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US Stablecoin Bill Likely Delayed Until September

Daily Market Wrap

  • Crypto market cap: 0.97 trillion, up 0.39%

  • BTC price stands at USD 21,144, up 0.30%

  • ETH price stands at USD 1,430, up 0.73%

  • Top gainer: TerraClassicUSD (USTC), up 17.74%

  • Top loser: Convex Finance (CVX), down 4.67%

News of the Day

Why it matters:

  • According to a report from the Wall Street Journal, the House Financial Services Committee members will likely delay voting on a stablecoin bill until September, as they were unable to complete a draft in time for their meeting on Wednesday

  • The Committee is in talks about issuing a discussion draft, which would include the legislative language the members are working on

  • Treasury Department officials, including Secretary Janet Yellen, have also been involved in discussions with lawmakers; Yellen reportedly wants to coordinate with the Biden administration on her response to the bill

Crypto Daily Spotlight

Brief introduction: Lido Finance, a decentralised autonomous organisation (DAO), allows supporters of Ethereum who pledged ether (ETH) ahead of the blockchain’s merge to proof of stake (PoS) to use the assets they locked up. It is the largest of the Ethereum staking services.

Why it matters:

  • LidoDAO, the governance body that controls Lido Finance, voted to reject a proposed deal with Dragonfly Capital on Monday

  • With help from an anonymous whale, a total of 609 votes were cast across three options, but the proposal was ultimately rejected with 43 million total tokens in favour of rejection, nine whales of which comprised the vast majority of the weight of the votes

  • LDO token price has fallen by more than 11% when the results came out

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