First Mover Asia: Solana in the Green After Weekend Deep Freeze

Another reminder that, in the absence of clear legislative boundaries for crypto, the SEC is striking out wherever it can to assert authority. It’s partly turf war, partly political posturing during a post-FTX moment in which crypto is a convenient whipping boy.

The crypto community has done a lousy job picking its friends and enemies within the U.S. government. Advocates should simultaneously work with the FTC to enforce a decentralized market structure for their own industry and with their allies in Congress to prevent the SEC from crimping mass adoption and undermining blockchain-based challenges to monopolies in other industries, such as finance and internet platforms. Instead, the industry fixates on the SEC as the bogeyman, a role in which Chairman Gary Gensler has seemed perfectly at home as his agency has launched a flurry of attention-grabbing actions against Binance/Paxos, Kraken, Terra-Luna and now the Voyager Digital creditors.