Binance Invests $5M in Curve Finance 🎉

GM. This is Degen Scoop. It’s FRIDAY, here’s the scoop for the end of the week:

• Binance Invests $5M in Curve Finance 🎉

• Bittrex Pays $24M Settlement to SEC 👀

• Circle CEO Clamors For On Shore Stables 🪙

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Binance Allocates $5M To Acquiring $CRV in Anticipation of BSC Launch

Just yesterday, Binance acquired $5M of $CRV through its venture arm Binance Labs. Curve Finance is the backbone of DeFi; it could be argued that Curve is the source of all yield in DeFi but that’s a post of its own. There are rumors that Curve is expanding to Binance Smart Chain, so this acquisition is a move of good faith to see a DeFi heavyweight come to them.

Curve is a DEX primarily focused on stables that boasts over $2B TVL. $CRV is the governance token of Curve and can be staked as $veCRV to get yield from the protocol which is normally over 20% APR. Binance is certainly happy to have Curve coming their way so a small acquisition of $CRV to obtain for yield or direct emissions is a simple decision.

SEC Receives $24M From Bittrex in Lawsuit Settlement

Roughly four months ago is when the SEC sued Bittrex for failing to register as a broker dealer. Yesterday it was announced that Bittrex has chosen to settle and has not answered to the allegations. Whether it was true or not, it’s clear that settling is a cheaper route than paying out the lawyers.

Albeit one of the smaller centralized exchange, the SEC under Gary Gensler won’t pass up a chance to get a win against the crypto industry. Despite the exchange filing for bankruptcy back in May due to its “economically [un]viable” strategy, the SEC was going to punish their mistake. Once the regulatory environment clears up, it won’t be a surprise to see more exchanges open up on American soil.

Circle CEO, Jeremy Allaire, Clamors For Stablecoin Development on American Ground

While the SEC remains combative to crypto development in the United States, the Federal Reserve just simplified how banks can interact with it. Stablecoins are one of the most important creations in crypto and it’s something that Jeremy Allaire realizes. It would be a tragedy to have a SEC inspired brain drain of crypto talent and have them leave the country.

While you probably can’t get a cup of coffee with $USDC at the store tomorrow, it’s not farfetched to think you’ll be able to pay for a significant amount of goods and services with stables in a decade. These things take time and it won’t happen next week or necessarily next year. The SEC is doing more damage than hurting our gains, it’s hurting the development of the next major industry to grace us and the whole country will be hurt in the process.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.