Most cryptocurrencies rallied last week following news that inflation in the United States was cooling down. As that happened, various issues were being discussed on crypto Twitter. Here are some notable topics.
Last Monday, the co-founder of crypto exchange Gemini Cameron Winklevoss called the Securities and Exchange Commission (SEC) chair, Gary Gensler, a liar for claiming that it was easy for crypto companies to register with his agency. He said Gensler and his colleagues have made it difficult for Gemini to register a Bitcoin ETF for the last few years. Winklevoss also called out the SEC chair for targeting crypto firms on claims that they are selling unregistered securities, yet the agency does not provide clear registration guidance.
That day, Eleanor Terrett, a Fox journalist, shared a speech by Gensler, who claimed that the current securities rules could be used to regulate crypto assets. The SEC boss said crypto companies should stop seeking meetings with the agency if they are not ready to comply with the existing rules. In the speech, Gensler also emphasized the importance of segregating customer funds to protect investors from losing money.
On Tuesday, House Representative Warren Davidson wrote that he and his colleague Tom Emmer had created “the SEC Stabilization” bill to restructure the regulator and remove Gensler from office. Over the last few months, the pair have accused Gensler of misusing power and attempting to drive crypto companies overseas through unreasonable enforcement actions.
Nic Carter Says Unclear Regulations are Harming the US Crypto Industry
Later that day, Bitcoin maximalist and venture capitalist Nic Carter tweeted about how the United States’ uncertain regulatory environment was driving investors offshore. Carter said that since the start of the year, USDC, a stablecoin issued by US-based company Circle, had seen its market cap decline by $14.7 billion, while USDT, which is distributed by Tether Limited, a Hong Kong-based firm, increased by $16.5 billion.
On Wednesday, Ryan Selkis, the founder of the crypto research company Messari, shared incriminating footage of the SEC chair. In the video, Gensler said that Bitcoin, Ethereum, Litecoin, and Bitcoin Cash were not securities. Selkis claimed the footage was from a 2018 Bloomberg conference in New York City.
That day, blockchain-based publishing platform LBRY claimed that Ethereum had bribed the SEC to prevent it from bringing charges against the company. This allegation comes a few days after the regulator charged LBRY with offering unlicensed security, LBC.
On Thursday, Coinbase’s Head of the Legal Department, Paul Grewal, expressed his disappointment with Gensler and his team’s response to the court order that required the SEC to clarify its position in regard to securities policies. Grewal said the response did not indicate that the regulator had made any decision on new crypto rules. He said Coinbase would appeal to court again until SEC clarifies crypto policies.
Meanwhile, Twitter’s ex-CEO Jack Dorsey says it is time for Apple to consider Bitcoin integration. He argues that it would be a game changer if the tech giant adopts Bitcoin lightning to its Apple Pay infrastructure.
Later on Thursday, the US House Committee on Financial Service tweeted that all Republicans in the committee had sent a letter to the SEC demanding it to withdraw its proposed amendments to the definition of an “exchange.” Those committee members argued that changes would stifle innovation and harm crypto players.
Crypto Players Criticise SEC for Approving Prometheum as Securities Exchange
On Friday, popular venture capitalist Matt Walsh wondered why Prometheum, a firm that many have never heard about before, was approved as a “Special Purpose Broker-Dealer” for digital asset securities by the SEC while the agency keeps bringing charges against well-known platforms like Gemini and Coinbase, for allegedly violating securities laws. The Prometheum’s CEO gave a speech before Congress on Thursday, and according to Walsh, that speech could have been written by the SEC or Democratic members of Congress.
Meanwhile, Gemini co-founder Tyler Winklevoss has some revelations about Prometheum. He says the company employs former SEC workers and has failed to launch a product over the last five years.
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