parliament.” Back in March, lawmakers demanded checks on all transfers to and from private crypto wallets.
coindesk.com/policy/2022/03…
Read 11 tweets

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