SotN#17: RETREATING! w/ Jake Chervinsky (BitMEX REKT, SEC Action, is DeFi safe?)
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 7 October 2020
⏱️ 90 minutes
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SotN #16: RETREATING! w/ @jchervinsky (BitMEX REKT, SEC Action, is DeFi safe?)
Lots of legal action taken against the crypto world lately! We're bringing Jake Chervinsky from Compound Labs onto the show to help us understand what's going on.
- Enforcement actions from the SEC and CFTC
- SALT Lending pays fine, must return investor funds, must register token
- Kik is official dead, slain by SEC
- BitMEX got BitREKT
-- CEO Arther Hayes 'is AT LARGE', CTO of BitMEX is in jail
But most importantly:
Is DeFi immune from this?
Does the protocolization of financial instruments save the day?
When the spotlight turns to DeFi, are we prepared?
Resources linked & discussed
When worlds collide Bankless article:
https://bankless.substack.com/p/when-worlds-collide-market-monday-a27
The Case for Electronic Cash and Financial Privacy (Coincenter piece that Jake talked about) https://www.coincenter.org/the-case-for-electronic-cash/
Jakes prediction that regulatory action is coming: https://twitter.com/jchervinsky/status/1310626151631671296?s=20
SALT Lending: https://www.coindesk.com/sec-orders-salt-lending-to-refund-investors-in-its-50m-ico
Kick KIN ruling: https://www.coindesk.com/kik-sec-ruling
Bloomberg scare article:
https://www.bloomberg.com/news/articles/2020-10-01/booming-crypto-market-a-potential-haven-for-money-laundering
What does BitMEX charge from the DOJ for breaking the bank secrecy act mean for Defi? https://twitter.com/AdamScochran/status/1311729872050544643?s=20
Jay Clayton SEC chair says all stocks may be tokenized:
https://www.theblockcrypto.com/post/79783/all-stocks-tokenized-sec-chairman-clayton
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Transcript
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| 0:00.0 | The Banclist state of the nations are brought to you by Wiren. |
| 0:06.9 | Wiren is DeFi's first self-building community run project, which I just get really, really |
| 0:11.8 | excited about. |
| 0:12.8 | Wiren is a system that seeks out yield in DeFi, and it does that in a number of different |
| 0:17.8 | ways. |
| 0:18.8 | A very aggressive way is with the vaults, where you can deposit your preferred asset of |
| 0:22.6 | choice, and different DeFi experts will come in and generate a strategy for what to do |
| 0:28.1 | with your deposited token, right? |
| 0:30.2 | And so it'll go find ways to get yield in that deposited token in DeFi. |
| 0:35.4 | For those who want to just earn yield on their stablecoins, the earn system is for you, |
| 0:39.5 | where you can deposit your preferred stablecoin, and Wiren will go and figure out which money |
| 0:44.6 | market on DeFi in DeFi is producing the best interest rate, whether it's dy, dx, it's |
| 0:50.0 | compound, or aave. |
| 0:51.6 | It looks around DeFi to see where the yield is coming from, and it directs stablecoins |
| 0:55.4 | automatically, so you don't have to. |
| 0:57.7 | Check them out at yearn.finance to get started, and also check out the stats page to see |
| 1:02.4 | what other people are doing as well. |
| 1:04.0 | We're also brought to you by Monolith. |
| 1:06.4 | Monolith is your cool new DeFi account. |
| 1:09.4 | Your DeFi savings account, your DeFi checking account, except the cool thing about the Monolith |
| 1:13.4 | DeFi account is that it gets software updates, right? |
| 1:16.0 | You actually get to increase the usefulness of this over time. |
... |
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