CMC Daily, September 29: Crypto ‘impossible to destroy’

[ad_1]

Elon Musk thinks the United States shouldn’t be regulating crypto, but the SEC just made a staunch DeFi critic its best advocate.

But first subscribe to our newsletter here.

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify, and Google Podcasts.

Elon Musk thinks so.

Specifically, Elon Musk believes that we shouldn’t be doing anything in the United States about government crypto regulation, that cryptocurrency is not the second coming of Messia, and that China’s latest ban has a lot to do with it. with the country’s significant power generation problems and crypto mining.

This is all coming from the CEO of Tesla (an electric car company, remember, not a crypto company), who also said yesterday: I wouldn’t say I’m a big cryptocurrency expert.

Why do we like to analyze this man’s crypto remarks so much? Don’t we have enough crypto experts on Twitter?

I’m half kidding, of course the crypto world (and the mainstream world) love to separate everything Elon Musk says and does. He is rich ! He’s eccentric! Did I mention he’s rich!

His tweets also have the power to dramatically shift the crypto markets, as we saw earlier this year. Musk adding Bitcoin to his Twitter bio has perhaps been one of the most powerful price catalysts in Bitcoin history (again, only half a joke).

In any case, his remarks yesterday did not seem to blow up or push up the markets. Maybe the markets have matured enough that they don’t live and breathe based on Musks’ tweets or maybe his comments yesterday were just a little more boring than usual.

Bitcoin! Altcoins!

Why a $ 100,000 transaction costs $ 23.7 million in fees

This is the stuff of nightmares. A $ 100,000 Tether transaction that ultimately costs $ 23.7 MILLION in fees. Fortunately, there is a happy ending. An Ethereum mining pool that received the 7,676 ETH returned the funds, preventing DeversiFi from losing a fortune. The decentralized exchange has now revealed how the “big fingers” error happened. Read more.

SEC hires DeFi Foe as legal counsel

The Securities and Exchange Commission has a new top lawyer and he’s a big critic of DeFi. Dan Berkovitz has publicly warned that decentralization eliminates middlemen who protect investors and monitor markets against fraud. He also called for much stricter regulation. From now on, he will have a crucial role when it comes to carrying execution cases. Learn more.

Musk: crypto is ‘impossible to destroy’

Tesla CEO Elon Musk said the United States should avoid trying to regulate crypto. The billionaire told the Code Conference that he believes it is not possible to destroy crypto, “but it is possible to slow its progress.” He added, “I think there is some value in cryptocurrency, but I wouldn’t call it the second coming of the Messiah.” Check it out.

Ethereum Layer-2 scaling solution Nahmii launches Mainnet

Nahmii is receiving $ 8 million in funding from ConsenSys alumni at DARMA Capital, Aligned Capital and Delta Fund, and plans to expand Ethereum to meet the needs of regulated institutions.

Stablecoin indexed to Perus currency is launched on Stellar

Anclap (the issuer of digital tokens from Latin America), launched the stablecoin on Stellar and its 100% backed by the local currency.

Fed Chairman Powell Says It Would Be “Ideal” To Work With Congress On The Digital Dollar

Jereme Powell believes the central bank would benefit from working closely with Congress to work on a digital dollar.NFTs Galore

NFL attacks NFTs with Dapper Labs deal

The NFL is said to be on the cusp of creating a NFT video lineup. According to Sports Business Journal, the big deal will be with Dapper Labs, the same company that made NBA Top Shot a success. The article suggests that professional football collectibles could also arrive soon, with a site opening before the season ends on January 9, 2022. What we do know.

The Sims Creator Releases NFT Game That Plays On Your Subconscious

Will Wright (designer of SimCity and The Sims) will launch a new video game project Proxi allows players to create a collection of memories, eventually allowing them to interact with other players, all based on NFTs.

Art Blocks hit with Block Reorg in latest frenzied auction

After a very busy auction on the NFT platform, some users complained that they did not receive their coins possibly due to a block reorganization. DeFi Never Sleeps

Former Revoluts Growth Manager Turns Crypto Project Gro into DAO

UK startup DeFi Gro, founded by former Revolut growth chief Hannes Graah, plans to launch a cash-extracting product, along with a governance token, as part of its plan to become a DAO .

Bacon Protocol launches decentralized mortgage platform

The platform will allow cryptocurrency holders direct access to the mortgage investment market through a new USDC backed stablecoin and home loans. How much can you play to win?

Animoca Brands and Blowfish Studios Unveil Sci-Fi NFT Game Phantom Galaxies

The two companies will work together on Phantom Galaxies, an open-world action role-playing game based on NFTs.

Aavegotchi announced grants for the development of games and applications

Aavegotchi grants will range from 500 to 5,000 DAI, all intended for developers to create games using the pixelated Aave ghost. Grants are sponsored by Polygon Studios, Ivan on Tech, and Moralis Web.

Riot Racers will launch Metaverse next year

The racing game will launch a metaverse next year, expanding its gaming offering to win beyond the car racing game.No More FUD

Another major Ethereum mining pool has closed due to China’s crypto ban

BeePool, a China-based mining pool, will close on October 15 at midnight, citing a response to new regulatory policies.

CFTC fines Kraken $ 1.25 million, Commissioner Stump weighs in on settlement

The CFTC will settle the charges against Kraken for not registering as a futures merchant, as well as offering crypto margin trades.

Facebook Launches $ 50 Million Investment Fund for Meta-Universe Technology Research

The XR programs and the research fund will help industry partners, civil rights groups, governments, nonprofits and government research on how to responsibly develop these technologies.

Social Token Platform Roll Raises $ 10 Million in Series A Funding

The reel that allows users to create their own branded tokens raised money in a round led by OSG companies.

Angle Labs raises $ 5 million in final funding round

Startup Stablecoin Angle Labs raised funds for a round led by a16z, along with other investors including Fabric VC, Wintermute, Divergence Venture and Global Founders Capital.

[ad_2]