Crypto Twitter This Week: SEC Targets Uniswap, Bitcoin Runes

This week’s Twitter buzz has demonstrated a continued obsession with the cryptocurrency industry’s never-ending stream of legal dramas, as well as snowballing excitement over the latest meme coin trend, Bitcoin Runes.

On Tuesday, Abraham Eisenberg’s criminal trial began in Manhattan federal court. Cryptocurrency traders in 2022 Spent $110 million Justice Department uses complex DeFi exploit on cryptocurrency exchange Mango Markets called “manipulation.”

In the trial’s first opening statements, neither side focused on whether Eisenberg was behind the hack. admit publicly Rather, it is about whether DeFi transactions are subject to existing US criminal law.

InnerCityPress live-tweeted the court showdown that Eisenberg’s attorneys argued the U.S. government would call. unfounded Prosecuting DeFi.

Cryptocurrency legal experts have been quick to speculate that the outcome of Eisenberg’s trial could have far-reaching implications for cryptocurrencies and how automated on-chain transactions, such as taking out loans in DeFi protocols, will be interpreted under U.S. law.

The legal controversy became even more heated on Wednesday when the U.S. Securities and Exchange Commission (SEC) notified Uniswap, an Ethereum decentralized exchange (DEX), of the following: be sued About securities commissions.

Uniswap founder Hayden Adams posted a defiant statement on Twitter shortly after the revelations, emphasizing that he has no intention of moving the company out of New York City and that he and his team plan to fight the lawsuit to the bitter end. Financial technology and our industry are in balance.”

Across Twitter, cryptocurrency users and legal scholars have argued that the SEC has no grounds to sue automated, decentralized protocols like Uniswap, and that despite the agency’s six years of cooperating with the company or providing guidance, it has never done so. This news was condemned.

However, there was some positive buzz this week in the form of hype surrounding Bitcoin Runes. Rune Protocol once bitcoin halving It happens later this week.

The first rune coin to generate excitement is, of course, the dog-themed meme coin. one, dogGo to the following location: rune stone I am a regular holder for next week.

Another Pups, pumping More than 1,000% This is before I start running runes this week.

Some Twitter users lamented the prospect of yet another barrage of generally useless pet-themed tokens. But even they couldn’t deny that the amount of capital that would be poured into the Runes meme coin once launched was almost obscene.

Edited by Ryan Ozawa.