Everything That happened in Crypto — Week 24 2023

From legal battles, individual controversies, legislative actions, to massive financial players stepping into the crypto game, there is plenty to dissect. Let’s get started.

I’ve also covered this in a video if you’d rather prefer to listen.

SEC Versus Major Cryptocurrency Exchanges

The Securities and Exchange Commission (SEC) is engaging in a legal tussle with renowned cryptocurrency exchanges, Binance and Coinbase. Spearheaded by Gary Gensler, the current SEC head, the argument revolves around his contention that all cryptocurrencies — excluding Bitcoin — are securities. As a result, Binance and Coinbase stand accused of dealing in unregistered securities.

The repercussions of this claim could be significant for the future of cryptocurrencies. Altcoins, such as Solana, Matic, and Polkadot, have already experienced dips as severe as 20% following the news.

Among the two exchanges, Binance is dealing with the most serious allegations. The firm and its CEO, Changpeng Zhao, face charges of misleading investors regarding the exchange’s capacity to detect market manipulation, potential misuse of customer funds, and, most gravely, engagement…