GM Defiers! Today we’re covering yet another Polygon launch (yesterday we reported that Google Cloud is partnering with the blockchain), with Franklin Templeton issuing a fund there. While large institutions onboard to Polygin, MarkerDAO is kicking them out, as they vote to remove a SocGen credit line. ✍️ In today’s newsletter: 🙏Sponsored: 📈 Markets in […]

GM Defiers!

Today we’re covering yet another Polygon launch (yesterday we reported that Google Cloud is partnering with the blockchain), with Franklin Templeton issuing a fund there. While large institutions onboard to Polygin, MarkerDAO is kicking them out, as they vote to remove a SocGen credit line.

✍️ In today’s newsletter:

• Franklin Templeton launches fund on Polygon
• MakerDAO to shutter SocGen credit line
• California may become more DAO friendly

🙏Sponsored:

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📈 Markets in last 24 hrs:

🎬 WATCH

Watch our 5-step guide to trading new tokens safely. And check out our podcast with Nick Johnson, the founder of the Ethereum Name Service (ENS).

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Institutions are Coming

$1.4 Trillion Investment Firm Launches Tokenized Mutual Fund on Polygon

TLDR Franklin Templeton, the subsidiary of a global investment firm with $1.4T in assets under management, launched its on-chain money fund, a stablecoin alternative, on the Polygon network on Wednesday. The Franklin OnChain U.S. Government Money Fund (FOBXX) is a U.S.-registered mutual fund that executes transactions and records share ownership using the Stellar blockchain. 

SO WHAT The news is the latest sign of increasing institutional interest in Ethereum and its ecosystem following its transition to Proof of Stake consensus last year. Last month’s Shapella upgrades, which activated Staked Ether withdrawals for the first time, have further stoked institutional appetite for Ethereum. 

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Endgame Plan

MakerDAO To Shutter SocGen’s $30M Credit Line

TLDR MakerDAO, the second-largest DeFi lending protocol, plans to shut down the credit vault launched for a subsidiary of Societe Generale, France’s third-largest bank, after the firm paid down its debts last month.

SO WHAT The news comes as MakerDAO actively seeks to limit its exposure to real-world assets (RWAs) in line with its controversial “Endgame” roadmap. 

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Regulations

California DAO Bill Seeks to Provide Legal Clarity, A16z’s Jennings Said

TLDR Called AB 1229, and introduced by California assemblymember Matt Haney, the bill would establish a business entity structure for DAOs. The structure, called a decentralized nonprofit organization (DNPA), would provide a framework for DAOs to establish a legal entity, pay taxes, and provide limited liability to their participants. 

SO WHAT As the fight for regulatory clarity for crypto continues at the federal level, a bill emerged this week, aiming to provide some of that clarity at the state level. AB 1229 comes at a time when regulatory and enforcement actions by government agencies have dominated the conversation on crypto in the United States.

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🔎 OUR REPORTERS ARE WATCHING

🌍 ELSEWHERE

• Sens. Warren Delays Reintroducing Crypto Bill Due to Lack of Sponsors (Blockworks)
• US House Financial Committee Republicans look for records to show crypto debanking (Cointelegraph)
• Crypto-Friendly Lender Cross River Bank Criticized by FDIC (WSJ)