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Tony Edward, the founder, and host of the Pondering Crypto Podcast, has sparked a contentious debate on social media, accusing SEC Chair Gary Gensler of favoring conventional finance giants of their strategic foray into the cryptocurrency sector. Edward’s scathing Twitter thread alleges a deliberate blind eye from Gensler towards the collapse of a number of main crypto companies, together with FTX, Celsius, Terra Luna, Voyager, and 3AC in 2022.
The Collapse of Crypto Pioneers
In line with Edward, Gensler’s inaction, regardless of a number of conferences with FTX officers and its CEO Sam Bankman-Fried (SBF), was a calculated transfer to “cleanse the trade” for Wall Road companies. Including gasoline to the hearth, Gensler additionally rejected Grayscale’s utility for a BTC spot ETF.
As these crypto companies crumbled, Edward factors out that BlackRock launched a BTC non-public belief, partnered with Coinbase, and commenced custody of USDC reserves. Equally, BNY Mellon launched a crypto custody service, and Visa and Mastercard elevated their crypto integrations and developments.
Regulatory Actions and Wall Road’s Counter Strikes
Transferring into 2023, Edward notes that Gensler shifted his focus in direction of tier 1 regulated firms that survived the bear market. Excessive-profile companies like Coinbase, Kraken, Paxos, and Binance discovered themselves on the receiving finish of Wells Notices and lawsuits from the SEC. Edward alleges that Gensler even propagated false narratives attributing the banking collapses to the crypto trade.
In the meantime, the standard finance behemoths continued their crypto growth. Constancy launched its crypto buying and selling service, BlackRock filed for a BTC spot ETF, and Constancy, Charles Schwab, and Citadel collectively launched a crypto change. Deutsche Financial institution filed for a crypto custody license, WisdomTree and Invesco filed for BTC spot ETFs, and rumors circulated about Constancy’s plans to file for a BTC ETF and purchase Grayscale.
Edward’s allegations paint an image of a crypto panorama manipulated by Wall Road giants in collusion with the SEC. Whereas these claims are but to be substantiated, they’ve ignited a dialogue on the function of regulators and the affect of conventional finance in shaping the way forward for cryptocurrencies. The unfolding drama holds implications for the crypto trade’s evolution and the broader steadiness of energy inside the world monetary ecosystem.
Additionally Learn – Breaking: WisdomTree Recordsdata for Bitcoin ETF, Following Blackrock’s Lead
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