Coinlive Morning Post - August 17

headlines

▌Biden signs the Inflation Cutting Act, Democrats win long-awaited victory

U.S. President Joe Biden formally signed the Inflation Cut Act into law on Tuesday, securing a major legislative victory ahead of November's midterm elections. Just a few weeks ago, the chances of passage of the bill seemed extremely slim, but after the Senate voted to pass it on August 7, the House of Representatives also passed the bill by a vote of 220-207 on August 12. No Republicans in either chamber voted for it. Biden and Democrats desperately need the law, along with a string of other legislative victories, to help boost poll numbers and boost hopes of retaining both chamber majorities in November's midterm elections. According to a FiveThirtyEight poll analysis, Biden's approval rating is only 40%, while 55% of Americans disapprove of his job.

policy

▌The US SEC filed a lawsuit against Dragonchain

According to a filing in the U.S. District Court for the Western District, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against blockchain startup Dragonchain for failing to secure an initial coin offering (ICO) of more than $16 million over a five-year period. register. The complaint alleges that CEO John Roets and three Dragonchain-related companies violated the Securities Act by raising millions of dollars in a 2017 ICO by selling Dragon (DRGN) tokens. The company then invested the funds in its marketing and development activities, according to the SEC. Seattle-based Dragonchain, an enterprise blockchain startup founded by Disney in 2017, forced one of its affiliate projects, Lagon, to return ICO investors’ funds in 2018 following concerns over a regulatory crackdown from the SEC.

cryptocurrency

▌Coinbase: New ETH and ERC-20 token deposits and withdrawals will be suspended during the Ethereum merger to ensure the system completes the transition

Coinbase stated that it expects Ethereum to move to a proof-of-stake (PoS) mechanism on or about September 15, 2022. During the merger, as a precautionary measure, Coinbase will temporarily suspend the deposit of new Ethereum (ETH) and ERC-20 tokens. Withdrawals to ensure the system completes the transition are not expected to affect ETH and ERC-20 token transactions on other networks and centralized exchange products.

▌Source: Crypto.com launches second round of "larger" layoffs

During Crypto.com's quarterly "all staff" conference call last Friday, the company said it had launched a new round of layoffs that would be "significantly larger than the first round," sources said. During the conference call, Crypto.com leadership said they had no intention of going public, but the layoffs were unlikely to be announced by top executives, the sources said, as they claimed after the layoffs in June that "everyone's job is safe and will not Further layoffs." According to the source, the June layoffs targeted "resilient" roles such as customer service and growth, as demand for such workers dwindled as the number of customers and transaction volume on the platform declined. The new round affects "employees from key departments such as exchanges, applications, and wallets." Earlier news, in June, Singapore-based cryptocurrency exchange Crypto.com fired 260 employees, accounting for 5% of its total workforce, citing the crypto bear market.

▌Zuckerberg: Meta universe application Horizon Worlds officially launched in France and Spain

Meta CEO Mark Zuckerberg announced on August 16 local time that his Metaverse virtual world social application Horizon Worlds has been officially launched in France and Spain, and currently has 300,000 monthly active users. Mark Zuckerberg also posted a "group photo" of himself in front of a virtual version of the Eiffel Tower and said: "We launched Horizon Worlds in France and Spain! Must see people start to explore and build immersive worlds more and more." space and rapidly deploy in more countries.”

▌AAVE New Proposal: Aave DAO should make a clear stand on the merger of Ethereum, and promise to support the main network of POS consensus instead of forks

The new AAVE proposal calls for the Aave DAO to commit to opting for the Ethereum mainnet running under the Proof-of-Stake consensus, rather than any Ethereum fork running an alternative consensus such as Proof-of-Work. If the proposal passes, the Aave protocol will shut down on the proof-of-work (PoW) Ethereum chain. The proposal argues that Aave Protocol, as one of TVL's largest DeFi applications and an important part of its infrastructure, powers hundreds of other dApps and experiences in the DeFi ecosystem. The DAO should send a clear signal to the DeFi ecosystem, and Aave DAO should clarify its position on Ethereum merger, indicating that the Aave protocol should be committed to the Ethereum mainnet and run under the proof-of-stake consensus.