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Proof of Stake Alliance updates recommendations for staking providers

November 9, 2023 Coin Telegraph

AVA Labs

The POSA updated its staking principles to say that providers should communicate clearly and not control the amount of liquidity a user must provide.

The Proof of Stake Alliance (POSA), a nonprofit organization that represents firms in the crypto staking industry, published an updated version of its “staking principles” on Nov. 9.

*Previous version of the POSA staking principles. Source: POSA*

POSA represents 15 different firms in the staking industry, including Alluvial, Ava Labs, Blockdaemon, Coinbase, Credibly Neutral, Figment, Infstones, Kiln, Lido Protocol, Luganodes, Methodic, Obol, Polychain, Paradigm, and Staking Rewards.

The staking principles were first published in 2020. According to the blog post that announced them, they are meant to be “a set of industry-driven solutions” that providers can implement to address the concerns of regulators and encourage responsible practices in the industry.

The old version of the principles says staking providers should not give investment advice, guarantee the amount of staking rewards that can be obtained, or imply that they have control over a protocol in their marketing materials. Instead, they should advertise that their products provide access to a protocol and allow users to enhance security. In addition, the principles state that staking providers should use non-financial terminology such as “staking reward” in their marketing materials instead of financial terms like “interest.”

The Nov. 9 announcement says three new principles will be added. First, staking providers will be encouraged to provide “clear communication […] to ensure users have all the information necessary to make informed decisions.” Second, users should be able to decide how much of their assets they want to stake, as this will promote “user ownership of staked assets." Third, staking providers should have “explicitly delineated responsibilities” and “should not manage or control liquidity for users.”

The crypto staking industry has been criticized by some regulators, who claim it’s a cover for issuing unregistered securities. Kraken’s staking service was shut down by the United States Securities and Exchange Commission on Feb. 9, and the exchange was ordered to pay $30 million in damages for allegedly violating securities laws. However, other staking providers have claimed that their services are not securities. For example, POSA member Coinbase argued that its service is “fundamentally different” from Kraken’s and does not violate securities laws.

Ava Labs cuts 12% of staff to ‘reallocate resources’ toward expansion

November 7, 2023 Coin Telegraph

AVA Labs

Ava Labs CEO Emin Gün Sirer however stressed the firm is well-positioned with significant runway and resources at its disposal.

Ava Labs, the team behind the Avalanche Blockchain, has confirmed it laid off 12% of its employees in a recent wave of staff cuts, citing the need to reallocate its resources.

The firm’s founder and CEO Emin Gün Sirer confirmed the news on Nov. 7 after several former Ava Labs employees announced on X (formerly Twitter) they had been laid off.

“This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the growth of our firm and the Avalanche ecosystem,” Gün Sirer said.

Gün Sirer acknowledged that bear markets can be tough to navigate but iterated Ava Labs is well-positioned with significant runway and resources at its disposal.

Today we parted ways with some of our Ava Labs team members. We are no longer a 12 person startup, but we strive to capture the speed and energy of a small, nimble team.

This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the…
— Emin Gün Sirer (@el33th4xor) November 7, 2023

Ava Labs has 335 employees, according to LinkedIn, which suggests around 40 people were impacted.

Ava Labs vice president of growth and strategy Garrison Yang hinted that many of the layoffs came from the firm’s marketing team.

In an Oct. 6 post on X, former game growth marketing team-member Zach Manafort was among those revealing he was laid off. His departure comes despite being active in the Avalanche community since 2020.

It looks like my time at @AvaLabs has come to its end. Despite the recent layoffs, my time here has been filled with invaluable experiences and growth.

As I transition forward, I am open to explore opportunities in marketing or operations.

My passion for these fields combined…
— Trading Aloha (@TradingAloha) November 6, 2023

The layoffs came as a surprise to Manafort who thought “things were just getting started.”

Brandon Suzuki, who also previously worked in Ava Labs’ marketing unit, similar confirmed that he was laid off on Oct. 6.

Unfortuantely, I was let go from @AvaLabs this morning. If anyone has resources for web3 marketers, please let me know!
— Brandon Suzuki (@BrandonSuzuki_) November 6, 2023

The most recent round of layoffs comes only days after a 50% staff cut by nonfungible token marketplace OpenSea on Nov. 3.

Neil Dundon, founder of CryptoRecruit, told Cointelegraph that job openings are still hard to come by in the crypto industry, despite a recent uptick in crypto market cap.

“The Crypto market is still very tough unfortunately right now. Money is tight. VC has dried up.”

Dundon said there needs to be more signs pointing to a bull market before there’s any meaningful uptick in hiring again.

