Crypto prices remained stable this week amidst the ongoing tug-of-war between U.S. regulators and the blockchain industry. Securities and Exchange Commission (SEC) Chairman Gary Gensler once again asserted that his agency stands ready to help cryptocurrency businesses register, despite none having successfully done so thus far.
Both Gensler and the SEC’s attorneys maintain that extant securities laws offer clear guidance for the industry. However, opponents like SEC Commissioner Hester Pierce argue that these rules are far from clear. The SEC recently responded to Coinbase’s petition for a writ of mandamus, an order requiring the regulator to elucidate its rules on crypto regulations. In response, Coinbase’s Chief Legal Officer, Paul Grewal, expressed concerns that the industry still lacks clarity on what the SEC might consider within or outside its purview.
Meanwhile, the SEC lifted a $44 million debt from blockchain file-sharing platform LBRY, leaving it with just $111,614 left to pay. LBRY cautioned, however, that this debt relief should not be interpreted as the SEC going soft on the blockchain industry.
Away from regulatory dramas, Hollywood’s Justine Bateman warned her fellow Screen Actors Guild members about the potential impact of A.I. technology on their profession, stressing the need for iron-clad protections against unauthorized use of their images and voices.
In further community news, a semi-retired derivatives trader exposed abusive behavior from Adam Tate on Twitter, while developer @vydamo_ cautioned against the unprofessional conduct of a memecoin creator. Moreover, blockchain expert Amir Ormu called out crypto influencer BitBoy for rapidly dumping tokens he had pledged not to.
Legal professionals are now becoming more proficient in blockchain technology, as evidenced by a tweet from blockchain investigator ZachXBT. On the other hand, some NFT traders have discovered that using bots can be a costly mistake, as one trader’s bot lost over $200k after being tricked by another.
Bitcoin advocate Alex Krüger shared an optimistic view on the A.I. bubble, while Republican and crypto-friendly Congressman Tom Emmer introduced a new bill, the Securities Clarity Act, to enable compliant crypto projects to reach their full potential.
Lastly, the real-world counterparts to the popular Pudgy Penguin NFTs have experienced impressive sales, with over $500k worth of penguin toys purchased through Amazon in just two days. The unending battle between regulators and the crypto industry continues to unfold, leaving market participants eager for clarity and effective regulation to pave the way for increased adoption and innovation.
Source: Decrypt
