SEC's 'Regulation Crypto Assets' Proposal and $9M Moonwell Exploit Lead

The SEC released its proposed 'Regulation Crypto Assets' framework, offering crypto issuers clearer compliance options. Separately, Base-based lending protocol Moonwell suffered its fourth pricing-related exploit in a year, losing nearly $9M after an attacker manipulated MAMO collateral pricing.

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SEC proposes 'Regulation Crypto Assets' framework to clarify issuer rules The August 18 proposal gives crypto issuers a clearer path and new options for compliance, according to Simpson Thacher. It marks a major step in the SEC's evolving approach to token regulation. 1

Moonwell loses $9M in fourth pricing-related attack in a year An attacker inflated MAMO collateral pricing on Base to drain cbBTC, USDC, WETH and wstETH, then swapped proceeds for DAI. Blockaid flagged the exploit; Moonwell cut borrow and supply caps to one wei. 2