This week on Crypto Twitter: SEC Targets Uniswap, Bitcoin Runes Stir Hype

This Week On Crypto Twitter: Sec Targets Uniswap, Bitcoin Runes Stir Hype


Description by Mitchell Prefer for Decrypt.

Twitter buzz this week has shown a steady stream of adjustments to the crypto industry's never-ending stream of legal drama, as well as a steady snowball of excitement for the latest meme coin trend: Bitcoin Runes.

On Tuesday, Avraham Eisenberg's criminal trial began in federal court in Manhattan. In 2022, the crypto trader He spent 110 million dollars From the crypto exchange Mango Markets Department of Justice using a complex definition He called “Market manipulation”.

In opening statements at the trial, neither side focused solely on whether Eisenberg was behind the hacking (he He clearly accepted being behind it) rather than whether Daffy's transactions were subject to existing US criminal law.

InnerCityPress live-tweeted the courtroom scene, in which Eisenberg's attorney argued against the U.S. government. It has no reason To sue DeFi.

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Crypto legal experts were quick to speculate that the outcome of the Eisenberg trial could have major implications for crypto and how on-chain transactions—such as loans from DeFi protocols—would be interpreted under US law.

The legal heat got even hotter on Wednesday when the US Securities and Exchange Commission (SEC) announced that Uniswap would be a decentralized exchange (DEX) for Ethereum. Make a case Above security charges.

Uniswap founder Hayden Adams issued a defiant statement on Twitter shortly after the revelation, stressing that he has no intention of ousting the company from New York City and that he and his team plan to fight the lawsuit to the end. Financial technology and our industry hangs in the balance.

Across Twitter, crypto users and legal experts blasted the news, saying the SEC had no reason to prosecute automated, decentralized protocols like Uniswap — and that the agency had six years to work with or issue guidance to the company, but never once.

Some positive buzz came this week, however, in the form of the hype surrounding Bitcoin Runes—fictional fungi tokens written on top of Bitcoin's new launch. Runes protocol Once Halving Bitcoin It will happen later this week.

The first Runes coins to generate excitement are dog-themed meme coins. one, a doggoes up Runestone Regular owners next week.

Another, pups, by pump More than 1,000% Before you get into Runes this week.

Some Twitter users lamented that the pet-themed app lacked generally useless tokens, saying they needed another blast. But they couldn't deny that the amount of capital that could be deployed into Runes meme coins once they started was all obscene.

Edited by Ryan Ozawa.

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