The price of Ethereum was coiling this week after predictions that the merger would be a “buy the rumor, sell the news” scenario mostly played out.
Over on Crypto Twitter, people continued to discuss the network this week after US Securities and Exchange Commission (SEC) chief Gary Gensler redoubled his offensive against crypto, also targeting Ethereum.
It is becoming increasingly clear that Gensler is looking at Ethereum as a security. And on Monday, when the agency filed a federal lawsuit against crypto flu Ian Balinait put forward an even more extreme view: that the US government has jurisdiction across all Ethereum transactionsaccording to the SEC’s logic, because most of the network’s validator nodes are clustered in the United States
Crypto Twitter went monkey. And we don’t mean Bored Ape.
Information science and business professor Adam Cochran argued that the SEC had an easy win and just shot itself in the foot.
2/2
Instead of taking a simple case, the SEC is trying to use this to set a precedent and claim that the ENTIRE CRYPTO is under the SEC’s jurisdiction.
This is an absolutely unacceptable excess that must be pushed back against aggressively.
It wasn’t all Gensler, awards and braid hangovers. The Ethereum community also inaugurated the first ever International NFT Day on Tuesday. The day was marked by various organizations in the space, including NFT art market OpenSea and blockchain game developer/NFT company Dapper Labs.
Over on the #NFTDay hashtag, people and bots alike were reminded by showing their NFT photos and advertising scams.
1/ GM! We look forward to joining @dapperlabs and many others to celebrate the first ever International NFT Day, on the 5th anniversary of the ERC-721 proposal!
As the first NFT marketplace, #NFTDay means a lot to us and we are humbled to be a part of this story.
Through the ERC-721 token standard, Ethereum played a central role in the development and proliferation of NFTs, an invention that brought the concept of fungibility into the digital world, enabling multi-million dollar sales digital art for the first time in history. Each NFT represents the sale and scarcity of the artwork on an immutable blockchain ledger, so even if people right-click and save your unique million dollar image, they won’t have ownership of it.
Tuesday was the best NFT rally after selling over a 24-hour period Estates Unchained, a new crypto-based collectible card game (CCG) developed by Immutable. Think of it as blockchain’s answer to “Magic: The Gathering.” The ever-changing co-founder Robbie Ferguson could hardly hide his delight.
Today is Gods Unchained still doing brisk business in second place.
Elsewhere…
Crypto market intelligence company Messari shared a quote from former Ethereum founder Charles Hoskinson, who now heads rival Cardano. Pretty horrifying if true.
Hoskinson is known for not holding back criticism of his previous project. On merge day last week, he posted a meme comparing the upgrade to a nightmare. When someone tweeted him asking where Cardano’s technology compares to Ethereum, the CEO responded with: “About three years forward on research, two in engineering. They will one day find out that slashing is a very bad idea.”
Finally, Epic Games CEO Tim Sweeney, whose online video game store launched its first NFT game last weekwas not happy with Apple’s new rules for app developers working with NFTs.
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