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”
Daily sector tracker
Daily News Roundup
Hong Kong SFC Urges For Regulation of NFTs https://bit.ly/3mnV3l7
Crypto.com Launched a $100 Million Accelerator Program to Support DeFi, Web3 Projects https://bit.ly/3MqFUdq
Animoca Brands Reveals Its Over $1.5Bn Worth Portfolio investments https://bit.ly/3aM8oRR
Vietnam Blockchain Association Signs Strategic Partnership with Binance https://bit.ly/3Nw653O
Only 6.1% of Salvadorans Can Benefit From the Bitcoin Law https://bit.ly/3xeE21M
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