May 1, 2024

The biggest crypto news and ideas of the day

Were you forwarded this newsletter? Sign up here.

Don't want this newsletter? Unsubscribe

Welcome to The Node! This is Daniel Kuhn here to take you through the latest in crypto news and why it matters.

In today's news: Rep. Patrick McHenry accused SEC Chair Gary Gensler of misleading Congress over Ethereum definition. Securitize has closed a $47 million funding round led by BlackRock. And Solana-based decentralized platform Jito is building a restaking service.

Gary Misled

Rep. Patrick McHenry, the chairman of the House Financial Services Committee, accused Securities and Exchange Commission Chair Gary Gensler of misleading Congress over its consideration of ETH as a security. Recent reports indicate that the SEC has considered Ethereum’s native token a security for over a year, however Gensler, in congressional testimony, declined to answer that question. "New court filings show this was an intentional attempt to misrepresent the commission's position,” McHenry said in a statement posted on X.

RWA Asset

Real-world asset tokenization firm Securitize has closed a $47 million funding round led by the world's largest asset manager, BlackRock. The round also included investments from Hamilton Lane, ParaFi Capital and Tradeweb Markets. Securitize will use the funds to to expand its efforts in using blockchain technology to digitize capital markets. Last month, BlackRock and Securitize teamed up to create the BlackRock USD Institutional Digital Liquidity Fund, which appears to be a tokenization project.

Consensus is the biggest and most established hub for everything crypto, blockchain and Web3. Join us at the 10th annual Consensus May 29-31 in Austin, Texas for dialogue, discovery and dealmaking alongside developers, investors, startups, executives and more.

Save 15% with code NODE15. Grab your pass.

Solana Restaking

Jito, a Solana-based decentralized exchange aggregator, is building a restaking service, the first sign that the restaking craze is spreading beyond Ethereum. CoinDesk found that half a dozen teams quietly built out Solana restaking, or the process of using capital to secure multiple blockchains at once. Jito’s yet-to-be-announced program is set to compete against a growing stable of companies all trying to replicate the success the multi-billion dollar EigenLayer platform has had on Ethereum.

Join the CoinDesk Flash Waitlist
Your Portfolio Will Thank You

CoinDesk Flash gives you the power of news that moves markets — be the first to get the latest crypto financial opportunities, trends, and technology insights.

Learn more

Off-Chain Signals

Farcaster Wants to Win Over Crypto. Here’s How It’s Different From 'Crypto Twitter' – Unchained
Eminem’s new crypto ad fails to capture the moment, lets it slip – Blockworks
Forget USDT — Tether just reaped $4.5bn profit largely from its vast US Treasuries portfolio – DL News
Former FTX exec pays $1.5M for watch worn by Titanic’s richest passenger – Protos
Aave Proposes V4 Iteration and Aave Network Validium – The Defiant

A message from CoinW

CoinW - Digital Finance, A Better Future

Crypto and digital assets have long held that the adoption of blockchain technology will lead to a more equitable financial system and a better future. In an effort to make this future a reality, industry leaders like CoinW have spearheaded initiatives to reduce educational barriers and ensure accessibility to drive Web3 adoption worldwide.

Unlike other projects, the commitment to creating a better future doesn’t just end at crypto adoption, but extends far outside the bounds of the world of finance. As a leading international crypto platform operating across 200 different countries, CoinW chooses to use its influence for good and provide support to communities around the world. Continue reading.

Inflation Stalls...