XRP News: XRP Lawyer John Deaton launched a campaign ‘Connect to Congress’ over the U.S. Securities and Exchange Commission’s (SEC) overreach in the crypto market. Connect to Congress is a tool that helps identify users’ respective US Representative and US Senators. This is to further help them share a perspective on crypto regulation and concerns with the lawmakers. Essentially, the tool matches the crypto enthusiast with their elected officials and allows them to send a message directly to their offices.

Also Read: Terra (LUNA) Price Tumbled 8%, Terra Classic (LUNC) 4% After Do Kwon Arrest

SEC Is Out of Control

Deaton has been highly vocal against the SEC’s recent enforcement actions on the crypto businesses. The pre-compiled message will carry a subject line “SEC Is Out of Control,” over the agency’s actions pertaining to digital asset holders. The lengthy message begins with describing the SEC’s actions as an all-out war on crypto. The message calls out the commonly heard view from the crypto community on lack of clarity on regulation. It says the SEC refuses to state what the rules are for companies to follow.

“The SEC never raised an objection for years, but now is dragging companies into court and demanding billions of dollars in fines. That is not regulation. It is extortion. It is a violation of fair notice and due process.”

The message also highlights that the SEC could not prevent incidents like the FTX collapse. The SEC has failed to protect a single investor with any of its actions, the text adds.

Also Read: Arbitrum’s (ARB) Price Plummets By 90% From IOU Value Amid Mass Sell-Off

Meanwhile, the Ripple XRP price saw significant jump of over 20% in the last one week over speculation about the company’s victory in the SEC lawsuit. The jump came at a time when Bitcoin price saw slight correction around the FOMC meeting although it gained around 15% over the week.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

SINGAPORE, Dec. 5, 2022 /PRNewswire/ — EMURGO Group Pte. Ltd. – EMURGO Group Pte. Ltd. (“EMURGO”), the official commercial arm and a founding member of the Cardano blockchain, announces a newly formed business entity, EMURGO Media, to create media-related products and services for the Cardano ecosystem.

EMURGO Media’s vision is to empower and connect Cardano enthusiasts to do the things that inspire them; changing the world together. To accomplish this vision, EMURGO Media aims to:

• Spearhead the aggregation and distribution of both curated and user-generated Cardano-related content to the broader Cardano community
• Broaden awareness of Cardano and bring new users – investors, developers, and enterprises – into the Cardano ecosystem from Web2 industries by sharing content on potential Cardano projects and case studies on why the Cardano blockchain provides unique competitive advantages
• Develop sustainable business models and incentivize Cardano users to create, share, and monetize user-generated content
• Assist Web3 projects to successfully build their communities and communicate their narratives to the broader community

EMURGO Media’s first product to the market is Cardano Spot, a social network and information platform for the Cardano community. Cardano Spot provides a user-generated interactive platform specifically designed for investment in, distribution, consumption, and monetization of Cardano content. Cardano Spot’s platform solves the issue of fragmented content in the Cardano ecosystem by aggregating valuable, quality content from reliable sources in the Cardano ecosystem to give up-to-date developments in the Cardano ecosystem.

Sebastian Zilliacus has been appointed to lead EMURGO Media as Managing Director.

“During my tenure at EMURGO, I have witnessed the passion of the Cardano community firsthand. I am excited to help lead and build EMURGO Media to become the informational bridge between Cardano’s ecosystem of products and services and the community,” said Sebastian Zilliacus, Managing Director of EMURGO Media. “With access to information and the ability to generate helpful content, we are putting power back into the hands of the individual user to play a meaningful role in growing Cardano to be an industry-leading decentralized blockchain platform,” added Zilliacus.

The new establishment of EMURGO Media also follows the recent launch of EMURGO Fintech as new entities of EMURGO Group.

Cardano is an open-source and decentralized blockchain platform driven by scientific research and peer-review methods that recently marked the 5th anniversary of its formal launch. With over 4 million Cardano ADA wallet addresses globally and over 3,230 stake pool operators securing the network, Cardano is one of the largest blockchain networks in the industry. The Cardano blockchain strives to make the world better by utilizing an environmentally friendly, proof-of-stake consensus protocol to provide an accessible platform that delivers economic services to all.

