2023 was a historic year for crypto, from several regulatory sagas to step downs — X had it all on highlights.
In 2023, the crypto industry experienced a shift in the market dynamics, transitioning from a bear market to what many considered a proper bull market as the highly anticipated halving approached.
However, this transformation was not without its challenges and controversies, as highlighted by the 7 most influential tweets from the crypto community in 2023.
This article delves into these historic crypto tweets and their impact on the industry.
1. SEC Takes Legal Action Against Kraken
Today @SECGov charged Kraken for the unregistered offer & sale of securities thru its staking-as-a-service program.— Gary Gensler (@GaryGensler) February 9, 2023
Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries must provide the proper disclosures & safeguards required by our laws.
The U.S. Securities and Exchange Commission (SEC) caused a stir in the crypto community by initiating legal action against Kraken, a prominent crypto exchange.
Moreover, the charges revolved around Kraken's failure to register its staking-as-a-service program for crypto assets.
As part of the settlement, Kraken agreed to pay a hefty fine of $30 million and discontinue their staking services within the United States.
SEC Chair Gary Gensler addressed the Kraken case in a video that quickly became a crypto meme. In a lighthearted manner, Gensler emphasized the distinction between "S-T-A-K-E" and "S-T-E-A-K," further adding to the viral nature of his statement.
The significance of this case extended beyond Kraken, creating uncertainty regarding the legality of staking in the U.S. crypto industry.
2. Cobie's Tweet Sparks Market Chaos
Cobie, a significant persona in the crypto industry, is known for his notable presence on Crypto Twitter and his podcast UpOnly.
One of his tweets, encrypted using a SHA256 hash, created a media frenzy that resulted in over $50 million in liquidation.
Moreover, the tweet's content, once decrypted, led to a significant drop in the prices of Binance's BNB and Bitcoin. Cobie's influence on the market cannot be underestimated.
3. CZ Steps Down in Dramatic Saga
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.— CZ 🔶 BNB (@cz_binance) November 21, 2023
Binance is no longer a baby. It is…
Only a few speculated it, but no one saw it coming so soon. Changpeng Zhao, popularly known in cryptoverse as “CZ,” shocked everyone when he announced his decision to resign as the CEO of the largest crypto exchange Binance.
It’s no news that Binance has always faced regular scrutiny from the SEC, which has heavily impacted its mode of operation. Binance was accused of several money-laundering infringements and a refusal to register as a security.
The saga would bloom into a full-fledged lawsuit that saw Binance forfeit 4.3 billion. There was also a possibility that the former Binance chief would face jail time for his involvement.
However, CZ took a swift decision, relinquishing the reins to Richard Teng as he stepped down as the company’s CEO.
4. Coinbase's Battle with the SEC
Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to "come in and…
Coinbase, one of the most regulated crypto companies in the United States, found itself charged by the SEC for the sale of unregistered securities through its staking-as-a-service program.
Despite receiving a Wells notice months prior, Coinbase decided to fight the charges in court.
Coinbase is the most regulated crypto company in the U.S. market as it is publicly traded in the open market with its stock COIN. Armstrong’s stance is essential for the company and the entire crypto industry, according to Cointelegram.
Meanwhile, this bold move highlighted not only their own determination but also their crucial role in shaping the future of the entire crypto industry.
5. BlackRock's Bitcoin ETF Proposal
In a historic announcement, BlackRock, the world's largest asset manager, filed for a spot Bitcoin ETF.
Coinbase was entrusted with safeguarding the ETF, amplifying the significance of their ongoing legal battle with the SEC.
Moreover, the likelihood of approval for a spot Bitcoin ETF increased, potentially attracting both retail and institutional investors, leading to increased demand, and subsequently driving up Bitcoin's value.
6. Ripple Case Ends in Victory
The Ripple versus SEC lawsuit, which accused Ripple Labs of an unregistered securities offering through the sale of XRP cryptocurrency, finally reached a resolution after nearly two years.
The SEC's case against Brad Garlinghouse and Chris Larsen, Ripple's CEO and co-founder, respectively, was dismissed.
This outcome had implications not only for Ripple but also for the classification of other tokens in the crypto market.
The XRP army, as the non-sympathetic of Ripple, celebrated the latest win. It was perceived as a bullish event for the crypto markets. As per Ripple, the case demonstrated that “XRP is not, in and of itself, a security,” according to Cointelegram.
7. Do Kwon's Elusive Pursuit
U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA— Filip Adzic (@filip_adzic) March 23, 2023
Crnogrska policija lišila je slobode lice za koje se sumnja da je jedan od najtraženijih bjegunaca, južnokorejski državljanin Do Kwon, suosnivač i izvršni direktor Terraform Labs sa sjedištem u Singapuru.
The fall of Luna and TerraUSD (UST), a stablecoin, marked the beginning of the previous bear market.
This downfall prompted the Republic of Korea authorities to summon Do Kwon, Luna's creator, for an explanation of his actions in Congress.
However, Kwon managed to evade multiple criminal organizations and authorities for a considerable time.
Eventually, he was arrested for allegedly using falsified travel documents. Kwon's arrest signified a turning point in his crypto fugitive status.
In conclusion, the year 2023 witnessed an array of historic crypto tweets that left a lasting impact on the industry.
From the SEC cracking down on exchanges and leading figures challenging the authority to the battle between Coinbase and the SEC and the announcement of a potential Bitcoin ETF by BlackRock, these events shaped the narrative and direction of the crypto market.
The repercussions of these tweets continue to reverberate, offering a glimpse into the rich and ever-evolving crypto landscape.