The Week in Crypto Policy: SEC Sanctions, Oversight, & Funding. It was a busy week for the SEC. A federal district court sanctioned the agency for making multiple misleading claims to secure a temporary restraining order against a crypto firm. At an SEC oversight hearing, Republicans criticized the Chair's aggressive rulemaking and failure to provide clear rules for digital assets. Meanwhile, the SEC said it needed more funding to fulfill its mission, citing market growth, market changes, and the "Wild West of the crypto markets." House Financial Services Chair Patrick McHenry and Senator Cynthia Lummis say stablecoin legislation is still possible this year, but finding a legislative vehicle remains key.
Summer Analyst Internship Program. Come join us this summer as we launch the Messari Analyst Summer Internship Program. The program aims to familiarize promising individuals with Messari's Research sector. Interns will work closely with mentors, engage in special events, and undertake significant research tasks. Hosted at the New York headquarters, the program fosters collaboration, immersive learning, and professional growth, providing exposure to leading crypto experts. It offers a unique opportunity for intern development unlike any other.
[Messari Governance] [Maker DAO] Project Ethena. This proposal aims to explore a transaction whereby the BlockTower Andromeda vault will deploy, in part, into the Ethena Protocol. The proposal explains that USDC from the Andromeda vault will be deployed to acquire USDe, which will be staked into sUSDe. The Stability Fee will be set to 0%, and Arranger Fees are set at 2.5% of NAV with a Minimum Arranger Fee of $2.5 million, which will be paid to BlockTower monthly. The proposal additionally stated that the Indemnity Amount will be capped at $2.5 million and will operate for 4 years from Inception Date.
[Messari Key Developments] [PLA] Partnership with Avalanche. PlayDapp has announced a partnership with Avalanche to launch a mainnet designed for the PlayDapp ecosystem. The announcement stated that PDA will be the native currency of the ecosystem.
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