Daily Crypto News 20 August

Cointelegraph reported that after an investigation, the Ontario Securities and Exchange Commission claimed that Aux Cayes FinTech Company Limited (a legal entity in the Republic of Seychelles) had not complied with provincial securities laws. The report alleges that Aux Cayes may have been involved in illegal activities. The team recommends that the OSC order Aux Cayes to cease all cryptocurrency trading and to prohibit it from acquiring any securities.
 

Coindesk reported that Polygon said it would build a decentralized autonomous organization (DAO) for the decentralized finance sector (DeFi). One of Polygon's goals is for DAO to attract 100 million users. Polygon recently acquired the ZK-rollup platform, Hermez, in the first blockchain network and symbol merger. The formation of DAO combined with the acquisition of ZK-rollup will facilitate the further decentralization of Polygon.
 

Cointelegraph announced that Brian Quintenz plans to leave the Commodity Futures Trading Commission (CFTC). He mentioned that his future career could include a focus on "innovation, especially related to cryptocurrency and DeFi". The CFTC has five commissioners in its panel. There are already two vacancies with the departure of Quintenz and former chairperson Heath Tarbert.