December 10th, 2021| Mike Humphrey
Cryptocurrency Congressional Hearing
Chief executives of six cryptocurrency companies testified before the House Financial Services Committee on Wednesday. During the five hour session the committee asked questions about cryptocurrency, digital assets and the potential impact of regulations. The fact finding mission included questions ranging from what is Web3 to what are stable coins, and what are the impacts of heavy handed regulations on the burgeoning industry. When asked whether decentralized finance was just another form of the current financial system, Mr Allaire responded by saying “I really do believe we are building a new global economic infrastructure layer.”
The transparency and immutability of blockchain was discussed and its benefit to investors, with witnesses urging congress to consider cryptocurrency as a step change in the financial system that could be regulated using existing methods. It was suggested that opportunities should be created to bring investors into the system safely, similarly to the development of ETF’s and Mutual funds that allow investors to diversify risk without the required knowledge to analyze equities.
Open source vs. closed loop systems like stable coins and DAO’s were recommended over a Central Bank currency and limited access to investment vehicles with accredited investor limitations.
The following Video by Cnet Highlights is a 12 minute summary of the hearing. If you have the time, we highly recommend watching.
Abracadabra Trader Joe Drama
DeFi drama spilled out onto twitter this week when when @Danielesesta and @traderjoe_xyz started throwing insults at each other over pool subsidies on the Trader Joe platform. Trader Joe the primary swap platform on Avalanche and @Daniel the creator behind Popcicle, Wonderland and Abracadabra traded blows over the pool rewards announced for AVAX/USDC being much higher than the AVAX/MIM pool (MIM is a stable coin backed by interest baring crypto assets).
$JOE incentives on AVAX/USDC are 3.5x higher than AVAX/MIM incentives, yet volume and liquidity is higher on $MIM . We keep giving free money to the suits and that’s how they keep winning. Together we can change this. pic.twitter.com/nuXZ4l7H7i
— Daniele 🧊🧙♂️ (🎩, 🎩) (@danielesesta) December 8, 2021
70% of the AVAX/MIM farm is currently owned by Wonderland, diluting yield for you, the people. We keep giving money to large mercenary funds and that’s how they keep winning. Together we can change this. https://t.co/eqGgOK6dKP
— Trader Joe (🎩,🔺) (@traderjoe_xyz) December 8, 2021
The issue I have here is that ohm-forks are focused on emotion and temper rather than sound decision-making and diplomacy. I get shit on for taking decisions for JOE holders but nobody talks about the fact that time devs choose how to spend their DAO money https://t.co/fwEm1Mnt2X
— Trader Joe (🎩,🔺) (@traderjoe_xyz) December 8, 2021
Both xJoe and wMemo have seen a drop since the spat broke out. Here’s hoping that they can forgive forget and get back to business.
From all of us here at the Crypto Current, keep on HODLing on and we’ll see you on the moon!!
