This Week on Crypto Twitter: Tom Emmer Grilling Gensler Goes Viral, US and EU Regulators Take Action
This week the markets were at their mercy macroeconomic factors as some at the Fed have indicated that another rate hike is on the way next month. Crypto also came under intense scrutiny by regulators in both the US and the EU. Bitcoin and Ethereum led the decline, with similar seven-day losses of over 10% affecting many leading cryptocurrencies.
The US Securities and Exchange Commission’s (SEC) crackdown on crypto made headlines on Monday when the regulator sued yet another major crypto firm for alleged non-compliance with securities laws, Seattle-based exchange Bittrex. Delphi Labs’ Gabriel Shapiro was outraged by the agency’s description of the Dash (DASH) token as a security.
On Thursday, the European Parliament adopted Crypto asset markets (MiCA) bill with 517 votes in favour, 38 against and 18 abstentions. The legislation now gives the bloc’s 27 states a unified approach to crypto. Rebecca Retig, Chief Policy Officer at Polygon Labs, wrote a thread on Monday arguing that the bloc still needs to fine-tune its data law, which she described as “overbroad” and “probably not enforced in decentralized systems.”
Institutional Bitcoin whale Michael Saylor complained about all the bets he received on Tuesday.
Crypto lawyer Rodrigo, who tweets under the handle @RSSH273tweeted a lengthy legal challenge to the US government’s sanctioning of crypto privacy mixer Tornado Cash.
Coinbase CEO Brian Armstrong flexed his diplomatic muscle in London on Tuesday. Later in the week, the stock exchange announced extensively expansion plansa maneuver to counter the growing assertiveness and aggressiveness of US regulators towards the stock market and the industry in recent months.
Twitter user @Tayvano_ flagged a multi-million dollar dumping operation that has been active since December.
Republican Tom Emmer’s appearance at a Washington hearing on SEC oversight made the rounds on Twitter with an excellently quotable soundbite. During the hearing, Emmer grilled SEC Chairman Gensler, saying: “You’ve been an incompetent policeman on the beat,” before claiming that the SEC chair was pushing American firms into “hands.” of the CCP (Chinese Communist Party).”
Blockchain Scout @ZachXBT compiled a long list of scams that rapper Soulja Boy has shilled since getting involved in crypto on Wednesday.
Makes the “hiccup” referred to in author and lawyer @NYCSouthpaw‘s tweet refers to Mom and Dad Bankman-Fried’s general refusal to have their phones compromised in such an intrusive way? Likely!
On Thursday, news broke on Twitter that Tornado Cash developer Alex Pertsev, who was arrested by Dutch authorities in August for allegedly facilitating money laundering, is will be released next Wednesday so he can prepare for the trial at home.
Gabriel Shapiro put forward his idea of a BORG that day. An acronym for “cybernetic organization”, BORG is a “new middle ground” between the decentralized and autonomous principles of DAOs and the legal rights and compliant structures of traditional business entities.
Finally, Dogecoin creator turned nocoiner Billy Markus still thinks crypto is a madman’s game.