“This is how it has always behaved and it’s no different this time around.”

On the other hand, Kevin Gibson and Daniel Adler, the founders of Proof of Search and Cryptocurrency Jobs, both told Cointelegraph that they have seen a slight increase in hiring over the last few weeks.

Gibson attributed this to cryptocurrency firms acting under the impression that they may lose out on the talent pool when market conditions improve in 2024. He added:

“It is still an employer's market so we are encouraging companies to take advantage of this to keep building as it will be very different in 2024.”

Gibson noted that some of these positions were only 2-3 day per week roles as opposed to full-time positions.

Adler shared a similar sentiment:

“As we're approaching the end of the year, teams are doing a final hiring push and following through on their hiring plans and roadmap.”

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Ava Labs President John Wu Makes 2024 Crypto Predictions, Says Big Developments Coming for Avalanche Ecosystem

October 20, 2023 The Daily Hodl

Fear of blockchain will have ‘disastrous consequences’ — Ava Labs CEO testimony

June 13, 2023 Coin Telegraph

AVA Labs

Gün Sirer says the U.S. “won the first wave of the internet revolution” because it enabled responsible innovation. Now, it must do the same with blockchain.

Ava Labs CEO Emin Gün Sirer will be calling on United States officials to “nurture” and “support” responsible blockchain innovation, warning that they face “disastrous consequences” if they don't.

Gün Sirer’s comments in defense of what he describes as a “revolutionary technology” is part of a testimony that he is scheduled to give to the U.S. House Financial Services Committee on June 13 — the audience will include Chair Patrick McHenry, Ranking Member Maxine Waters and other members in the House Committee.

Gün Sirer’s testimony aims to explain how blockchain can “transform society” by making digital services “more efficient, reliable and accessible to all.”

My written testimony for the House Financial Services Committee hearing on blockchains and the future of digital assets is now public.

You can read it to preview what I’ll say and live stream the hearing at 2 p.m. ET tomorrow here:https://t.co/bv2pWTwCVT https://t.co/dtRlBmuN4F
— Emin Gün Sirer (@el33th4xor) June 12, 2023

It comes amid a slew of regulatory enforcement actions by the U.S. Securities Exchange Commission (SEC) and U.S. Senator Elizabeth Warren’s indicated plans to build an “anti-crypto army.”

But Gün Sirer fears that such action may backfire with “disastrous consequences” on the country’s economy:

“Failure to see the power of blockchain technology – whether due to a lack of understanding or misplaced fears of the technology – will have disastrous consequences.”

He added that a “failure” to provide a “sensible regulatory framework” would not only blowback economic growth but also “make it easier for bad actors to conduct illicit activities.”

I am honored to discuss the need for free, safe, and responsible blockchain innovation in the U.S. before the House Financial Services Committee next Tuesday. I look forward to advocating for the technical and scientific merits of these systems. https://t.co/FUuuXmdrg1
— Emin Gün Sirer (@el33th4xor) June 9, 2023

The Ava Labs CEO explained that the U.S. “won the first wave of the internet revolution” in the early 2000s because it enabled “responsible freedom to innovate.”

He’s now calling on U.S. officials to “follow the same path” in what he describes as an increasingly “digitally-native world.”

“As we move towards a more digitally-native world, aided by AI, virtual reality, and a work-from-home society, we will have to rely increasingly on digitally-native transfer and programmability of value.”

“Blockchains are the clear technological answer to these needs,” Gün Sirer said, adding that blockchains will one day capture a large share of the world’s economic value:

“The addressable market for digitizing the world's assets and transferring value safely across the internet is greater than the sum of all the value of all existing assets.”

Gün Sirer isn’t the only industry figure to share this view either.

In an interview with CNBC Crypto World on June 8, Chainlink Labs CEO Sergey Nazarov explained that it is “absolutely inevitable" that much of the world’s economic value will soon find its way on-chain.

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Ava Labs founder awarded $3M in crypto defamation suit

May 2, 2023 Coin Telegraph

AVA Labs

Emin Gün Sirer, the founder and CEO of Ava Labs, has been awarded millions in damages after an influencer publicly accused him of being part of a Turkish terrorist group in 2021.

Ava Labs founder and CEO Emin Gün Sirer has reportedly won a defamation suit against a crypto influencer, awarding him $3 million in damages.

The lawsuit stemmed from claims made in a February 2021 YouTube video by crypto influencer Emre Aksoy linking Sirer to an Islamist group the Turkish government calls the Fethullah Terrorist Organization (FETO).

