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The launch comes after $12 billion has already been deposited into the protocol.

A Senate hearing focused on illicit finance and terrorism provided a glimpse into how lawmakers plan to shape potential digital asset legislation.

A defense lawyer for Avraham Eisenberg asserted in court that “it is not illegal to win.”

Lawmakers on both sides of the aisle urged the need for new crypto laws on Tuesday, as Deputy Treasury Secretary Wally Adeyemo asked for “additional tools” to effectively crack down on illicit crypto financing.

The defense countered that Eisenberg “risked 13 million of his own dollars” to net $110 million from Mango Markets.

U.S. Senator Cynthia Lummis (R-Wyo.) said that the high-stakes Ohio election that could decide both the Senate majority and the leadership of the Senate Banking Committee is likely to dig into cryptocurrency issues, and she encouraged industry insiders to make sure it does.

Bitcoin’s March all-time high saw a spike in profit-taking by long-term holders, but this activity has since begun to tapering off.

Backers include the a16z Crypto Startup Accelerator (CSX), CMCC Global, Draper Dragon, Ryze Labs and Plassa Capital.

The release is the product of a16z’s first foray into deep tech research.

A16z Crypto has released Jolt, a zero-knowledge Ethereum Virtual Machine that aims to accelerate and streamline blockchain scaling operations.