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Welcome to Clutch’s weekly pocket news.
The merge FINALLY happened, watch party and all 
, Terra founder Do Kwon is in more hot water with an arrest warrant filed in South Korea
, and Gary Gensler is finding his strength as cryptocurrency advances
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Thursday, at 2:42 am EST Ethereum transitioned from Proof-of-Work to Proof-of-Stake. We can expect the most used blockchain, with its vibrant digital economy, to consume 99.9% less energy. Unsurprisingly, miners have shifted focus to mining on Ethereum Classic and Ravencoin. Despite this and the recent downturn of the market, there is hope that Ethereum will gain widespread institutional adoption.
An arrest warrant was issued in South Korea for Terra co-founder Do Kwon who is believed to be in hiding. South Korea also filed a Red Notice request with Interpol for his arrest. The blockchain protocol crashed in May when its stablecoin lost its USD peg and its sister asset, LUNA classic collapsed. However, Do Kwon says he is NOT on the run and looks forward to clarifying the truth in the next couple of months.
Immediately after the merge, a user spent 36 ETH ($53,403.13) on an NFT bearing a panda face, a symbol of the merge. NFT artist Beeple also created a giant panda cyborg NFT to celebrate the merge. Lifestyle brand Bloom dropped 3,003 anime-style avatar NFTs claiming to be “the first collection to mint on the PoS era of Ethereum.”
Securities and Exchange Commission chairman Gary Gensler said Thursday that staked cryptocurrencies may fall under securities regulations. Gensler didn’t specify a coin, but his announcement came hours after Ethereum completed the merge. Issuers of securities are bound to strict rules designed to protect investors from conflict of interest. If cryptocurrencies are categorized as securities, they can face liabilities by the SEC or court system.
Bitcoin (BTC) is down 13.56%, and Ethereum (ETH) is down 21.8%. Many blame the negativity in the market on the U.S. Federal Reserve making it clear they are going to increase interest rates again in their upcoming meeting on Wednesday.
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