The SEC is preparing to sue Uniswap Labs while the protocol's creator, Hayden Adams, is urging the crypto community to stand together to defend the decentralization and automation of DeFi. This and more news in this practical summary daily so that you are always informedwith events most recent that occur within the crypto world.
SEC to sue Uniswap Labs
📍The United States securities regulator, the Securities and Exchange Commission (SEC), will file a lawsuit against Uniswap Labs. The news was revealed by the protocol's founder, Hayden Adams, who commented on X that the SEC had sent a notice from Wells to the company, informing them of their next actions.
According to Adams, the receipt of this notification is disappointing and upsetting. However, she assured that he is ready for the fight and that he will defend the legality and decentralization of his products. He commented that the SEC, instead of dedicating itself to creating clear regulation for cryptocurrencies, has focused on attacking good actors in the crypto industry, like Uniswap, while letting bad actors like FTX slide.
“When you build technology that improves people's lives, you don't need to hide,” said Adams, highlighting that Uniswap has become one of the industry's leading decentralized protocols, which has operated more than $2 trillion in transactions and that is reimagining finance with the power of blockchain technology.
dYdX Chain stopped in V4 update
📍The deployment of version 4.0 caused a bug in the codebase that caused the chain to stop. According to the developers of the decentralized network and protocol, the interruption lasted just over 9 hours, in which the production of the chain's blocks was completely paralyzed.
In X, the developers explained that the dYdX network outage was due to a codebase bug in the new update. However, after a critical update was deployed, the team was able to fix the error and resume network operations.
However, despite already being operational, dYdX chain users question the actions that the developers will take to provide a solution to investors and traders who were unable to manage their positions during the network interruption and who, therefore, were liquidated.
A law is presented to prevent the creation of the digital dollar
📍A group of senators, led by Ted Cruz, has presented a bill to prohibit the creation of a CBDC for the dollar. The bill in question seeks to limit the Federal Reserve's ability to issue a central bank digital currency or CBDC to digitize the dollar.
Although more than 100 countries and central banks are exploring the creation of a CBDC as a sign of innovation for their financial and monetary systems, the group of US senators argues that the creation of the digital dollar will put the financial freedom of citizens at risk.
Ted Cruz, a US senator from the state of Texas, argues that CBDCs can become a financial surveillance tool for governments, which could block users' access to their own funds.
A new Bitcoin ETF will be born in June
📍Asset manager Monochrome Asset Management plans to launch a spot Bitcoin ETF on the Australian Stock Exchange. According to a statement shared by the company, the Australian Stock Exchange (ASX) could authorize the listing of the first Bitcoin spot ETF, which will allow investors to gain direct exposure to the price of BTC. This new spot ETF could be available in the Australian market in July this year, the company reported.
At the releaseJeff Yew, CEO of Monochrome, said that he has already obtained authorization from the Australian Securities and Investments Commission (ASIC) to launch his product and is awaiting approval from the Stock Exchange by the middle of this year.
Continue reading: HashKey Group announces the launch of its Ethereum Layer 2, HashKey Chain
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