Coinbase, SEC Spar Over Definition of Securities, Nature of Staking in First Court Hearing

https://www.coindesk.com/policy/2023/07/13/coinbase-sec-spar-over-definition-of-securities-nature-of-staking-in-first-court-hearing/

The case is being closely watched not only because it pits the securities regulator for the world’s largest economy against one of the oldest and best-known companies in the crypto industry, but also because it could establish precedent for securities law, market structure and the regulatory powers of the SEC.

Solana Foundation: SOL is ‘Not a Security’

https://www.coindesk.com/policy/2023/06/08/solana-foundation-sol-is-not-a-security/

In its Binance.US and Coinbase lawsuits, the SEC also identified tokens issued by foundations and companies or tied to protocols Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities.

Tensions Rise Between SushiSwap, Lido Over Return of Exploited Funds

https://www.coindesk.com/tech/2023/05/24/tensions-rise-between-sushiswap-lido-over-return-of-exploited-funds/

“Unfortunately, as we’ve worked with the Lido team to find a way forward to return the stolen funds they’ve disbursed, several personalities have made the argument Lido has no duty or authority to return them, essentially greenlighting the distribution of stolen funds to multiple Lido DAO participants,” tweeted Grey.

Binance Announces Exit from Canada, Citing Regulatory Tensions

https://www.coindesk.com/business/2023/05/12/binance-announces-exit-from-canada-citing-regulatory-tensions/

“We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”

U.S. Internal Revenue Service Files Claims Worth $44 Billion Against FTX Bankruptcy

https://www.coindesk.com/business/2023/05/10/us-internal-revenue-service-files-claims-worth-44-billion-against-ftx-bankruptcy/

According to bankruptcy filings dated April 27 and 28, the IRS put forth 45 claims against FTX companies, which include West Realm Shires (the legal entity of FTX.US), Ledger Holdings (the parent company of LedgerX and LedgerPrime) and Blockfolio, among others.

DeFi Protocol DFlow Raises $5.5M to Bring Payment For Order Flow to Crypto

https://www.coindesk.com/business/2023/04/25/defi-protocol-dflow-raises-55m-to-bring-purchase-order-flow-to-crypto/

“If you look at equities markets, retail investors don’t trade directly on the NYSE, they trade on Robinhood against market makers, who may hedge on NYSE,” said DFlow founder and CEO Nitesh Nath, who previously worked as a quant researcher at the Chicago-based trading giant DRW. “We’re improving that system in crypto, but the high level ideas are similar.”

DeFi-Focused Layer 1 Berachain Raises $42M Series A at $420.69M Valuation

https://www.coindesk.com/business/2023/04/20/defi-focused-layer-1-berachain-raises-42m-series-a-at-42069m-valuation/

At the time, the team was inspired by the rebasing protocol OlympusDAO, which was rapidly gaining traction in the crypto community. In the fall of 2021, OlympusDAO’s OHM token traded at a high of $1,300. (It has since fallen to about $10 per OHM). Bong Bears followed in the footsteps of OlympusDAO, creating the first-ever collection of rebasing NFTs, which spawned several new collections – Bond Bears, Boo Bears, Baby Bears, Band Bears and Bit Bears.

Ondo Finance Plans Yield-Generating Stablecoin Alternative For Institutional Investors

https://www.coindesk.com/business/2023/04/13/ondo-finance-plans-yield-generating-stablecoin-alternative-for-institutional-investors/

Enter Flux Finance, a decentralized finance protocol backed by Ondo that functions as a permissionless touchpoint and, crucially, makes it accessible to retail investors. Allman says one way retail investors can access OMMF’s yield without owning the security outright is by lending non-yield stablecoins like USDT and USDC into Flux, a protocol he describes as “similar to Aave and Compound” but without the overcollateralization. Then, whitelisted institutional clients can borrow the stablecoins in the Flux pool and mint OMMF, pocketing a small spread and paying out some yield to the protocol, which is passed onto retail investors.

Mysten Labs to Buy Back Equity, Token Warrants from FTX Bankruptcy Estate for $96M

https://www.coindesk.com/business/2023/03/23/mysten-labs-to-buy-back-equity-token-warrants-from-ftx-bankruptcy-estate-for-96m/

In August, FTX Ventures led Mysten Labs’ high-profile $2 billion Series B fundraise, just months before FTX filed for bankruptcy in November. The firm invested $101 million in the round, receiving about 570,000 shares of preferred equity in Mysten Labs and warrants to purchase up to about 890,000,000 SUI tokens, according to court filings. FTX entities paid about $101 million for the equity and an additional $1 million for the token warrants.

FTX Bankruptcy Estate to Claw Back $460M From Modulo Capital

https://www.coindesk.com/business/2023/03/23/ftx-bankruptcy-estate-to-claw-back-460m-from-modulo-capital/

The court filings said the agreement came “following constructive negotiations with the Modulo Entities and their principals.” The $460 million in recovered assets represents over 99% of Modulo’s remaining assets, and includes $404 million of cash, the filing said. Additionally, Modulo would relinquish any claim on $56 million in assets held in accounts at FTX.com and FTX.US.

SEC Is ‘Completely Out Of Control,’ Says a16z Crypto’s Head of Policy

https://www.coindesk.com/policy/2023/03/14/sec-is-completely-out-of-control-says-a16z-cryptos-head-of-policy/

“The United States has to make a decision about whether or not it will embrace and support innovators in this country,” said Quintenz on an afternoon panel. “There are jurisdictions that are mindful about this. That is not what we are seeing in the United States, and the clock is ticking.”

Multicoin Capital’s Hedge Fund Lost 91.4% Last Year, Investor Letter Reveals

https://www.coindesk.com/business/2023/03/04/multicoin-capitals-hedge-fund-lost-914-last-year-investor-letter-reveals/

Despite the massive drawdown, Multicoin’s hedge fund remains up 1,376% net of fees from its inception through 2022. As the broader crypto market rebounded from last year’s lows, Multicoin reported that the fund gained 100.9% in January 2023, bringing the fund’s inception-to-January return to 2,866%.

Crypto Wallet Startup Den Gets $2.8M in Seed Funding Led by IDEO CoLab Ventures

https://www.coindesk.com/business/2023/02/22/crypto-wallet-startup-den-gets-28m-in-seed-funding-led-by-ideo-colab-ventures/

The Den co-founders, the duo behind the viral hit ConstitutionDAO, says solving coordination issues is the biggest challenge for on-chain organizations.

Superchain Network Raises $4M to Build Decentralized Data Indexing Protocol

https://www.coindesk.com/business/2023/02/21/superchain-network-raises-4-million-to-build-decentralized-data-indexing-protocol/

The $4 million combined seed and pre-seed round included participation from Blockchain Capital, Maven 11 and other investors.