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- SEC's latest move on DeFi
GM, this is The Crypto Explorer reporting for duty with a freshly brewed cup of coffee and a whole lot of Monday morning swag!
Here’s what we got for you today:
😳 SEC revisits exchanges definition as it targets DeFi
🧱 Around the Block: 191 fake dapps and Tokens
😳 SEC Revisits Exchanges Definition as It Targets DeFi
The SEC is taking another swing at DeFi.
They've reopened the comment period on a proposed amendment that would alter the definition of an exchange.
If they succeed, DeFi will fall under their jurisdiction.
The comment period will be open until June 13, 2023. So, if you've got any thoughts on the matter, now's the time to share them with the SEC!
This isn't the first time the SEC has proposed modifying the meaning of “exchange”. They did so in January 2022 but it fell flat on their face.
Let’s see how it goes this time around.
Meanwhile, in related news, Gary Gensler is getting grilled by two house Republicans Ann Wagner and Patrick McHenry. (which is good for a change, right? 😀)
In their open letter, they were basically telling Gary:
"Hey, buddy, remember why we put you in that fancy office? Focus on encouraging capital formation, not drowning us in costly regulatory red tape that goes beyond the scope of your work!"
The reps want Gary and the SEC to revise their agenda and get back to expanding market opportunities and strengthening public markets.
They've given Gary a deadline! (I love the sound of that 😀)
He's got until April 27th to come up with a response to the five questions contained in the letter.
Can't wait to see what his response will be. Tick-tock, April 27th, hurry up! 🕰️
🧱 Around The Block: 191 Fake Dapps and Tokens
🫣 191 fake tokens: BNB Chain issues a list of 191 high-risk, untrustworthy Dapps and fake tokens
🪙 US discusses Stablecoins: Circle exec to join US Congressional committee hearing on stablecoin payments.
🦪 $3.4B Bitcoin Theft: Individual behind $3.4B Silk Road Bitcoin theft sentenced to one year in prison
📟 $23M exchange hack: Crypto exchange Bitrue suffers $23M hack!
That's all we have for today.
We'd love your feedback.
In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.
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