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Leaked U.S. Crypto Bill Suggests To Go After DeFi, DAOs and Stablecoins

Daily Market Wrap

  • Crypto market cap: 1.27 trillion, up 4.84%

  • BTC price stands at USD 31,126, up 6.19%

  • ETH price stands at USD 1,827, up 5.65%

  • Top gainer: Chainlink (LINK), up 17.76%

  • Top loser: Convex Finance (CVX), down 2.26%

News of the Day

Why it matters:

  • A leaked copy of a 600-page draft bill concerning cryptocurrency with the watermark ‘EMBARGOED’ began making rounds on Twitter earlier Tuesday.

  • The bill stated that DAOs, exchanges, and stablecoin providers would need to register as legal companies.

  • However, the content for AMM-powered protocols, non-custodial exchanges, and other DeFi protocols remains unclear.

Crypto daily spotlight

Brief introduction: BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. It was launched originally on the Ethereum blockchain but later migrated to the Binance Smart Chain, now called BNB Chain. Binance coin (BNB) is also the exchange token of the Binance crypto exchange.

Why it matters:

  • The U.S. Securities and Exchange Commission filed an investigation against crypto exchange Binance’s native token, Binance Coin (BNB), for potentially breaking U.S. securities law, according to a report by Bloomberg

  • The report also added, “The SEC has expressed interest in Zhao’s ownership stakes of market makers on and whether the exchange has conducted broker-dealer activities,”

  • CEO Changpeng Zhao (CZ) replied to it in a tweet that the report is “rife with falsehoods” and “cherry pick data”

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