Crypto Twitter Roundup: Lawyers Criticize SEC, Elon Musk Takes a Step Back from Cryptocurrency
Crypto Twitter Unfazed by Two Consecutive Weeks of Losses
Despite the first two consecutive weeks of losses this year, Crypto Twitter remained largely unfazed. Instead, a host of other topics took center stage this week.
On Monday, a crypto-savvy lawyer who tweets under the handle @MetaLawMan took aim at Securities and Exchange Commission (SEC) chair Gary Gensler for his agency’s opaque approach to crypto and for the SEC’s belligerent regulation-by-enforcement strategy. Three tweets into his thread he summarized the salient points of his criticism of Gensler.
“Given the pattern we have seen under the Gensler administration, Gary will let all of us know when the SEC has made up its mind about Ether–by suing somebody for issuing or trading Ether,” @MetaLawMan tweeted.
The SEC made the rounds again later that day on Legal Twitter when lawyer Lisa Rubin commented on the agency’s recent enforcement action against a decentralized finance (DeFi) platform.
“The SEC’s enforcement action against a DeFi platform is a reminder that the agency is watching the space closely and will take action against those who violate securities laws,” Rubin tweeted.
Despite the regulatory scrutiny, the crypto market remained resilient. Bitcoin, the world’s largest cryptocurrency by market capitalization, was trading at $47,000 at the time of writing, down from its all-time high of $64,000 in April but still up significantly from its price of around $10,000 a year ago.
Other cryptocurrencies, such as Ethereum, Binance Coin, and Cardano, also saw losses this week but remained in positive territory year-to-date.
Crypto Twitter remained optimistic about the long-term prospects of the market, with many users pointing to the growing adoption of cryptocurrencies by institutional investors and the increasing use cases for blockchain technology.
As the crypto market continues to evolve, it remains to be seen how regulators will approach the space. But for now, Crypto Twitter seems to be taking the ups and downs in stride.