Askoy told his large YouTube following that Sirer was a group member, directing them to short the Avalanche (AVAX) token. According to Sirer, the defamation cost him millions and crashed the price of AVAX at the time. The token fell 57% from its $55.51 high on Feb. 11, 2021, to $23.85 by the end of the month.

Aksoy was described as a “marketing expert” that was paid to promote a product competing with Ava Labs, according to the suit. Cointelegraph contacted Emre Aksoy for a comment but did not receive a response by publication time.

The founder of blockchain platform Ava Labs can pursue defamation claims against a cryptocurrency marketer and "thought leader" over comments he made on social media. https://t.co/aTpel0gxFf
— Law360 (@Law360) October 27, 2021

According to Law360, on April 28, United States district judge Beth Bloom said Sirer was entitled to $750,000 in general damages for reputational harm. The judge said a prior testimony from Sirer “adequately shows he suffered considerable reputational harm, among other things.”

The judge wrote:

“[The] Plaintiff experienced anxiety and fear during his frequent trips to Turkey because of his justified concern that he would be arrested and detained by the Turkish authorities upon entry as a result of the defendant’s allegations that he was a member of FETÖ.”

Bloom also awarded Sirer $300,000 in “special damages for his increased security costs” and $2 million in punitive damages to “deter the kind of malicious behavior perpetrated by the defendant.”

Ava Labs is the firm behind the Avalanche network, a layer-1 smart contract platform.

Speaking at a blockchain conference on New York City’s Roosevelt Island last week, Sirer commented that the industry could not consider itself mature until regulators can read and audit code.

His comments come amid a broader crypto crackdown in the U.S. where regulators have taken enforcement actions against everything from staking to stablecoins.

Magazine: Crypto winter can take a toll on hodlers’ mental health

CFTC adds execs from Circle, Ava Labs and Fireblocks to tech advisory group

March 14, 2023 Coin Telegraph

Abalanche

The technology advisory committee aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in financial services and markets.”

The Commodity Futures Trading Commission has signaled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee (TAC).

CFTC commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership via a public statement on March 13, with the inaugural meeting of the new committee set to take place on March 22.

The TAC itself was formed in 1999 and aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in financial services and markets.”

“The TAC may inform the Commission’s consideration of technology-related issues in support of its mission to ensure the integrity of derivatives and commodities markets and the achievement of other public interest objectives,” the announcement reads.

Today @CFTCcgr announced the membership of the newly constituted Technology Advisory Committee, its Chair, and Vice Chair. Learn more: https://t.co/9sYxiLiiJE
— CFTC (@CFTC) March 13, 2023

The TAC also has the potential to provide advice on tech investments that “could support the Commission in meeting its surveillance and enforcement responsibilities.”

Former White House official Carole House will serve as the chair of the committee, with Ari Redboard, the head of legal and government affairs at blockchain intelligence firm TRM Labs, serving as the vice chair.

Other crypto-related members include Ava Labs founder and CEO Emin Gün Sirer, Circle vice president of global policy Corey Then, FireBlocks co-founder and CEO Michael Shaulov, Inca Digital CEO Adam Zarazinski and blockchain auditor Trail of Bits co-founder Dan Guid.

I'm thrilled to have been appointed to the CFTC's Technical Advisory Board. I'll do everything I can to move the space forward, inform regulators about the latest developments in crypto, and bring the benefits of blockchains to our financial system.https://t.co/5RpC1pb8Sd
— Emin Gün Sirer (@el33th4xor) March 13, 2023

Outside of crypto, executives from major companies such as IBM, Amazon, the CME Group and Cboe Global Markets have also been included in the TAC. There is also a strong showing of professors from university law schools such as Cornell and the University of Michigan.

As part of the announcement, Goldsmith Romero emphasized the importance of working with members from private tech and other organizations to regulate and protect the commodities/futures market:

“To protect our markets from increasingly-sophisticated cyber attacks, to ensure responsible development of digital assets in a way that protects customers, and to ensure that the implications of emerging technologies like artificial intelligence are well understood, the Commission requires advice from technology experts.”

“These experts can provide us foundational knowledge about the technology, as well as the complex and nuanced impacts and implications of technology on financial markets,” she added.

The collaborative approach from the CFTC appears to be in stark contrast to that of the other U.S. agencies, such as the Securities and Exchange Commission, which has reportedly acted frostily toward crypto firms behind closed doors.

Executives such as Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell and Custodia Bank CEO Caitlin Long have all highlighted issues with trying to proactively work with the SEC and the government over the past couple of years.

Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16%

January 11, 2023 Bitcoin.com

AVA Labs

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