SEC Receives Seed Funding

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Hello everyone and welcome back to Chain reaction

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In our Chain Reaction Podcast This week, Anita and I chatted with Jill Gunter of Slow Ventures about why there are so many damned blockchains and whether we are moving towards a future where everything is built on a single “chain”. More details below.

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Last week we chatted a bit about bitcoin’s political isolation that comes as a result of its energy footprint. In this week’s podcast, we talked about how the Wikimedia Foundation outlawed crypto donations after accepting them for 8 years, just because of the energy footprint of Bitcoin and Ethereum. More than a decade later, this saga is just beginning. This week we talked about how the crypto cops are trying to keep up with the web3 explosion.

You can subscribe to TechCrunch Newsletter Page and get it in your mailbox Thursday afternoon. Follow me on Twitter while you’re at it so you can get important information, like some important NFT etiquette rules.

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the hottest double

This week the top government crypto cops have received new funding to build their team and they have issued a nice little press release to let the crypto industry know they are coming for them. The SEC is expanding the team from 30 to 50 people and is renaming the formerly “Cyber ​​Division” to “Crypto Assets and Cyber ​​Division”. Hiring up to 20 additional law enforcement officers is a big deal for the SEC, although in a crypto country, that number of officers is what comes to most startups after an initial fundraiser.

It has always been an uphill battle for the SEC, but 10 years ago the threat of someone willy-nilly spinning securities out of their basement was not quite the same as it is today. The crypto faucet has released thousands and thousands of suspicious projects that I’m sure the regulator would like to address, but at the moment they have an almost impossible task to contain the industry that is rapidly developing and expanding its ambitions with the most modest regard for the spirit of the law on securities.

When we touched a little podcast this weekThe news of the expansion of the SEC’s crypto division has not been warmly received by people in the industry, who say they need more guidance before enforcement is stepped up. It’s not entirely surprising, of course. It has always been a pleasure for crypto companies to talk about regulation – they can say that they really want more regulation because they know how far away from this regulation. Then, when the government eventually takes action against them, they may complain that an agency with limited resources has everything for them because they distinguish them from others who do the same. It’s been that way for a while now.

That’s not to say the SEC hasn’t done anything, I’m sure they’re much more focused on big cases at the moment. The agency says they have launched more than 80 “enforcement actions” against fraudulent and unregistered offers, “resulting in more than $2 billion in cash assistance.” This is a good portion of changes, but still a drop in the ocean.

Now, on the SEC side, they say they are focusing on using their strengthened team to combat fraudulent or illegal activity in the following areas: crypto asset offerings, crypto asset exchanges, crypto asset lending and staking products, decentralized finance (“DeFi” platforms), non-fungible tokens (“NFTs”) and stablecoins. That’s… pretty much everything there is, although they didn’t say anything specifically about the metaverse, I guess… For people warning about the imminent regulatory crackdown on crypto, I think it’s important to set expectations and take stock of exactly who is on the other side of the equation.

capsule number 3

Hello friends of Chain Reaction! This is Anita here again with an update on our latest podcast episode.

This week, Yuga Labs’ NFT land chaotic sell-off eclipsed everyone in the crypto world, temporarily blocking the entire Ethereum network and forcing some users to pay thousands of dollars in NFT gas fees they never actually received. Yuga has promised to refund gas fees for failed transactions, but the crypto community is buzzing with all sorts of hot conclusions and even conspiracy theories about why and how we got here, which Lucas and I unpacked on the show.

Our guest this week was Jill Gunter, venture partner at Slow Ventures and co-founder of the new privacy-focused layer-one blockchain, Espresso Systems. I’m already hit the weeds with jill in my espresso article after the Series A round last month, so this week Lucas and I asked her some bigger questions that we’ve been thinking about, like why there are so many different blockchains and what it would take for tradfi to be comfortable with crypto.

Subscribe to Chain Reaction at Apple, Spotifyor an alternative podcast platform to keep up with us every week.

keep track of money

Where is startup money moving in the crypto world:

  1. Cryptocurrency Publication decipher Raises $10M Hack VC, Canvas Ventures and More
  2. “Physical” NFT Marketplace americana receives $6.9 million from Seven Seven Six
  3. Launching DAO Tools Syndicate raises $6 million from a16z, Carta and others
  4. NFT application for sports betting Rates receives $5.3 million from DCG
  5. Launch of DeFi WE WITH raises $2.4 million from Huobi
  6. Metaverse esports group DAO Team receives $5 million from Klaytn and Animoca
  7. Sports platform Web3 OneFootball receives $300 million from Liberty City Ventures
  8. Crypto Wallet Application Argent receives $40 million from Index
  9. Blockchain of the second level Minka raises $24 million from Tiger
  10. NFT/crypto wallet Venli receives $23 million from Courtside Ventures

analysis added

Some more cryptanalysis from our TechCrunch+ subscription service, curated by Jacqueline Melinek

Why Axie Infinity co-founder thinks ‘play to earn’ games will drive NFT adoption

In 2021, the popular earning crypto game Axie Infinity has made huge strides, from a massive spike in user numbers to a total revenue increase of more than 50,000% compared to the same period last year. But as we’re almost halfway through 2022, the question is: is Axie holding up with its hype? The data doesn’t quite say it, but Axie co-founder Jeff “Jiho” Zirlin isn’t embarrassed. “You can’t have exponential growth all the time; there is a refractory period,” he said, but the game has plans for the next growth cycle.

Crypto Bahamas Signals Closer Ties Between the Old and New Worlds of Finance

I may be recovering from a sunburn, but don’t worry about me. I was in the Caribbean at Crypto Bahamas, a conference co-hosted by cryptocurrency exchange FTX and investor forum SALT, where over 2,000 invite-only attendees discussed the nature of crypto as it grows in the traditional financial market and what is needed for the future. this nascent digital asset industry to succeed. The event was also significant as it was the first FTX and SALT conference dedicated to cryptocurrencies and seems to be the beginning of a bridge being built between the two worlds of traditional and decentralized finance.

Bitcoin miners say energy efficiency and regulatory certainty are critical to industry success

Speaking of Crypto Bahamas… some of the biggest names in bitcoin mining at the event took the stage and talked about what they think is essential for the success of this industry in the first place: efficiency and regulatory clarity. Once regulation is in place, the pace of innovation for miners across the US could increase, according to panellists. But what does this mean for energy in general?

Good weekend! And remember, you can subscribe to TechCrunch Newsletter Page and get it in your mailbox Thursday afternoon.

Lucas Matney

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