Binance, Polygon, and the SEC "Five Minute Friday with Doc" #16

In this week's Crypto Unplugged 5-minute Friday Show, Doc discusses Binance's decision to end its partnership with the Argentine Football Association, Polygon's proposed governance changes, and SEC Chair Gary Gensler's request for more funding to regulate crypto.

These are just a few of the many developments that took place in the crypto world this week. Stay tuned for more news and updates from Crypto Unplugged.

Date of podcast recording: Friday 21st July '23

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Transcript

What’s going on Listeners? Welcome to Crypto Unplugged 5-minute Friday Show.

Doc here on Friday 21st July. I hope you’re all well, wherever you’re listening from.

So, what ‘s been happening this week in the Crypto Space:

Well, Binance, one of the biggest crypto exchanges, has ended its five-year partnership with the Argentine Football association. The company says the association didn't follow through on the terms of the agreement.

The partnership was announced in January 2022, and it made Binance the main sponsor of Argentina's national team and the naming sponsor of its national football league. But the relationship between the two parties seems to have soured in recent months.

In April, Binance filed a lawsuit against the AFA, saying the association didn't meet its obligations under the agreement. The lawsuit said the AFA didn't give Binance access to certain marketing and promotional opportunities, and that it didn't pay Binance the full amount of money it owed.

The AFA has denied the allegations, and the lawsuit is still going on. But the end of the partnership is a blow to both parties. Binance was hoping to use the partnership to expand its brand in South America, and the AFA was hoping to generate new revenue from the deal.

That's not the only crypto news this week.

Because developers of Polygon Labs are proposing a change to the way Polygon is governed. The new system would have three main parts:

• The Polygon Improvement Proposal (PIP) framework would be expanded to all blockchains and apps that run on the Polygon network.
• A "System Smart Contracts Governance" pillar would oversee upgrades to the protocol or software that's implemented as a smart contract.
• A "Community Treasury" governance mechanism would support the Polygon ecosystem's growth and fund projects.
• A "Community Advisory Council" would provide input to the other three parts of the system.

The current governance system for Polygon is based on a voting system for token holders. But the developers of Polygon think this system isn't as effective as it could be. They say the new system would be more decentralized and would give more power to the community.

The proposed restructuring is still in the early stages, and it's not clear when it would be implemented. But the developers of Polygon are hopeful that the new system will improve the governance of the Polygon network.

Meanwhile, the SEC is looking to expand its budget to better regulate the crypto industry.

SEC Chair Gensler Cites 'Wild West' of Crypto in Case to Increase Agency's Budget

SEC Chair Gary Gensler told lawmakers that the agency needs more funding to "meet the scale of our mission" and protect investors from the "Wild West" of the crypto markets. He said the SEC is currently working on a number of initiatives to regulate the crypto industry, including a new framework for classifying digital assets as securities.

Gensler has been a vocal critic of the crypto industry, and he has repeatedly called for more regulation. He says the current lack of regulation in the crypto markets makes it difficult for the SEC to protect investors.

The SEC's budget request is likely to be met with resistance from some lawmakers, who say the agency already has enough funding. But Gensler is likely to continue to push for more funding, as he believes it's essential to protect investors in the crypto markets.

And finally, Tesla hasn't bought or sold any bitcoin in the past four quarters.

The electric car maker's bitcoin holdings remained at $184 million at the end of the second quarter. 

Tesla initially bought $1.5 billion worth of bitcoin in early 2021, but sold more than 30,000 bitcoins in the second quarter of last year.

Tesla CEO Elon Musk has been a vocal supporter of bitcoin in the past, but he's also been critical of the environmental impact of the cryptocurrency. In May, Musk said Tesla would no longer accept bitcoin as payment for its cars due to concerns about its environmental impact.

It's unclear whether Tesla will buy or sell any bitcoin in the future. But the company's decision not to buy or sell any bitcoin in the past four quarters suggests it's taking a more cautious approach to the cryptocurrency.

That's all the news from the crypto world this week. 

Thanks for joining me and do tell your friends about crypto unplugged.

Have a great Friday and a lovely weekend and see you guys’ next time!