Protocol - When the crypto crisis comes for you

View email in browser | Forward this email

Protocol Source Code

By Lindsey Choo, Nat Rubio-Licht and the Source Code team
June 21, 2022

Good morning! As Celsius and others freeze withdrawals, the question on everybody’s lips is: What happens to the investors?

Was this email forwarded to you? Sign up here to get Protocol's newsletters.

Crypto’s being held hostage


Consumers promised high returns and safe investments lost big in the UST-luna collapse, which in turn has caused DeFi entities like the Celsius Network to freeze withdrawals. Alongside the general crypto market downturn, the damage is tangible, giving urgency to efforts to regulate crypto with basic guardrails.

The questions of what happens to crypto held hostage by an exchange or a DeFi lender are puzzling for many of the new investors drawn to crypto recently.

  • In the context of DeFi lenders like Celsius, it’s unlikely consumers will be able to access their crypto deposits unless they are unfrozen by the lenders themselves.
  • How existing investor protection laws might apply to digital assets is largely untested, and the global and decentralized nature of many DeFi entities makes it hard to figure out where to start in pursuing a claim.

But risky behavior by crypto companies isn’t flying under regulators’ radar. A look at the ongoing investigations Terraform Labs is under after the UST-luna stablecoin collapse gives an idea of the repercussions a DeFi company can face from causing losses for investors.

  • Federal legislation and regulations could be expected in the next few years, with the introduction of the Responsible Financial Innovation Act in Congress and Biden’s executive order outlining how federal agencies should be working together for a regulatory framework for the crypto industry, federal legislation and regulations could be expected in the next few years.

In the meantime, SEC Commissioner Hester Peirce, a frequent critic of the agency’s scant rulemaking on crypto, gave one piece of advice to consumers back in May. “I think no matter what you're doing with your money as an individual, you need to be using your own brain, first and foremost. You need to be looking out for red flags,” she told Protocol.

Read the full story here.

— Lindsey Choo (email | twitter)

Open URL

One charger to rule them all


Following in the footsteps of the EU, Democratic Sens. Elizabeth Warren, Ed Markey and Bernie Sanders called for the U.S. to establish uniform charging accessory standards in a letter to the Department of Commerce.

Planned obsolescence in consumer electronics is causing an excessive amount of e-waste, and a universal charging standard could help, the senators argue.

  • The letter comes on the heels of the EU's decision to require USB-C charging ports to be standard by 2024, but the senators’ letter didn’t specifically call for USB-C, rather an open-ended “comprehensive strategy."
  • In 2020 alone, there was a global total of 54 million tons of e-waste accumulated. The EU’s decision itself would save 11,000 tons of e-waste annually, and making a charging standard in the U.S. could help even more.

It could also save consumers a lot of money. The EU law, for example, will save consumers an estimated $268 million a year.

  • One European Commission study reported that consumers 38% of the time can't charge their device because they don't have a compatible charger on hand. Consumers also spend nearly $2.6 billion annually on standalone chargers that don’t come with their devices.

The charging port standard in the EU will already throw Apple for a loop, which holds 18% market share in the region, though the company is reportedly working on some USB-C iPhones now. But setting these standards in the U.S., where it controlled 50% of the U.S. smartphone market in the first quarter this year, could totally upend it.

— Nat Rubio-Licht (email | twitter)



How to build an equitable and inclusive future

At the same time that the pandemic demonstrated all that is possible in an interconnected world, we saw in new and increasingly stark ways how certain communities continue to be marginalized and harmed by a persistent digital divide and how effectively that divide exacerbates our society’s other inequities.

Click here to read more from Trusted Future

People are talking


Elon Musk still has some outstanding issues with buying Twitter:

  • "Will the debt portion of the round come together? And then will the shareholders vote in favour?"

FTX’s Sam Bankman-Fried blames the Fed for the crypto crash:

  • "Literally, markets are scared. People with money are scared."

FBI agent Sean Ragan thinks crypto fraudsters on LinkedIn are a big threat:

  • “There are many potential victims, and there are many past and current victims.”

Coming this week


Closing arguments in Sunny Balwani's trial are expected to start today. They'll probably last more than a day.

NFT NYC is happening. WAGMI or NAGMI?

Collision started yesterday. Execs from FTX, Calendly, a16z and more are speaking. Protocol’s Michelle Ma will be there, too.

DevOps Loop begins tomorrow. Expect to hear from Snyk, VMware and Chainguard leaders.

VidCon also starts tomorrow at the Anaheim Convention Center.

In other news


Apple workers in Maryland voted to unionize, becoming the first of the company’s stores to do so.

Elon Musk clarified that Tesla's layoffs affect 3.5% of its workforce, not 10%. And on Sunday, two former Tesla employees sued the company over the layoffs, alleging they broke federal law.

Few companies actually followed through on their DEI promises in the two years after George Floyd's murder. These charts show about how much has changed.

Meet Butterscotch, Starburst, Holocake and Mirror Lake, a few of Meta’s newest VR headset prototypes. Meta also announced an avatar fashion store, where you can buy virtual clothing from Balenciaga, Prada and other high-fashion brands. Prices for items will be between $3 and $9.

U.S. lawmakers are urging Google to label and limit the reach of fake abortion clinics. The letter was prompted by a recent study that found that 11% of abortion-related searches directed users to anti-abortion centers.

The ex-Amazon worker behind the Capital One hack was found guilty of wire fraud and hacking. Paige Thompson also used Capital One’s servers to mine crypto.

Locals aren’t happy about Amazon’s drone delivery service. Many people in the rural town where the service will launch didn’t even know the project was happening.

