Pro-cryptocurrency Twitter Users Criticise SEC’s Attack on Cryptocurrency Industry
As the cryptocurrency industry continues to show a sign of good fate to all traders as it has always done, some crypto enthusiasts have been having more reason to pick on SEC for their current position on major crypto companies. The activities have really affected the market in one way or another other hence, the longest weekly decline since the beginning of 2023.
This situation has spurred an intense argument among Twitter users, with most of the tweets coming from American and European users. Recall that sometime last week, the US SEC slammed the major cryptocurrencies with fines, one of such being the Kraken, which was hit by a $30M fine. It didn’t just stop there, it was also reported that they ordered the company to shut down its staking operations.
Kraken was the only victim, within that week, news also carried that Terra was also hit by the same sanctions. Also the same week, the popular exchanger Binance announced that the authorities had instructed that they halt the minting of the BUSD. This led the company to explore better ways to replace the BUSD, which started at the time of this report.
The Reaction from the Europeans
Some investigative reports done on this development revealed that the European Central Bank (ECB) has directed all the European banks to limit all their cryptocurrency holdings to a hedge because of the many risk factors surrounding it
The decision from the central bank came just one week after the bloc presented a legal draft directing all banks to accord the cryptocurrency with the biggest risk rating they can get. This move was seen as harsh, and the rest of the crypto community saw it exactly that way. These latest developments have moved their way to various social media platforms, but the ones making the most impact is the one on Twitter.
Our Twitter correspondent who had gathered some of the most significant tweets out of the thousands of them reported that these Twitter users poured out their frustrations on the activities of SEC and other government authorities. Fortunately, some big names in the industry also joined the conversation.
Some of the Twitter Conversations
One of the prominent names that joined the conversation was Brian Armstrong: the Coinbase CEO. In his tweet, he talked about feeling like discussing his strategies over a cup of tea on a Monday morning. He went ahead to voice out his intentions to talk about the cryptocurrency regulations and legislations for the year. Also note, that Coinbase was one of the victims of strict regulation that landed them in trouble in the Netherlands.
Analysts believe that this is another way Brian is trying to complain about the new massive persecution of the crypto industry. In another tweet, a well-known NFT collector who goes by the name of Cozomo de’ Medici, had announced that he is making what was said to be the biggest digital art donations in the history of digital assets.
The donation was made to the Los Angeles County Museum of Art to serve as a reminder of how far the digital assets industry has gone. While some believe it is his unique way of protesting the massive crackdown on the industry, others think it is a mere tweet to announce his donations. But there is this common belief that since it came on a sane day as the Coinbase CEOs’, it is likely to be another polite, disguised protest.
In yet another tweet, a journalist with Fox, Eleanor Terrett also took some time out to share a pie E of advice on the regulation of stablecoins by the government. In his tweet, he accused the authorities of letting the issuers get controlled like the banks or the subsidiaries of the banks. He further warned that should this continue, it will transfer so much credibility to the stablecoin hence, encouraging the growth of the future DeFi.
The last tweet that was reported was from the El Salvador Ambassador to the United States: Milena Mayorga. Her tweet was more of an announcement where she mentioned that she is talking with the Deputy Secretary of Texas on the proposed “Bitcoin mission.”
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