To join the beta launch of Cardano Spot, visit https://cardanospot.io/.

About EMURGO

EMURGO is the official commercial arm of Cardano and provides socially impactful solutions to solve some of the most intricate problems of organizations. As a founding entity of the Cardano protocol, EMURGO is able to leverage its abilities for large-scale blockchain development and rapid solutions deployment to benefit its global clients.

EMURGO has worldwide offices in the U.S., Singapore, India, Indonesia, the Middle East, and Africa, and a roster of global clients & partners. To connect and learn more, visit https://emurgo.io.

For more information:
Albert Kim      
Global PR Manager
[email protected] 
+65 6978 5823

SOURCE EMURGO

Ethereum’s decentralized finance protocol MakerDAO proposed a historic vote to connect a U.S. bank to its platform, the Huntingdon Valley Bank (HVB). The community has approved the proposal and the financial entity will be able to access an initial debt ceiling of $100 million.

Related Reading | NFTs Enter A New Era As Solana Closes The Gap With Ethereum

The new MakerDAO Vault Type with the financial institution was approved with 87% of the vote. This constituted over 117,000 MKR tokens in contrast with the 4,200 used to oppose the proposal. Therein, the proponents explained:

Huntingdon Valley Bank, a Pennsylvania-based community bank, is seeking a 100 million DAI debt ceiling participation facility to support the growth of existing businesses and to grow new businesses. HVB and RWA Master Participation Trust (established for the benefit of Maker) will not have a borrower-lender relationship.

In step, the U.S. bank will be able to access liquidity in the form of the stablecoin DAI in exchange “for the sale of participation interests in the underlying whole loans” from HVB. The financial institution is focused on creating fixed and floating residential and commercial mortgages.

This partnership will enable the bank to submit potential lust in which MakerDAO can participate via the RWA Master Participation Trust. Thus, the DeFi protocol can have a stake and real-world participation in this process.

The voting and the partnership with the Huntingdon Valley Bank are historical as it is the first DeFi protocol will fund loans via a U.S.-based financial institution. Via its Twitter handle, Maker clarified:

When HVB proposes loans for participation, Ankura Trust, the calculation agent, will ensure that proposed loan participations are eligible for funding. If participations conform, the Trust will acquire a (maximum) 50% interest in the underlying loan by executing a Certificate of Participation in exchange for cash (…).

How MakerDAO Can Disrupt The Financial Loan System In The U.S.

There are risks specified in the proposal, but proponents believe the HVB will have enough skin in the game to mitigate them. The financial institution has a good relationship with U.S. regulators, the proposal claims, and operates with a “conservative” business model.

In this particular scenario, benefits outweigh potential risks. The MakerDAO voting seems to reflect this perception.

Related Reading | Huobi Expansion Highly Likely After It Receives FinCEN License

The cooperation with a traditional financial institution could pave the way for future innovation and for the expansion of MakerDAO. The DeFi protocol and its community will have access to real-world assets, and the possibility to create a liquidity pool for HVB. In addition:

Opportunities are wholesale lending, scale, alignment, symbiosis, and a turn-key solution (…) If approved, this agreement between a DeFi protocol and a US bank would forge a new chapter of history and send a signal to institutional counterparties of what is to come. This deal will represent the first large-scale partnership between a regulated US bank and DeFi.

Here’s a video manual on how GetBlock connects dApps to Cardano mainnet. As the Cardano (ADA) DeFi ecosystem gains steam, let’s check what is under the hood of Cardano-based applications.
Cardano node connection supercharges every application with a ‘first mover advantage’: its EUTXO model overcomes many Ethereum (ETH) and BNB Chain (BSC) flaws.
In this video, our DevOps super-heros will explain the specifics of Rosetta API and shared nodes for Cardano.
Testnet and mainnet of Cardano can be easily reached with GetBlock’s blockchain API.
Have a look, and start building on Cardano today! Reach our customers’ support on Telegram: https://t.me/getblockio_eng
Official GetBlock site: https://getblock.io/