23
Apr
2023

A Quick Review Of Crypto Happenings From Apr. 17-23

In,
0

TL;DR:

  • Crypto markets face a downturn as regulators in the US and EU continue their scrutiny.
  • The US Securities and Exchange Commission (SEC) sues crypto exchange Bittrex for allegedly violating securities laws, and Delphi Labs’ Gabriel Shapiro criticizes the agency’s labeling of the Dash token as a security.
  • The European Parliament passes the Markets in Crypto Assets (MiCA) bill, which aims to provide a unified approach to crypto across the EU, but Polygon Labs’ Chief Policy Officer Rebecca Retig argues that the data act needs tweaking.

Last week saw the crypto market come under pressure from macroeconomic factors, with some at the US Federal Reserve signaling an upcoming rate hike next month. As a result, Bitcoin and Ethereum both suffered similar losses of over 10% over seven days, and the market was also subject to increased regulatory scrutiny in both the US and EU.

The SEC’s crackdown on crypto was highlighted when it sued Seattle-based exchange Bittrex for alleged securities law violations. Delphi Labs’ Gabriel Shapiro was among those critical of the agency’s labeling of the Dash token as a security. Meanwhile, the EU’s Markets in Crypto Assets (MiCA) bill passed with a majority of 517 votes in favor, 38 against, and 18 abstentions. The bill aims to provide a unified approach to crypto across the 27 EU constituent states, but Polygon Labs’ Chief Policy Officer Rebecca Retig argued that the data act still needs tweaking.

On Twitter, there were various notable stories, including Soulja Boy’s history of shilling crypto scams, which was exposed by a crypto sleuth.

Crypto lawyer Rodrigo objected to the US authorities’ sanctioning of privacy mixer Tornado Cash. Coinbase CEO Brian Armstrong announced the exchange’s expansion plans in the face of increased regulatory aggressiveness in the US. Republican Tom Emmer grilled SEC Chair Gensler at a hearing, and Michael Saylor complained about the number of sats he was receiving. Alex Pertsev, the developer of Tornado Cash, was granted release by Dutch authorities to prepare for his upcoming trial.

Gabriel Shapiro pitched his idea of the BORG, a “cybernetic organization” that could act as a new middle ground between decentralized and autonomous DAOs and traditional business structures.

On Tuesday, Coinbase CEO Brian Armstrong visited London and held meetings with top officials in the U.K. Treasury, including the chancellor, Rishi Sunak. While the details of the meeting have not been disclosed, it is speculated that Armstrong may have discussed regulatory concerns around the cryptocurrency industry in the U.K. Later in the week, Coinbase announced extensive expansion plans, including plans to add support for new assets, expand its user base, and create more features for its platform. This move is likely a maneuver to counteract the increasing assertiveness and aggressiveness of U.S. regulators towards the exchange and industry in recent months.

Institutional Bitcoin whale Michael Saylor took to Twitter on Tuesday to complain about all the satoshis he was receiving. Saylor, who is the CEO of MicroStrategy and a Bitcoin proponent, tweeted, “Sometimes it feels like every satoshi in the world is coming my way.” The tweet was accompanied by a screenshot of the incoming transactions on his Bitcoin wallet.

On Wednesday, blockchain sleuth ZachXBT compiled a long list of scams that rapper Soulja Boy has shilled since he got involved in crypto. The rapper, whose real name is DeAndre Cortez Way, has a history of promoting various cryptocurrency scams on social media. In one tweet from 2018, he claimed to have made $1 million trading Bitcoin, and he has also promoted various altcoins and ICOs. However, Soulja Boy is far from the only celebrity to have promoted crypto scams, and his actions highlight the need for users to do their own research before investing in any project.

Finally, Dogecoin creator turned-nocoiner Billy Markus still thinks crypto is a “lunatic’s game.” Markus, who created Dogecoin in 2013 as a joke, has been increasingly vocal about his skepticism towards the cryptocurrency industry in recent years. In a tweet on Thursday, he stated that “cryptocurrency is a lunatic’s game, and it always has been,” and that he would not be investing in any digital assets in the future. While Markus’s views may be controversial, they do highlight the ongoing debate around the value and legitimacy of cryptocurrencies in the wider financial world.

In conclusion, last week was a turbulent one for the crypto industry, with both U.S. and EU regulators making moves to increase their oversight and control over the space. However, there were also notable developments in the areas of adoption, expansion, and innovation, with Coinbase and Gabriel Shapiro both making bold moves towards creating new solutions for the future of crypto. While the industry continues to face challenges and uncertainties, it remains a dynamic and exciting space to watch.

 

Thanks for reading Solanews , remember to follow our social media channels for more

Leave a Reply