SEC Attacking Smaller DeFi Projects, What's Happening?
Douglas Park, legal counsel for BarnBridge DAO, disclosed in an official statement that the SEC is investigating the project and its associates. To minimize potential legal liabilities, he advised the cessation of all work related to BarnBridge products, the closing of existing liquidity pools and a halt to any new pool creation until further notice.
The SEC's investigation into BarnBridge DAO signifies a broader regulatory push against DeFi and DAOs. Regulators may view the situation as an opportunity to set a legal precedent, leveraging smaller projects that might lack the resources to engage in prolonged legal battles.
Exactly! Bullies gotta bully the weak.
However, a lot of what passes as "DeFi" are just money-games of chicken, where the aim is to profit before the inevitable rugpull or drift to zero. Yes, Uniswamp's "yield farms spring to mind. These are actually delaying true innovations as they suck money in - and then out - leaving a bad taste in the mouth of the gullible.
And here's one thing defi does well = multiple-token swap pools
Been saying this for some years - got bored saying it.
It's simple and more efficient than tedious binary pools AND if you have a shitcoin, the pool will still work and yield some fees from swaps between the other two coins. Genius!
https://cms.megaphone.fm/channel/NLWLLC2118417614?selected=NLWLLC2828384726
podcast
Rep. Ritchie Torres - Investigate Gary Gensler
Some big movements going on...
and back to Bitcoin...
or...
but the protection racket is just so profitable!
Just to add, I'm not saying BarnBridge is a "yield farm" scam, as the APR seems quite modest; just saying those kind of defi-scams should be targets - but they don't seem to be, as Unislops is a darling of Ethereum. Said enough!
New bipartisan bill says DeFi project ‘controllers’ must follow KYC rules
that still leaves some cracks in the floorboards.
looks like this bill = https://www.congress.gov/bill/118th-congress/senate-bill/2355/text
The SEC Chairman Gary Gensler asks for $109 million to regulate the crypto sector
https://en.cryptonomist.ch/2023/07/20/sec-gary-gensler-asks-109-million-regulate-crypto/
I thought he was already making a nice profit.
video direct
is this what you were looking for?
long thread
Remember, that gary is talking to "you", only if you are an American retail investor.
wealthy people can just go offshore and forego the (non) protection of the SEC - and note that such protection is NOT optional, hence more akin to a protection racket.
go on, Gary, sue the Eth...
Never mind a BTC ETF... what if we get a disclosure?
crypto-quake!
all the promises belong to us.
Defi attacks itself...
DeFi Protocol Rodeo Finance Hacked; $1.53M of ETH Stolen
PeckShield later confirmed that the amount was 472 ETH, equalling $888,000, confirming a recalculation:
Notice, although the hack netted just under $1m, the effect on Rodeo was more disastrous.
A non-zero-sum game.
yield farm ponzi... in reverse.
this is how TVLs are inflated with just one shitcoin per farm of pools.