Inner Conflict May Lead to MakerDAO Execs Lay Off

As reported, the confrontation was initiated by the decision of the current head of the MakerDAO to establish total control over the $200M development fund
26 April 2019   2260

Founder of MakerDao and CEO of MakerDAO Ecosystem Growth Foundation (MEGF) Rune Christensen attempted to usurp power and impose his vision for the further development of the project to the detriment of decentralization, reports The Block, citing informed sources.

So, some time ago, an opposition faction called “Purple Tablet” [chat name in Signal messenger] was formed inside the project, headed by former business development director Ashley Sharp, who plans to sue MakerDAO and recover $ 1 million. Against the background of the conflict with Christensen, the project was also left by Andy Milenius CTO.

The confrontation was initiated by the decision of the current head of the MakerDAO to establish total control over the $ 200 million worth development fund, which was previously supervised by several parties, each of whom had a unique access key, without which the others could not use the funds.

At the same time, CoinDesk had a letter signed by lawyer Andrew Pullinger from Campbells in the Cayman Islands, claiming that five of the nine members of the board of directors were pressured by Christensen, who demanded their resignation. Nevertheless, it remains unclear whether he has reached his goal.

Leaked Letter Exposes Infig... by on Scribd

The Block sources claim that MEGF has already acquired a broker-dealer and intends to launch a commercial division in the format of an alternative trading system (ATS).

Note that MEGF controls 30% of all MKR tokens, and the total market capitalization of MKR and DAI at present reaches $ 660 million.

ETH May Become Security After POS Migration,- CFTC

At the moment, according to the head of CFTC, Ethereum is more likely an exchange commodity rather than a security, but it may change 
14 November 2019   142

The head of the Commission for derivatives trading (CFTC) Heath Tarbert expressed the opinion that cryptocurrencies involved in the cryptocurrency using the Proof-of-Stake algorithm can be considered as securities. It is reported by Decrypt.

Earlier, the head of the CFTC said that in its current form, Ethereum is more likely an exchange commodity rather than a security. However, I am sure Tarbert, over time, the status of an asset may change. For example, a security can become a commodity and vice versa.

We are thinking carefully about it.
 

Heath Tarbert

Chairman, U.S. Commodity Futures Trading Commission

The popular Proof-of-Stake (PoS) algorithm involves the use of “stake” as a resource that determines which particular node receives the right to mine the next block. Higher chances to generate the next block are received by the node with greater balance.

Recently, staking services that promise customers a return on investment in PoS assets have become popular. According to some experts, these services could potentially violate the provisions of the Howie test, such as having a joint venture, as well as an investment contract involving two parties.

At the same time, Tarbert spoke out against an aggressive approach to regulating cryptocurrencies, which could suppress innovation and hinder the strengthening of the US position in the innovation sphere.

Clarity and consistency is the first step to leadership.
 

Heath Tarbert

Chairman, U.S. Commodity Futures Trading Commission

Earlier, Heath Tarbert expressed the view that regulated futures based on Ethereum will soon appear on the market.