This Week on Crypto Twitter: Tom Emmer Grilling Gensler Goes Viral, US and EU Regulators Take Action

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Illustration by Mitchell Preffer for Decrypt

This week, markets were at the mercy of macro factors, with some at the Fed indicating that another rate hike was expected next month. The crypto has also come under intense scrutiny from regulators in the US and EU. Bitcoin and Ethereum led the slowdown, with similar double digit seven-day losses affecting many top cryptocurrencies.

The U.S. Securities and Exchange Commissions (SEC) crackdown on crypto made headlines on Monday when the regulator sued another major crypto firm for alleged non-compliance with securities laws, the exchange Seattle-based Bittrex. Delphi Labs Gabriel Shapiro was outraged by the agencies’ description of the Dash token (DASH) as security.

On Thursday, the European Parliament passed the Crypto Asset Markets Bill (MiCA) with 517 votes in favor, 38 against and 18 abstentions. The legislation now gives the 27 constituent state blocs a unified approach to crypto. Rebecca Retig, director of policy at Polygon Labs, wrote a thread on Monday saying the bloc still needed to amend its data law, which she described as too broad and likely unenforceable in decentralized systems.

Institutional bitcoin whale Michael Saylor complained about all the sats he was getting on Tuesday.

Crypto attorney Rodrigo, who tweets as @RSSH273, tweeted a lengthy legal objection to the sanctioning of crypto privacy mixer Tornado Cash by US authorities.

Coinbase CEO Brian Armstrong was diplomatic in London on Tuesday. Later in the week, the exchange announced sweeping expansion plans, a move to counter US regulators’ growing assertiveness and aggressiveness towards the exchange and the industry in recent months.

Twitter user @Tayvano_ reported a multi-million dollar wallet drain operation that has been active since December.

Republican Tom Emmers’ appearance at a Washington hearing on SEC oversight has gone viral on Twitter with an eminently quotable phrase. During the hearing, Emmer grilled SEC Chairman Gensler and said, “You were an incompetent cop on the spot,” before claiming the SEC Chairman was pushing corporate America into the hands of the CCP (Chinese Communist Party).

Blockchain sleuth @ZachXBT compiled a long list of scams rapper Soulja Boy has committed since getting involved in crypto on Wednesday.

Do the hiccups mentioned in writer and lawyer @NYCSouthpaws’ tweet refer to Mom and Dad Bankman-Fried’s general refusals to have their phones compromised in such an intrusive way? Likely!

On Thursday, Twitter announced that Tornado Cash developer Alex Pertsev, who was arrested by Dutch authorities in August for allegedly facilitating money laundering, would be released next Wednesday so he can prepare for his trial in residence.

Gabriel Shapiro that day pitched his idea of ​​a BORG. Short for cybernetic organization, the BORG is a new medium between the decentralized and autonomous principles of DAOs and the legal rights and compliant structures of traditional business entities.

Finally, Dogecoin creator-turned-nocoiner Billy Markus still thinks crypto is a crazy game.

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