Coin Center, a crypto lobbying group, will get 1,000 ETH.
DAO has decided overwhelmingly to donate the $4 million in cryptocurrency it collected from the sale of 10,000 “Lobby Lobster” NFTs to the Washington crypto lobbying group Coin Center.
The sale, which took place on August 5, sold out in less than an hour and raised 1,000 ETH (about $4 million at the time) for crypto lobbyists aiming to get authorities off the backs of the DeFi business.
Each lobster NFT cost 0.1 ETH, which was around $390 at the time. The earnings’ destination was unknown at the time of the sale, but a DAO referendum voted yesterday to donate the monies to Coin Center, a non-profit research and advocacy organization.
The vote to send 1000 ETH to Coincenter passed with unanimous support. https://t.co/PlNWk2dl2K
— Universe.XYZ 🌌 (@universe_xyz) September 11, 2021When NFTs are resold on OpenSea, 2.5 percent of the proceeds go to OpenSea, with the remaining 7.5 percent going to other lobbying groups and organizations. Monthly polls will be used to choose the organizations.
The cryptocurrency industry is preparing for increased regulatory scrutiny in the coming months. Gary Gensler, the chairman of the Securities and Exchange Commission in the United States, stated in August 2021 that he supports regulating decentralized finance.
Gensler spoke to the European Parliament’s economic and monetary affairs committee earlier this month, calling crypto “extremely speculative.” The SEC initiated an investigation into the decentralized exchange Uniswap two days later.
The cryptocurrency industry is preparing for increased regulatory scrutiny in the coming months. Gary Gensler, the chairman of the Securities and Exchange Commission in the United States, stated in August 2021 that he supports regulating decentralized finance.
Gensler spoke to the European Parliament’s economic and monetary affairs committee earlier this month, calling crypto “extremely speculative.” The SEC initiated an investigation into the decentralized exchange Uniswap two days later.
The Securities and Exchange Commission threatened to sue Coinbase on Wednesday if it went ahead with a plan to offer a loan product that would pay stablecoin owners 4% percent.
The warning, which concerned whether Coinbase’s product constituted a securities offering, elicited a 21-tweet response from Coinbase CEO Brian Armstrong, who said that the SEC had been engaging in “some extremely questionable conduct recently.”
Andreessen Horowitz, a crypto venture capital firm, has hired a slew of former White House officials to assist prepare for shifting political attitudes regarding cryptocurrency.
Brian Quintenz, a former Republican commissioner of the US Commodity Futures Trading Commission, joined the firm last week to advise on crypto investing policies.
Binance.US also employed Brian Brooks, a former head of the Office of the Comptroller of the Currency under Trump and former Chief Legal Officer of Coinbase, earlier this year, however his employment didn’t last long.
Three months later, Brooks resigned, citing “differences over strategic direction.”
Greetings #crypto community. Letting you all know that I have resigned as CEO of @BinanceUS . Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!
— Brian Brooks (@BrianBrooksUS) August 6, 2021DeFi appears to be headed for rough waters, but might injecting money into Washington help the industry survive the storm?
