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Welcome to The Node! This is Daniel Kuhn here to take you through the latest in crypto news and why it matters.

In today's news: Rep. Patrick McHenry accused SEC Chair Gary Gensler of misleading Congress over Ethereum definition. Securitize has closed a $47 million funding round led by BlackRock. And Solana-based decentralized platform Jito is building a restaking service.

Gary Misled

Rep. Patrick McHenry, the chairman of the House Financial Services Committee, accused Securities and Exchange Commission Chair Gary Gensler of misleading Congress over its consideration of ETH as a security. Recent reports indicate that the SEC has considered Ethereum’s native token a security for over a year, however Gensler, in congressional testimony, declined to answer that question. "New court filings show this was an intentional attempt to misrepresent the commission's position,” McHenry said in a statement posted on X.

RWA Asset

Real-world asset tokenization firm Securitize has closed a $47 million funding round led by the world's largest asset manager, BlackRock. The round also included investments from Hamilton Lane, ParaFi Capital and Tradeweb Markets. Securitize will use the funds to to expand its efforts in using blockchain technology to digitize capital markets. Last month, BlackRock and Securitize teamed up to create the BlackRock USD Institutional Digital Liquidity Fund, which appears to be a tokenization project.

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Solana Restaking

Jito, a Solana-based decentralized exchange aggregator, is building a restaking service, the first sign that the restaking craze is spreading beyond Ethereum. CoinDesk found that half a dozen teams quietly built out Solana restaking, or the process of using capital to secure multiple blockchains at once. Jito’s yet-to-be-announced program is set to compete against a growing stable of companies all trying to replicate the success the multi-billion dollar EigenLayer platform has had on Ethereum.

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Inflation Stalls...

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