Compound Lawyer Warns Treasury Department Seeks To “Capture” DeFi – August 18

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$45,010

Bitcoin price has retreated back to the $45,000 level, as momentum continues to taper off for the coin.

Top-20 altcoins have also performed poorly over the last 24 hours, as Ethereum falls 5%, XRP drops 8% and Uniswap tumbles 11%.

Top Stories for August 18, 2021 🔥

👉 Compound Lawyer Warns Treasury Department Seeks To “Capture” DeFi

Compound Labs general counsel, Jake Chervinsky, has warned that the Treasury Department is seeking to capture DeFi via last-minute additions to the controversial infrastructure bill.

Chervinsky made the claim on the Bankless “State of the Network” podcast yesterday, saying that the industry had been blindsided by provisions announced just nine days before its senate passing date.

He believes that the Treasury department was seeking to obtain jurisdiction over the sector and expand its surveillance to DeFi.

👉 Vitalik Buterin Joins Dogecoin Foundation As Adviser

Ethereum founder Vitalik Buterin has joined the Dogecoin Foundation as its “blockchain and crypto adviser”, as part of its re-establishment.

The Dogecoin Foundation is a non-profit organization, which seeks to support the cryptocurrency’s development via advocacy, governance and trademark protection.

A three-year budget is in the pipeline for the foundation, which is looking to hire staff to work on the project full-time.

👉 DEX Aggregator 1inch Expands To Layer-2 Platform Optimism 

Decentralized exchange (DEX) aggregator 1inch has expanded to ethereum Layer-2 scaling solution, Optimism.

The platform will reduce gas fees and increase throughput for 1inch users, expecting to eventually accomodate up to 2,000 transactions per second – although this is currently capped during the alpha testing phase.