This Week on Crypto Twitter: Lawyers Lay Into SEC, Elon Musk Cools on Crypto – Decrypt

Even though they were the first two consecutive weeks of losses this year, Crypto Twitter was largely unfazed. Instead, a host of other topics took center stage this week.

On Monday, a crypto lawyer who tweets under the name @MetaLawMan took aim at Securities and Exchange Commission (SEC) Chairman Gary Gensler for his agency's opaque approach to cryptocurrencies and for the SEC's belligerent strategy of regulation-by-enforcement. Three tweets in his thread summed up the salient points of his criticism of Gensler.

The SEC made the rounds again later that day on Legal Twitter when attorney Lisa Rubin commented on the agency's lawsuit against Terraform Labs, the company that created the crashed algorithmic stablecoin UST. Later in the thread, Rubin tweeted: “The strangest argument is that UST is a security because it can be traded for other securities. Remember, these are just allegations, a court has not ruled on these claims."

The next day, crypto detective @ZachXBT tweeted the news of a multi-million dollar heist in Algorand.

That same day, @ZachXBT responded to a multi-tweet thread by blockchain researcher Ivor Igamberdiev that accused the trading firm Jane Street Group of having a massive hand in the UST collapse. The blockchain detective agreed, sharing a screenshot in which he appears to have sent a message to Terra CEO Do Kwon at the time of UST's collapse, arguing that Jane Street Group's trading contributed to the crash. spectacular.

Popular cryptocurrency exchange Coinbase announced on that day a new cryptocurrency lobbying political initiative called “Crypto 453” that aims to guide lawmakers toward writing pro-cryptocurrency policy as they begin formulating comprehensive crypto legislation.

The NFT Bitcoin Punks Collection posted mammoth volumes on Tuesday, according to NFTstatistics.eth.

Dogecoin creator Billy Markson, who is an ardent without coins—jumped into a thread started by MicroStrategy president/Bitcoin bull Michael Saylor to argue that if Bitcoin isn't a security, then Dogecoin isn't either.

Also that day, Visa's crypto chief Cuy Sheffield took umbrage at a Reuters article saying the payments giant was stalling its crypto push. Sheffield argued that no matter how the industry evolves, blockchain will certainly have a place in the next generation of commercial fintech.

On Thursday, John Rising, co-founder of the easy-to-use and open source blockchain developer toolkit Stackup, raved about the ease of use of the latest Ethereum Improvement Proposal.

Finally, Tesla/SpaceX/Twitter CEO and Bitcoin/Dogecoin investor Elon Musk seemed to have cooled off on cryptocurrencies.

Psh! Musk was in AI long before he was into crypto.