Stocks Hurt US Households More Than Crypto, Commonwealth Bank Pauses Crypto Plans, Bitcoin PizzaDAO + More News

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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.


Investments news

  • Crypto holdings account for just 0.3% of US household net worth, compared with equities, which accounted for around 33% at the end of 2021, Bloomberg reported, citing Goldman Sachs. Their recent price declines have likely reduced household net worth by about USD 8tn. “Equity price fluctuations are the main driver of changes in household net worth, while cryptocurrencies are only a marginal contributor,” per Goldman Sachs.
  • Gate Ventures, the venture capital arm of crypto platform, announced it is participating in a USD 27m A financing round for crypto platform Oasis Pro. This financing will be used to fuel Oasis Pro’s growth by building the senior management team, expanding business development, and adding complementary blockchain technologies.

Adoption news

  • The Australian Commonwealth Bank has paused the launch of cryptoasset trading through its app amid turmoil and uncertainty in the market, the Guardian reported. There is no time set on when it will resume, and those who were on the initial pilot have not been able to continue trading crypto through the app.

DAOs news

  • Decentralized pizza community PizzaDAO, which aims to use Web3 to support independent businesses and give away free pizza, will celebrate Bitcoin Pizza Day alongside actor Seth Green, musician Steve Aoki, and artist Kenny Schachter, among others. The event will see the decentralized pizza network on the streets of New York and San Francisco, USA, while celebrating at more than 100 pizzerias around the world, including London, Ethiopia, Buenos Aires, Seoul, Sydney, Vancouver, and others.

DeFi news

  • Multi-chain DeFi protocol iZUMi announced the launch of their new decentralized exchange (DEX) iZiSwap on Binance Smart Chain (BSC), with news of a USD 30m investment raised aiming to expand its ecosystem.

Regulation news

  • Panama’s President Laurentino Cortizo said he’ll refuse to sign a law regulating the use of crypto until it contains tougher anti-money laundering controls, per Bloomberg. The nation’s legislative assembly passed the bill last month, which would make it easier for cryptoasset exchanges to obtain licenses to operate in the country, and it would regulate transactions in digital currencies.
  • The US Department of Commerce’s International Trade Administration is seeking public comments on how it can respond to President Joe Biden’s executive order on crypto. Written comments must be received on or before 5 pm Eastern Time on July 5.

Career news

  • Binance.US announced the appointment of Krishna Juvvadi as Vice President, Head of Legal. Prior to joining the exchange, Juvvadi served as Global Head of Operations Compliance at ride-sharing app Uber Technologies Inc.

Legal news

  • The US Commodity Futures Trading Commission (CFTC) charged Sam Ikkurty and Ravishankar Avadhanam, as well as Ikkurty’s company Jafia LLC, with fraudulently soliciting at least USD 44m for participation interests in a so-called “income fund” invested in digital assets and other instruments. The CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations.

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