The House Committee on Oversight and Reform has requested information on crypto-related fraud since 2009 from Coinbase, FTX, Biance.US, Kraken, and Kucoin. The committee has also requested information from government agencies and regulatory bodies to clarify whether crypto is a security or a commodity. More: - As of today, there has been more than $1B lost in crypto-related fraud since 2021; in addressing this issue, the House committee wrote a letter requesting steps taken to protect investors from fraud in the crypto industry.
- The consumer committee issued a letter requesting information and documents that outline how each company is working to protect investors from illicit activity.
- A four-page letter was sent out to the following regulatory bodies:
- The Department of Treasury, the Federal Trade Commission, the Commodity Futures Trading Commission, and the Securities Exchange and Commission (SEC).
- The same letter went out to five crypto exchanges, including:
- Coinbase, FTX, Binance.US, Kraken, and KuCoin
- Re. Raja Krishnamoorthi, Chair of the Subcommittee on Economic and Consumer Policy of the House Committee, requested the companies to submit all documents about cryptocurrency-related fraud since 2009 and answer five questions by Sept. 12.
- For instance, Krishnamoorthi asked Coinbase, "What mechanisms, such as insurance covering fraud or other criminal acts, does Coinbase have in place to ensure that individuals harmed while using your services are recompensed?"
- He also asked for recommendations on what the federal government can do to help combat crypto fraud.
- Krishnamoorthi also asked government agencies for regulatory and policy suggestions and whether crypto constitutes a security or a commodity.
CNBC 
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OptiFi accidentally closed its program on Solana, and over $661,000 worth of USDC stablecoin is permanently locked. The platform will reimburse all users that are affected by this programming blunder. More: - The team at OptiFi, a derivatives-focused DeFi platform built on Solana, accidentally closed its mainnet resulting in $661,000 worth of USDC that is now permanently locked.
- The development team upgraded Solana's protocol update when the error occurred.
- The team had accidentally used the "Solana program close" command, which closed the protocol permanently.
- It will take two weeks to reimburse users.
- The majority of the locked USDC belonged to the OptiFi team; customer assets may only amount to $33,000 out of the $661,000 locked funds.
Decrypt
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GoTo acquired PT Kripto Makisma Koin, a local cryptocurrency exchange, for $8M. PT has been granted a license to operate in the country, one of the few companies that received approval from Indonesia's Commodity Futures Regulatory Agency. More: - Indonesia's biggest tech company, GoTo Gojek Tokopedia Tbk (GoTo), accounts for 2% of Indonesia's total GDP.
- GoTo launched in 2010 as a ride-hailing business and later expanded into food delivery and digital payments.
- The firm acquired PT Kripto to enter the blockchain and crypto industry as part of a "diverse money management hub," says the company's spokesperson.
- GoTo purchased 100% of available shares in the crypto exchange, worth $8.38M. The company has a $25B market cap after raising $1.1B in its IPO.
- Regulators in Indonesia have recently banned the "marketing, promoting, and advertising" of crypto firms that do not have a license to operate.
Bitcoin Magazine
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Proof raised $50M in a Series A led by Andreessen Horowitz. Founded by Kevin Rose, the creator of the Moonbirds NFT project, the startup also announced permit commercialization rights of Moonbirds and Oddities to everyone. More: - Moonbirds was launched in April and generated $280M worth of sales within two days.
- The company also launched Proof collective NFTs in Dec. 2021, which sold for $7.4M.
- The $50M of fresh funding will be used for "designing and launching a token," says Rose, which will launch in early 2023. No further details were disclosed.
- The $50M fundraiser was led by a16z with participation from Seven Seven Six, True VenturesSV Angel, Gary Vaynerchuk's VaynerFund, and others.
- "It's great to have this vote of confidence from some of the most respected investors in Web3, as well as capital to keep delivering great products and services as we mature this business over the long term," said Rose during the live stream.
- The startup is also launching its third NFT collection called the Moonbirds Mythics, a collection of 20,000 PFPs released in early 2023.
Decrypt
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Singapore plans to regulate the crypto industry by making it harder for retail investors to trade cryptocurrencies. The proposed regulations are available for the public's feedback which is due by October. More: - Despite warnings about the risks associated with crypto trading, investors are continuously investing in crypto not only in Singapore but globally.
- As a result, Singaporean authorities are releasing crypto regulations that will make it difficult for retail investors to trade digital assets.
- "They seem irrationally oblivious about the risks of cryptocurrency trading," says Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
- Despite the new regulations, Singapore has been flexible with digital assets, which has attracted services from China, India, and others.
- Regulators are seeking input from the public on its upcoming proposals by Oct. 2022.
Reuters
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JPMorgan's chief global strategist has told investors to sell their Bitcoin and other crypto. Due to increased interest rates and inflation, the strategist advises investors to drop large-cap tech stocks and crypto. More: - David Kelly, a JPMorgan strategist, stressed that inflation has hit the highest level in 40 years and that the Federal Reserve overestimated the strength of the U.S. economy.
- He warns of a recession but also says that the economy will begin to feel normal by the end of 2023.
- "The economy has got one foot into a recession and the other on the banana peel now," he says.
- There is warning of more volatility ahead and investors should focus on long-duration bonds, value stocks, and income-generating alternatives.
- He recommends that investors sell crypto and a short-term direction citing a high risk recession.
Crypto Potato
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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