Automate everything 


Process docs and company wikis are invaluable when it comes to storing information. What happens if the only person who knows how to do one specific function is out sick? Scribe allows you to document a process as you’re doing it. Instead of taking videos or listing out all your steps, just go through the task, and Scribe will record your every move, spitting out clear directions and helpful screenshots.



How to build an equitable and inclusive future

There is so much more we need to do to make sure our future is more equitable and inclusive and maximizes America’s potential. It is not enough just to ensure everyone is connected. We also need to extend the full scope of digital opportunity to the people, the communities, and the institutions.

Click here to read more from Trusted Future


Thoughts, questions, tips? Send them to, or our tips line, Enjoy your day, see you tomorrow.


How likely are you to recommend Protocol to a colleague?

Copyright © 2022 Protocol Media, LLC. All rights reserved.

To update your preferences and manage newsletter subscriptions, log in here.

Unsubscribe from all Protocol newsletters. This will unsubscribe you from all Protocol newsletters and alerts. Click here to update your preferences instead.


Key phrases

Older messages

Big Tech’s disinfo pact

Friday, June 17, 2022

EU's code — Musk meets Twitter — Celsius freeze View email in browser | Forward this email By Nat Rubio-Licht and Sarah Roach June 17, 2022 Good morning! This Friday, the EU Code of Practice on

What's going on with tech hiring?

Friday, June 17, 2022

Hiring and firing — real estate — Squid Game View email in browser | Forward this email By Sarah Roach and Nat Rubio-Licht June 15, 2022 Good morning! Some tech companies are expanding, while others

Antitrust’s uphill battle

Friday, June 17, 2022

Qualcomm's penalty — abortion data — Musk's Twitter meeting View email in browser | Forward this email By Kate Cox, Nat Rubio-Licht and the Source Code team June 16, 2022 Good morning! The EU

This CTO puts arguing on his calendar

Friday, June 17, 2022

Calendar Peeping — fixing Instagram — hiring engineers View email in browser | Forward this email By Michelle Ma June 16, 2022 Welcome back to our Workplace newsletter. Today: how a busy CTO spends his

🔮The Class of 2022 will still find good tech jobs

Tuesday, June 14, 2022

The graduates — CPO to CEO — Exec Pay View email in browser | Forward this email By Michelle Ma June 14, 2022 Welcome back to our Workplace newsletter. I've just returned from a weeklong hiking and

No Strings Attached

Tuesday, May 24, 2022

Back in the Paddle Again, Reimplementing Poverty Tuesday, May 24, 2022 - The Day's Most Fascinating News from Dave Pell NextDraft Logo Current Edition About NextDraft Tuesday, May 24, 2022 Share

Stop the (French) presses

Tuesday, May 24, 2022

Sweet Tuesday, I am back in your arms, your inbox, hello my darling. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

💻 Issue 305 - Rust9x: Compile Rust code for Windows 95, NT and above

Thursday, April 28, 2022

This week's Awesome Rust Weekly Read this email on the Web The Awesome Rust Weekly Issue » 305 Release Date Apr 28, 2022 Your weekly report of the most popular Rust news, articles and projects

UK signs deal to share police biometric database with US border guards [Tue Jul 5 2022]

Tuesday, July 5, 2022

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 5 July 2022 UK signs deal to share police biometric database with US border guards UK signs deal to share police biometric

Your Tuesday Briefing: A mass shooting near Chicago

Monday, July 4, 2022

Plus Russia regroups in the east and China arrests a mysterious tycoon. View in browser| Continue reading the main story Morning Briefing, Asia Pacific Edition July 5, 2022 Author Headshot

[ALERT] - Biden Praised By Communist…

Monday, July 4, 2022

Here's What Happened Please read orunsubscribe here Conservative News [ALERT] - Biden Praised By Communist… And Biden Lets Them? Here's What Happened >>> Learn more about RevenueStripe

Pink Monkeys

Monday, July 4, 2022

An apple a day keeps the doctor away But a Browser a day brings him back. Pink Monkeys By Sylvia Bishop – 04 Jul 2022 – View online → Save The Pink Apples Agostino Petroni | Afar | 28th June 2022 | U

Celebrating the wit of 'Silent Cal' Coolidge

Monday, July 4, 2022

+ the science of fireworks ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Type 2 Diabetes: 1 Sure Sign This Can Happen To You In A Month!

Monday, July 4, 2022

Please Read or Unsubscribe The Conservative News Sponsored content keeps our newsletter free. We do not endorse all advertisers. SPONSORED If you or a loved one currently take something to manage your

New York’s new gun law - Russia advances in Ukraine - Single-use plastics ban

Monday, July 4, 2022

Ohio police shooting • Flight cancelations • New York's new gun law • Russia advances in Ukraine • India bans single-use plastics • 4 JUL 2022 View in browser The Factual Facts, not fear. TRENDING

Open Thread 231

Monday, July 4, 2022

... ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

NOBODY PRINT! Selfless hero saves typing pool from carbon catastrophe [Mon Jul 4 2022]

Monday, July 4, 2022

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 4 July 2022 typewriter_wtf_648 NOBODY PRINT! Selfless hero saves typing pool from carbon catastrophe Why would you make carbon

Sen. Joe Manchin May Not Be Kingmaker in West Virginia for Long

Sunday, July 3, 2022

Dozens of Democratic insurgents flipped the script on the old guard of the state party. MOST READ How Charles Koch Purchased the Supreme Court's EPA Decision Sharon Lerner Decades of contributions