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Signal Boost: Meet Solana’s 14-year-old intern

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Happy Saturday! New in the noise: a big crypto conference in The Bahamas, New York’s mining moratorium bill, and Fidelity is letting people invest in bitcoin via 401(k) plans. Signal: below. Mike Orcutt here.
Behind the Headlines
A conversation with Gajesh Naik, Solana’s 14-year-old intern. Gajesh Naik is was already a coder, entrepreneur and crypto influencer. Now add another line to his resume: Solana Labs intern.  Yogita Khatri caught up with Naik to ask him about how he got here — and where he plans to go next. 
DEXs and market manipulation. A class-action lawsuit takes aim at the startup behind the decentralized exchange Uniswap, alleging that it allowed scammers to execute fraudulent trading schemes. The case spotlights fundamental questions about DeFi platforms that regulators have yet to address. Aislinn Keely explains.
DeFi markets are not susceptible to all of the same kinds of fraud manipulation that traditional markets are. But DEXs see wash trading as well as new kinds of market manipulation. Kollen Post explains what DEXs can and can’t do about that.  
Frank Chaparro’s dispatch from The Bahamas. The big crypto event took place in The Bahamas and was hosted by FTX and Anthony Scaramucci’s finance conference business SALT. Frank reports that behind the scenes there were signals that the crypto scene in The Bahamas is legitimately heating up
What happens next for New York’s crypto mining moratorium bill? This week, the New York state assembly passed a bill to impose a two-year moratorium on proof-of-work mining operations that rely on “carbon-based” fuel. But for it to become law, it needs to pass the state Senate before June 2. And that doesn’t appear to be on the agenda, reports Catarina Moura. 
ICYMI: Optimism is launching a governance token. OpenSea acquired NFT aggregator Gem. Saddle Finance was hacked for $10 million. Brazil’s Senate passed a bill that would regulate cryptocurrency markets. Binance said it has closed several accounts associated with Russian officials. Christin Moy, former crypto exec at JPMorgan, has joined Apollo Global Management. Multi-chain DeFi protocol Deus Finance DAO suffered a flash loan exploit and lost $13.4 million. Meta’s metaverse-focused Reality Labs lost $2.9 billion in Q1. The Central African Republic made bitcoin a legally recognized currency. KKR and multiple Ivy League universities backed Dragonfly Capital’s new $650 million fund. Robinhood laid off around 9% of its global staff. Fort Worth, Texas passed a resolution to start mining bitcoin. Fireblocks added support for Terra. Fidelity will allow clients to invest in bitcoin through their 401(k) accounts. Crypto.com made a four-year grant to MIT’s Digital Currency Initiative. Crypto Capital exec Reginald Fowler pleaded guilty in his faud case. Near Protocol’s USN stablecoin is live.   
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This post is commissioned by Copper and does not serve as a testimonial or endorsement by The Block. 
Under the Microscope
Spotlighting energy companies that have started mining bitcoin. Several companies with backgrounds in traditional energy production became publicly traded bitcoin mining firms in 2021. How has it worked out for them? In his latest piece (Research membership required), Wolfie Zhao dove into the financial numbers.  
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Off the Block
Does a toddler need an NFT? The New York Times explores the very strange digital realm in which NFTs are converging with children’s entertainment. 
The Money Quote
“We have grave concerns about what Fidelity has done.”
—Ali Khawar, acting assistant secretary of the Employee Benefits Security Administration at the US Labor Department, on Fidelity’s move to allow clients to invest in bitcoin via their 401(k) plans.
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