Weekly Recommendations | SEC Chairman Gary Gensler's Latest Speech; The New Life of Three Arrows Capital Founders
Dialogue Tether CTO: Stablecoin operations require more guidance from regulatory agencies, hoping to see better development of DeFi.整理：饼干，ChainCatcher
1. “SEC Sues Binance and Zhao Changpeng for Violating Securities Laws: A Summary of the Complaint”
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and its CEO Zhao Changpeng (CZ), along with two subsidiaries, BAM Trading Services ("BAM Trading") and BAM Management US Holdings Inc. ("BAM Management"), accusing the defendants of violating U.S. securities regulations. This article will summarize key excerpts from the 136-page complaint.
2. “SEC Chairman Gary Gensler's Latest Speech: Why is There a Heavy Crackdown on the Crypto Market?”
SEC Chairman Gary Gensler delivered a speech at the Piper Sandler Global Exchanges and Financial Technology Conference on June 8, reiterating the importance of regulation, from the signing of the securities laws to the Howey Test, and listing a series of enforcement actions by the SEC against the crypto market, emphasizing that the crypto securities market should not undermine public trust in capital markets.
3. “After Two Years and Four Promotions, Who is Richard Teng, Rumored to Succeed Zhao Changpeng?”
An anonymous former Binance employee revealed to CoinDesk that "senior leadership and regulators have privately discussed and believe Richard Teng is the only leader who can succeed Zhao Changpeng and continue to build the company according to his vision, while Richard Teng can help bridge the existing gap between the industry and regulators." This Binance executive has sparked public curiosity about who Richard Teng really is.
4. “The New Life of the Founders of Three Arrows Capital: Surfing, Meditation, and Traveling the World”
The collapse of Three Arrows Capital has devastated the entire industry. Its two founders have spent the following year surfing, meditating, and traveling the world. Davies and Zhu insist they did nothing wrong. They claim they faced death threats but point out that no government agency has sued them or sought their arrest.
5. “Realio Founder: Why I Am Leaving the U.S.?”
I am the founder of blockchain company Realio, which, as the name suggests, focuses on building digital infrastructure aimed at bringing real-world assets (such as real estate) onto the blockchain. We began building this company full-time in 2018 and have invested significant time and money into its development. From the start, our core focus has been on regulatory compliance, as investing in real-world assets, whether on the blockchain or not, typically requires adherence to securities laws. After all, investing in real estate is not new, and neither is securities law, so doing this "on the blockchain" sounds very feasible.
This summer, in 2023, I will be leaving the U.S. indefinitely. As a 42-year-old American citizen born and raised here, the sole purpose of this action is to protect my constitutional rights, my family, and my company from excessive government intervention. It sounds like a plot from a surreal novel, but this is my story.
From front-end products to becoming the liquidity infrastructure for DeFi products, supporting the integration of derivatives and trading products, Synthetix has completed its strategic transformation. So, how has Synthetix gradually approached its goal of becoming the infrastructure for DeFi liquidity? What has it gone through in the process?
Tether has been a focal point for regulators, and its financial status and transparency have been questioned by the market multiple times. Nevertheless, after the collapse of Terra's UST and the failure of several crypto banks, Tether has remained stable and has shown strong growth after several crises. Recently, Tether's Chief Technology Officer Paolo Ardoino was interviewed by ChainCatcher.
On June 1, Hong Kong's "Guidelines for Virtual Asset Trading Platform Operators" officially took effect. Just two days later, Patrick McHenry, Chairman of the U.S. House Financial Services Committee, and Glenn "GT" Thompson, Chairman of the House Agriculture Committee, jointly released a discussion draft for a digital asset market framework aimed at providing a statutory regulatory framework for digital assets to further clarify regulatory gaps, promote innovation, and provide adequate consumer protection.
9. “Reviewing the SEC and Coinbase's Grievances: Is U.S. Crypto Regulation Heading Towards Optimism?”
As the Ripple and Coinbase cases progress, we will have the opportunity to see how the courts view the SEC's enforcement actions. We will be watching this closely, but the outlook may be brighter than the market expects.
10. “Is the Value of the StarkNet Ecosystem Overestimated?”
StarkNet is at the forefront of technology with its unique technical features, such as zk-STARK technology and a custom development environment. This gives StarkNet advantages in handling high throughput, low costs, and privacy protection. Therefore, StarkNet is expected to become a leader among Layer 2 solutions and attract more developers and users.
The LSD stablecoin protocol may be sparking a new round of LSDFi warfare. The protocol Lybra Finance, which mints interest-bearing stablecoins using LST as collateral, saw its TVL exceed $200 million at one point, capturing nearly 50% of the market share. Tenet Protocol, Agility, Raft, and others have successively launched LSD-supported stablecoins. LSD-supported stablecoins may be becoming a new trend in DeFi that cannot be ignored. This article reviews the representative DeFi protocols among them, attempting to understand the mechanisms and driving reasons behind the trend's emergence.
What is the real entrepreneurial environment for Web3 in Hong Kong? What specific aspects does Hong Kong's regulation cover? How can Web3 companies better establish themselves in Hong Kong? What concrete policy support is available? What funds can be applied for, and how? As Hong Kong attracts attention, ChainCatcher interviewed Member Wu Jiezhuang on these topics that Web3 entrepreneurs are most interested in.
13. “Behind Sequoia Capital's Split: Geopolitics, Investment Conflicts, Future Games”
Sequoia's global leadership confirmed this news in a letter to LPs on Tuesday morning, signed by the leaders of the three companies, Roelof Botha, Neil Shen (沈南鹏), and Shailendra Singh. The resulting companies—Sequoia Capital representing the U.S. and Europe, HongShan representing China, and Peak XV Partners representing India and Southeast Asia—plan to complete the separation "no later than" March 2024.
