The US SEC is working on the first regulation guidelines for crypto after President Joe Biden’s nominee to lead the agency said that they will offer guidelines to provide clarity and guidance to the evolving market.
The Crypto sector needs regulation
Gary Gensler shared his thoughts about handling cryptocurrencies with the Senate Banking Committee during his confirmation hearing. Gensler said that cryptocurrencies have brought new thinking to payments, but at the same time, it raises issues to do with investor protection that need to be addressed.
Once appointed as SEC chairman, Gansler will promote the new tech but with emphasis on investor protection. So far, the agency is yet to adopt rules that will govern cryptocurrencies and how companies and people should treat them, with some saying they have created an unclear rulebook. Gensler said there is a need to offer clarity and guidance.
EasyFi Network expands to Binance Smart Chain
Despite Decentralized Finance (DeFi) protocols evolving, there are still inherent problems with the Ethereum network. Some of the challenges faced range from scalability and adoption to ways current platforms lack seamless user experience and sophistications that traditional markets offer. DeFi has continued to address the issues along with Ethereum’s move to introduce Web3.
Recently, layer-2 lending protocol, EasyFi Network, announced that it was expanding its core network to a new blockchain by integrating with Binance Smart Chain (BSC). The main decision will be bridging EasyFi’s network across three chains including, Ethereum Network, Polygon, and now BSC. According to the company, DeFi adoption needs interoperability. EasyFi’s users will transact with $EASY and an ERC29 token and BEP20 token.
CRV Token rallies following rumors that Paypal will acquire Curve Finance
There has been a rush to invest in native token of DeFi protocol Curve Finance (CRV) following reports that PayPal had acquired the Israel-based cryptocurrency custody company, curv. The news broke on March 2 with anonymous sources familiar with the matter indicating that Curv had been sold for around $200 million to $300 million.
After an hour following the news, the CRV token rallied almost 10% as traders rushed to enter the markets, thus pushing the token price to $2.60 from $2.30. Similarly, Curve’s official Twitter has been tagged severally in posts lauding the acquisition, but Curve responded and dispelled the confusion. Following the clarification, the CRTV token reversed the gains after traders realized the mistake.
grimes sells digital artworks for $6 million
grimes has sold her crypto artworks as NFTs for almost $6 million. The self-proclaimed crypto queen sold her WarNymph crypto art collection featuring ten pieces created in partnership with her brother on the nifty gateway platform. Nifty gateway said that grimes is creative in a true sense. Her music is full of genre-bending albums she writes, produces, and sings, but the creativity doesn’t end with music. The “WarNymph” avatar which grimes put up for sale is a digital version of herself.