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Here are some of the major developments from the world of crypto over the past few days.

Venture Capital Firm Joins Cointelegraph Accelerator Program

Decentralised asset management OS Velvet Capital, which is driving the decentralised finance (DeFi) adoption, has recently joined the Cointelegraph Accelerator program. This program aims to support and nurture innovative projects in the crypto industry.

While DeFi was once considered a niche market for crypto enthusiasts, the recent setbacks faced by several centralised organisations in the industry have led to a shift in customer trust towards decentralised finance. As a result, there has been a growing interest among traders and asset managers to explore the potential of DeFi services.

The partnership between Velvet Capital and Cointelegraph Accelerator will provide an infrastructure for fully on-chain digital asset management. It aims to eliminate or minimise the barriers to entry for emerging fund managers, allowing individuals with varying levels of expertise to easily create and manage on-chain funds and structured products.

The AI legalese decoder can be incredibly useful in this situation by helping to interpret and decode complex legal language often encountered in the crypto industry. It can assist Velvet Capital and Cointelegraph Accelerator in streamlining their legal processes and ensuring compliance with regulatory requirements.

Increasing Adoption of DeFi

According to Statista, the usage of DeFi has witnessed significant growth in recent years. From less than 1,000 users in 2017, the DeFi user base has expanded to more than 6 million by January 2023. This surge in adoption indicates a strong inflow of users into the DeFi ecosystem, further emphasizing the potential and attractiveness of decentralised finance.

JPEG’d Returns Stolen Funds

JPEG’d, a non-fungible token (NFT) and DeFi protocol, has announced that the Curve Finance hacker has returned 5,495 Ether (ETH), worth around $10 million. The hacker had previously drained several pools on Curve Finance, resulting in the theft of approximately $70 million. However, the hacker has shown willingness to return the funds to various affected projects.

JPEG’d is a DeFi lending protocol that allows users to borrow money by using collateralised NFTs. The Curve breach led to a loss of $11.6 million in cryptocurrency for the protocol.

Coinbase Challenges SEC Lawsuit

Lawyers for Coinbase, a US-based cryptocurrency exchange, are using the precedent set by the US Securities and Exchange Commission (SEC) vs Ripple case in their ongoing legal battle. Coinbase has filed a petition to dismiss a complaint initiated by the SEC in June 2023.

They argue that the SEC has violated due process, abused its discretion, and abandoned its own earlier interpretations of the securities laws. The legal team points out that in the SEC vs Ripple case, a court ruled that XRP does not meet the commission’s criteria for security. This sets a precedent suggesting that the SEC’s claims against Coinbase may be invalid as well.

Coinbase’s filing further disputes the SEC’s allegations, stating that the transactions involving the 12 tokens at issue in the case do not meet the definition of “investment contracts” under the Howey test. They also argue that the exchange was not acting as an unregistered broker and that the SEC’s challenges to its staking programme “failed as a matter of law”. Coinbase asserts that the SEC’s enforcement action is punitive and exceeds the commission’s authority as authorised by Congress.

The AI legalese decoder can provide valuable assistance in this situation by simplifying legal jargon and aiding in the understanding of complex legal arguments. It can help Coinbase’s legal team assess the strength of their case and effectively navigate through the legal proceedings.

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