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This Week on Crypto Twitter: Gary Gensler May Want Ethereum Under SEC Control, Tonga to Make Bitcoin Legal Tender

Illustration by Mitchell Priffer for Decrypt

Broadly speaking, the market recovered Despite this week very unstable Midweek price action from major cryptocurrencies. On Twitter, the expert raved about his Ethereum Merge update, more crypto winter stories, and Gary Gensler’s latest tale of unspoken war on Ethereum.

Terra CEO Do Kwon kicked off the week with a bang, lashing out at self-proclaimed blockchain gumshoes @FatManTerra. Back in May, at the height of Terra’s collapse, FatMan Terra’s Research Forumaccused Kwon scoop from above By cashing in hundreds of millions of dollarsdirectly Over the years from LUNA’s market capitalization, “to pay the salaries and operating expenses of Terra’s employees.”

What was FatMan’s offensive tweet? It has nothing to do with Dogwon! FatMan tweeted that it was offering victims of the UST collapse a “remaining quota” for Bitcoin’s “carry trade.” This time, it was Dokwon who called Fatman a fraud.

Kwon maintained his position when one tweeter hinted that he was a hypocrite.

On Tuesday, Ethereum co-creator Vitalik Buterin provided an update on the network’s long-anticipated overhaul to its proof-of-stake consensus algorithm. His second iteration of Ethereum is expected to address several key issues including energy consumption, scalability, gas prices and speed. But there was little to update us…everything is planned.

That same day, a lone Bitcoin miner won a six-figure block reward.

On Wednesday, Mataiuruai Fonuamotu (a.k.a. Lord Fushitua), a former parliamentarian for Tonga’s tiny Polynesian state, tweeted that his country plans to make bitcoin legal tender next month. Lord Fusitua is a self-proclaimed Bitcoin bull, keep providing information to the world On the progress of Bitcoin adoption in Tonga.

Paolo Ardoino, Chief Technology Officer (CTO) of crypto exchange Bitfinex, celebrated Bitcoin becoming legal tender in El Salvador.In his thread, Arduino describes this move as Italian RenaissanceArduino makes for great hype for El Salvador, but according to a recent report by an American NPO, Bitcoin use in the country is was minimal since the law came into force.

Peter Van Valkenburgh, head of research at crypto policy think tank Coin Center, said Wednesday that the US government, the United Nations, and various other organizations will be free to use the crypto privacy mixer Tornado Cash. Blacklisted by the US Treasury Department. One rule for them, eh?

NFT fan Cirrus teased crypto influencers with a Dune Analytics chart showing daily ETH trading volume on NFT marketplace OpenSea.

Finally, Vermont regulators dropped the bombshell this week that bankrupt cryptocurrency lender Celsius has done. Insolvent since 2019Crypto podcaster Cas Piancey dug up a tweet from 2019 showcasing everyone he knew all along.

Gensler vs Ethereum

On the surface, the news didn’t seem all that important: U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler back Giving oversight to Bitcoin by the Commodity Futures Trading Commission (CFTC).

Gensler has said in the past that Bitcoin is not a security and therefore not under his jurisdiction. Gensler reiterated his stance this week that both Bitcoin and the CFTC are the primary regulators for cryptocurrencies, a proposal that was welcomed by many in both Washington and the industry, and that the SEC will continue to support cryptocurrencies. He indicated that he hoped to enjoy considerable jurisdiction over the United States.

Crypto attorney Jake Cervinsky took to Twitter after the news broke, pointing out what Gensler is. No The SEC chief still claims to have Ethereum in his crosshairs.

Bitcoin-loving MicroStrategy CEO Michael Saylor read the news as bullish.

The next day, filing with the SEC led MicroStrategy to $500 million Class A stock. What do you think it could use the proceeds for? That’s right, add 129,000 BTC war fund. The world’s largest corporate Bitcoin treasure trove.

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