Crypto Twitter’s Tsunami: A Stormy Week Reshaping the Industry
SEC’s heightened scrutiny creates turmoil in the crypto industry.
Prometheum emerges as a new model for crypto compliance.
The industry clamors for clear, sustainable crypto regulations.
This week, the crypto world experienced considerable upheaval. Following the Securities and Exchange Commission’s (SEC) intensified crackdown on the industry, market confidence rebounded slightly in light of cooling U.S. inflation. The SEC’s high-profile lawsuits against Coinbase and Binance, industry giants, have been central to the vortex.
Similarly, SEC Chair Gary Gensler asserts that existing securities laws can be applied to cryptocurrencies. However, critics such as Gemini co-founder, Cameron Winklevoss, voice their dissent. According to Winklevoss, the notion of easy registration with the SEC is deceptive.
The Prometheum Factor: A New Crypto Compliance Paradigm
Intriguingly, amidst these regulatory waves, a company named Prometheum has surfaced, catching the attention of Congress and industry stakeholders alike. Despite its previously obscure origins, it now acts as the voice of sensible compliance in the legislative halls.
This Prometheum storyline has got to be the strangest thing I have seen in awhile in this industry. Has anyone actually looked into this? Beyond bizarre…
— Matt Walsh (@MattWalshInBos) June 14, 2023
Notably, a renowned venture capitalist, Matt Walsh, shared a comprehensive thread detailing Prometheum’s rise. Moreover, Tyler Winklevoss, co-founder of Gemini and Cameron’s twin, believes Prometheum presents a novel path to staying in Gensler’s good books.
Meanwhile, the week also saw diverse voices advocating for clearer crypto regulation. Among these was Rep. Warren Davidson (R-Ohio), who unveiled a new SEC reform bill alongside Rep. Tom Emmer (R-MN). Coinbase’s Chief Legal Officer, Paul Grewal, also expressed frustration with the SEC’s refusal to clarify crypto regulations during a recent court battle.
1) they repeat the fallacy that they haven’t made any decision on new crypto rules; 2) they refuse to commit to any deadline despite the Court’s explicit order; 3) they instead “anticipate” making a “recommendation” in 120 days; and most importantly… 2/5
— paulgrewal.eth (@iampaulgrewal) June 13, 2023
Significantly, the crypto community was also abuzz with varied opinions. Crypto researcher Molly White was busy warding off Bitcoin maximalists, while Block CEO and Twitter co-founder, Jack Dorsey, argued for Bitcoin’s inclusion in Apple’s App Store.
Moreover, Republicans from the U.S. House Committee on Financial Services also expressed dissatisfaction, challenging the SEC’s proposal to modify the definition of an “exchange.”
Consequently, as crypto Twitter buzzes with debate, uncertainty, and the rise of Prometheum, the industry remains poised on the edge of change, eager for clear regulation and sustainable growth.
Filed under: Bitcoin - @ June 18, 2023 11:05 pm