SEC, Binance, Coinbase, Apple, and 20 crypto jokes.

The past week in the world of cryptocurrency was dominated by the US Securities and Exchange Commission (SEC), which made several moves against major players in the industry. The week began with the SEC filing a lawsuit against Binance and its CEO CZ, which caused the exchange to state that it planned to fight back against the charges. As a result of the lawsuit, Binance saw $700 million in Ethereum outflows and crypto prices crashed. Binance.US removed over 100 trading pairs, and the SEC filed an emergency motion seeking a temporary order to freeze Binance.US’ assets. Documents later showed that Binance.US suffered a $181 million loss in 2022, and an SEC accountant said that CZ and related entities moved “large amounts of money” in 2019. Meanwhile, Binance’s regulatory hurdles opened up the path for Richard Teng as a potential successor to CZ, while former CEO Brian Brooks revealed why he left his post at the exchange. Coinbase stock dropped 10% after the Binance lawsuit, and the SEC also sued Coinbase, issuing cease-and-desist notices to 11 US states. The SEC dismissed Coinbase with no response after months of discussion on how to register, and Coinbase CEO Brian Armstrong said he was met with an “icy reception” when chatting with the SEC Chair. Ark Invest CEO Cathie Wood used the opportunity to buy more COIN stocks, while the crypto community adopted ‘Stand With Crypto’ NFTs after the lawsuit. While crypto prices were rising again after regulatory fears, the SEC crackdown made Robinhood review its crypto operations, and SEC Chair Gary Gensler called for crypto firms to register following the Binance and Coinbase charges, likening Binance to FTX. Additionally, the FBI warned of the growing threat of “deepfakes” being used in cyber extortion. In other news, the metaverse welcomed Apple’s Vision Pro headset and Louis Vuitton was set to launch $42,000 physical-backed NFT trunks.

“So evolved. All of it.”

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“Just one more tiny hike…”

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“So, about 1 BTC?”

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“When aliens airdrop. Alildrop.”

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“There will be subtle signs.”

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“There’s someone for everyone.”

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“And lastly, an instructional, educational, tutorial documentary on how to make NFTs.”

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