US Stablecoin Bill Likely Delayed Until September
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News of the Day
The U.S. stablecoin bill will likely be delayed until September of this year.
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
LidoDAO rejects selling $14.5 million worth of LDO tokens to Dragonfly Capital.
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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