Crypto In Play News 2022 July Last Week

The latest cryptocurrency news curated on a weekly basis.

Covered topics include regulation, user adoption, macroeconomy, and technology announcements.

Deposits at non-bank entities, including crypto firms, are not insured – FDIC

The U.S Federal Deposit Insurance Corp., (FDIC) issued an advisory to crypto investors clarifying that it does not provide insurance for digital assets and that its protection does not extend to crypto company failures.
Agency claims that it only offers deposit insurance for checking, saings accounts provided by insured banks and does not offer the same for financial items, such as bonds, stocks, commodities or digital assets as well as loss from fraud/theft
Links
- https://cointelegraph.com/news/will-the-fed-prevent-btc-price-from-reaching-28k-5-things-to-know-in-bitcoin-this-week

the US Treasury Department has been investigating crypto exchange Kraken since 2019 on suspicion that it allowed users from Iran, Syria and Cuba to utilise the site’s services in violation of federal sanctions.
The treasury department is likely to impose a fine against the exchange
According to a leaked spreadsheet shared by CEO Jesse Powell, Kraken had 1,522 residences in Iran, 149 in Syria, and 83 in Cuba.
links
- https://www.nytimes.com/2022/07/26/technology/kraken-crypto-iran.html

DAOs (Decentralized Autonomous Organizations) are like startups in that they fund a team that builds a product that generates revenue, but they are also very different in that funding discussions are not between the founders and investors but involves everyone with a governance token
Lido Finance, a popular crypto staking service was seeking more cash by selling 2% of its own Lido coin so that the company can continue operating smoothly amid the current bear market
Lido’s community rejected and refined the proposal to sell Lido tokens to DragonFly, a crypto investment firm, pointing things out, such as the absence of a lockup period and to bring down the deal supply from 2% to 1%
The case of Lido shows the efficiency and transparency around a non-centralized entity
Links
- https://decrypt.co/106235/how-one-dao-brokered-44-million-token-deal
- https://research.lido.fi/t/lido-to-prepare-for-the-bear-market/2318/2

Crypto lender Celsius Network filed for bankruptcy protection 2 weeks ago
Court has appointed 7 investors who have small ~ large amounts of crypto staked in Celsius to represent all Celsius depositors
Committee chooses White & Case LLP as its bankruptcy law firm
Next court hearing is schedule for August 8th
links
- https://twitter.com/SimonDixonTwitt/status/1553283615232036864
- https://twitter.com/SimonDixonTwitt/status/1552293129956560896

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