According to BlockBeats, on February 7th, Binance founder CZ initiated a vote in X on whether BNB Chain should attempt to eliminate or actively reduce MEV issues.
According to CoinDesk, Joseph Lubin, CEO of ConsenSys, an Ethereum software company, stated that the company has been twice targeted by US authorities for attempting to cut off access to the financial system, and is a victim of Operation Chokepoint 2.0. In the latest incident, a large American bank (reportedly Wells Fargo) ultimately closed its ConsenSys account after being pressured by regulatory authorities. Lubin revealed that the bank initially attempted to delay execution and expressed support for ConsenSys, but ultimately could not withstand the pressure. In addition, Lubin himself has also been targeted in this liquidation operation.
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Consensys, the Ethereum software developer best known for its MetaMask wallet, has twice been hit by U.S. authorities' attempts to exclude it from the financial system, despite the best efforts of its bank the second time around, founder and CEO Joe Lubin said in an interview.The company survived what's known as Operation Chokepoint 2.0 by holding redundant backup accounts to avoid getting into any operational difficulties. Lubin also said he was personally hit during the purge.See all newslettersChokepoint 2.0 refers specifically to the debanking of crypto businesses and executives as result of pressure exerted during President Joe Biden’s administration by regulatory authorities like the Federal Deposit Insurance Corp (FDIC). Consensys' bank, which Lubin declined to identify, resisted lots of pressure to close its account, he said.“The bank indicated to us they were getting a lot of pressure to shut down our account: a $7 billion company, always been an excellent customer for them,” Lubin said. “They basically said, 'We like you guys. We don't want to do this. We're going to try to delay the process as long as possible, and we'll let you know if we have to do something.’”The initial Chokepoint, launched by the Department of Justice during the Obama administration, aimed to cut off access to banking services for legal but politically disfavored businesses, such as payday lenders and firearms dealers.Crypto debanking has become a talking point in recent months, with leaders including Andreessen Horowitz boss Marc Andreessen and Ripple CEO Brad Garlinghouse discussing it in public. This week, it has come under Congressional scrutiny in a series of hearings, marking a further advance in the digital assets industry's reversal of policy resistance in Washington under President Donald Trump's administration.Lubin's comment shows that some banks deserve credit for trying to resist the pressure being exerted by U.S. authorities. Eventually, however, the pressure became too much and the bank caved.“The bank finally said, ‘We can’t do anything more. We’re going to have to shut down your account. We’re very sorry,’” Lubin said.A person familiar with the matter said the U.S. bank in question was Well Fargo. Wells Fargo declined to comment.This was not the end of the story, however. After Trump's election victory in November, the bank’s relationship manager reached out to the Consensys chief financial officer.“Day after the election, the bank contacted one of our people in finance and said, ‘Hey, can we take you to a basketball game?’” Lubin said.An earlier experience of Chokepoint was more brief and clinical.“That was a previous banking partner,” Lubin said without naming the bank. “They closed my personal account and they closed the company account. They just wrote a very vanilla sounding letter. That was it.”
Odaily Planet Daily News: According to official announcements, BitMart will launch Token Test (TST) on February 7th at 20:00 (GMT+8 time), which will open TST/USDT trading pairs.
Ether (ETH) has underperformed other cryptocurrencies in recent months as the Ethereum blockchain has faced "intense" competition from other networks, Wall Street bank JPMorgan (JPM) said in a research report on Wednesday.The token lacks a compelling narrative like that of its larger peer bitcoin (BTC, the bank said, adding that bitcoin benefits from its perception as a store of value and as digital gold.See all newslettersDespite upgrades, such as Dencun, activity has shifted from the main Ethereum network to its layer 2's, which is detrimental to the blockchain's growth, the report said. The network's latest upgrade, Pectra, is likely to happen in early April."Competitive pressures have led some decentralized applications (dapps) to migrate from Ethereum to other application-specific chains for better performance," analysts led by Nikolaos Panigirtzoglou wrote.Examples include decentralized exchanges (DEXs) such as Uniswap, dYdX and Hyperliquid, the bank said. Uniswap's upcoming move to Unichain is important because it is one of Ethereum's "largest gas consuming protocols," and its migration could result in a significant loss to the network's fee pool, the bank noted.JPMorgan said this trend of dapps moving to other layer 2s or alternative layer 1s could negatively impact Ethereum by lessening activity on the main network, which could result in lower transaction fees and validator revenue.Layers 2s are separate blockchains built on top of layer 1s, or the base layer, that reduce bottlenecks with scaling and data. In terms of supply, this could make ether inflationary as "fewer transactions imply reduced token burning," the authors wrote.The bank noted that Ethereum's growth is behind that of competitors such as Solana, which saw a surge in activity linked to memecoins.The Ethereum ecosystem still dominates the stablecoin, decentralized finance (DeFi) and tokenization spaces in spite of these challenges, the bank said.The network could see increased institutional demand from tokenization enterprises but "competition from other networks is likely to remain intense in the foreseeable future," the report added.How to Fix Ethereum's Fragmentation Problem
