Opyn DeFi protocol founders are leaving crypto after CFTC crackdown
Zubin Koticha and Alexis Gauba, two founders of the Opyn decentralized finance (DeFi) protocol, are stepping down from the project and “leaving crypto,” according to a statement from Koticha posted to social media on Nov. 14. The statement comes approximately two months after Opyn settled an enforcement action against it from the United States Commodity and Futures Trading Commission (CFTC).
Hey Crypto Twitter,
It’s been a while
This one’s a tough one…
After the regulatory action against Opyn, @alexisgauba and I have made the decision that we are leaving crypto.
This is honestly really emotional for me and Alexis.
— zubin koticha (@snarkyzk) November 14, 2023
In his statement, Koticha claimed that the decision was “really emotional” for them. “We thought we were going to be in crypto for the rest of our lives,” Koticha explained. “But unfortunately and unexpectedly, this is the end of the road.” According to him, Opyn will continue under the leadership of its head of research, Andrew Leone, who is being promoted to CEO.
Koticha hinted that the two executives will be working on a new project, stating, “As for me and Alexis – we got something new for y’all very soon.” However, this new project will not be crypto-related, as the two “have made the decision that we are leaving crypto.”
Gauba shared Koticha’s post from her own account, commenting, “Always thought I’d be building in crypto for the rest of my life, so it’s really sad to be leaving.”
Related: Opyn removes liquidity from Uniswap after $370K stolen in DeFi exploit
Opyn is an options trading platform that runs on the Ethereum network. Its development team is headquartered in San Francisco, California. On Sept. 7, the CFTC announced that it was simultaneously issuing and settling an enforcement action against Opyn and two other DeFi teams for allegedly operating an unregistered derivatives exchange. Opyn was ordered to pay a civil monetary penalty of $250,000 and “cease and desist” from violating U.S. commodities trading laws. Attempting to open the Opyn interface from a U.S. IP address now produces a “blocked” error page, and this redirection persists even when using many offshore VPN addresses.
The CFTC action against Opyn was controversial even within the commission itself, as Commissioner Summer Mersinger wrote a dissenting opinion claiming that the enforcement action should not have been taken.
Current laws in the United States do not explicitly protect open source software developers and create the risk of retroactive prosecution.
Jeremy Kranz, founder of Sentinel Global, a venture capital firm, said investors should be “discerning” and read the fine print on any stablecoin.
Politics
Labour deputy leadership candidate accuses opponent’s team of ‘throwing mud’ and briefing against her
Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.
With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.
Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.
But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.
“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.
“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”
Ms Powell was responding to a “Labour source” who told the New Statesman last week: “Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”
Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.
Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News’ Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters
Phillipson denies leaks
But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”
And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.
“I don’t know if there’s been any discussion between the teams,” she added.
On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.
“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.
“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”
She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”
👉 Click here to listen to Electoral Dysfunction on your podcast app 👈
Insider vs outsider
But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.
“The party is withering on the vine at the same time, and people have got big jobs in government to do.
“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”
The result of the contest will be announced on Saturday 25 October.
The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.
The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024