Illustration by Mitchell Prefer of Decrypt.
the market has recovered last week’s crash After this week’s figures showed U.S. inflation, cooling to 4%, more or less consistent with expectations.On Wednesday, the Fed held elections don’t raise interest rates At the first meeting in 18 months. Major cryptocurrencies traded flat on the day, but appear to have picked up slightly over the weekend.
Bitcoin rose just 3% over the past seven days, trading at $26,428 on Saturday. Meanwhile, Ethereum has fallen 0.6% over the same period and is currently hovering at $1,725.
Most of the major cryptocurrencies actually posted their nominal gains this week. Filecoin (FIL) rose 10.3% to $3.71, Cosmas Hub (ATOM) rose 13.2% to $8.91, Uniswap (UNI) rose 14.4% to $4.54 and Polygon (MATIC) rose 9.2%. A few stocks rallied sharply, including $0.616745.
None of the top 30 cryptocurrencies by market capitalization posted significant losses, despite being in the second week of the U.S. Securities and Exchange Commission stepping up enforcement action against the industry.
Binance vs SEC: Week 2!
The week started with the news that Binance will act as a lawyer.that Hired George Canelosa former co-director of the SEC’s Enforcement Division, 13 Civil litigation It is regulated by securities regulators, including operating as an unlicensed stock exchange.
Also on Monday, the popular trading app eToro Delisting Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) are listed as securities in the SEC lawsuit against Binance.The move mirrored a similar play by Robin Hood last week And by listed one-stop cryptocurrency shop Bakkt on friday.
Later that night, Binance Filed 20 or more complaints Opposing the SEC lawsuit. However, by the weekend, Binance’s presence in Europe had dropped significantly.News broke mid-week that Binance did withdraw from Cyprus and Netherlands While under strict scrutiny from the French authorities,worsening money laundering”
Today, a judge approved a consent agreement between Binance and the SEC, which one former SEC official said was “burdensome, cumbersome, and inconvenient.”
in the meantime…
The SEC wasn’t the only one talking about cryptocurrencies in Washington this week. A U.S. Treasury representative said on Tuesday: Transform Payments USA 2023 the United States “It is not yet decided whether to pursue CBDCsBut the authorities are now studying the “feasibility” with an interagency working group.
Warren Davidson (Republican, Ohio) tweeted on Monday. “Today I filed with the SEC.” stabilization method Reshape the SEC and remove Gary Gensler,” he added, adding, “U.S. capital markets must be protected from tyrannical chairmen, including the incumbent.”
Davidson co-authored the bill with pro-cryptocurrency House Majority Rep. Tom Emmer (R-Minnesota). blown up Gensler was instrumental in pushing the industry offshore through heavy-handed enforcement.
The next day, cryptocurrency executives gathered in Congress, support the bill To regulate cryptocurrencies. It was commended for establishing clearer requirements for trading platforms to register with the SEC or CFTC. This requirement is something many in the industry have desperately needed for many years.
Republicans on the House Financial Services Committee also questioned the SEC that day. in the letter We withdraw our proposal to change the definition of “exchange”.