On Monday, a picture Elon Musk posted of his dog is believed to have contributed to the 266% surge of meme coin Shiba Inu (SHIB).
Although some argue that the association is hard to quantify, the coin set new highs for daily trading volumes —$20 billion on Thursday—making it one of the most traded currencies after Bitcoin, Ethereum, and Tether. It also sent SHIB to the No. 12 spot among all cryptocurrencies by market cap.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
On Tuesday, Republican Patrick McHenry introduced the Clarity for Digital Tokens Act, a bill that clears up ambiguities in the SEC’s two-year-old framework for determining whether cryptocurrencies constitute securities.
McHenry’s legislation is based on SEC Commissioner Hester Peirce’s proposal for a safe harbor for new cryptocurrency projects , which would provide DeFi developers with a three-year grace period in which to decentralize.
The updated regulatory framework aims to help American DeFi developers innovate without fear of violating securities laws, whilst simultaneously protecting investors.
On the same day, Bankless launched its “State of the DAOs” newsletter, a comprehensive overview and continued guideline to help break down the ins and outs of Decentralised Autonomous Organisations.
Bankless DAO just launched its first State of the DAOs newsletter, the high-signal low-noise newsletter for understanding DAOs.
Read the TL;DR below License.