This week in the world of cryptocurrency, Tom Emmer’s grilling of Gary Gensler on US crypto regulations went viral on Twitter. Meanwhile, both US and EU regulators made significant moves, including FINRA issuing new guidance on crypto, and the European Central Bank revealing plans for a digital euro. Stay updated on the latest crypto news and developments by following the conversation on Twitter.
The world of cryptocurrencies had a rollercoaster week, with macroeconomic factors and regulatory scrutiny impacting the markets. Bitcoin and Ethereum faced seven-day losses of over 10%, with regulators such as the US Securities and Exchange Commission (SEC) suing crypto businesses for alleged failure to comply with securities laws. The SEC’s crackdown made headlines when it sued the Seattle-based exchange Bittrex for noncompliance. Meanwhile, the European Parliament passed the Markets in Crypto Assets (MiCA) bill with 517 votes in favor, unifying the EU’s approach to crypto. However, some experts believe the bloc still needs to tweak its data act, which could be overbroad and unenforceable in decentralized systems.
Big names in the crypto industry were also making headlines, with Coinbase CEO Brian Armstrong meeting with UK Economic Secretary and City Minister, John Glen, to discuss sensible crypto regulation to drive economic growth and consumer protection. However, with regulators becoming more aggressive towards the crypto industry, Armstrong also announced extensive expansion plans to counteract this trend. Tom Emmer’s appearance at an SEC hearing led to a Twitter storm, with Emmer calling SEC chair Gary Gensler an incompetent cop on the beat who was pushing American firms into the hands of the CCP (Chinese Communist Party). And rapper Soulja Boy faced criticism from blockchain sleuths for shilling scams in the crypto space.
On the legal front, the Tornado Cash case continues with users filing an objection to US authorities’ sanctions against the company’s open-source code. Additionally, Alex Pertsev, the Tornado Cash developer who was arrested by Dutch authorities in August, is getting released next week so he can prepare for his trial at home. Gabriel Shapiro also pitched his idea of a Cybernetic Organization (BORG), which merges traditional business entities with smart contracts to offer a new path for DAO legal structuring.
Finally, Dogecoin creator Billy Markus, turned-nocoiner, still thinks crypto is a “lunatic’s game,” claiming that investing in it is investing in mental illness. Despite this, the crypto industry continues to grow, and staying on top of the latest industry news is essential to understanding the market trends and developments.