Crypto exchanges are going wild on Twitter

Over the past few days, the crypto section of Twitter has seen massive sharing, including the case of Coinbase and Kraken exchanges, which have been ranting on the social network against the SEC’s claims about the staking service. The arguments have been numerous.

Crypto Twitter: Kraken’s Jesse Powell against the SEC

Recently, the crypto Twitter section has seen quite a caldron regarding the US Securities and Exchange Commission’s (SEC) claims about the staking service.

Indeed, the SEC fined Kraken‘s crypto-exchange $30 million and shut down the platform’s staking service in the US. 

Jesse Powell, CEO of Kraken, shared the video in which SEC Chairman Gary Gensler told CNBC that those offering staking rewards would have to provide “full, fair and truthful information” to be considered compliant. Here is what Powell responded:

Oh man, all I had to do was fill out a form on a website and tell people that staking rewards come from staking? Wish I’d seen this video before paying a $30m fine and agreeing to permanently shut down the service in the US. How dumb do I look. Gosh. ⛽️💡https://t.co/UPdQdnI6xN

— Jesse Powell (@jespow) February 10, 2023

Crypto Twitter: Coinbase joins clarifications on staking service

Coinbase has also joined the crypto staking issue, with the platform’s CEO and co-founder Brian Armstrong sharing the following:

Coinbase’s staking services are not securities. We will happily defend this in court if needed.https://t.co/GtTOz77YV3

— Brian Armstrong (@brian_armstrong) February 12, 2023

Paul Grewal, Chief Legal Officer of Coinbase, also clarified on crypto Twitter:

“@secgov has made a number of misinformed assertions about staking over the past few days, and asked a number of misguided questions. Let’s set the record straight point by point–there’s a lot of FUD to cover.”

Basically, Grewal responds to the SEC’s belief that investors cannot get answers about their investments when it comes to staking, saying that Coinbase discloses all critical information to staking users through a Retail User Agreement.

Furthermore, Grewal clarifies that contrary to the SEC’s claim that users transfer ownership of a token to the platform, in reality the title and ownership of the tokens always remain with the users. Only the tokens are held on a 1:1 basis.

Furthermore, regarding the rewards on staking, Coinbase responded that the rewards come from the blockchain that puts the tokens to work in a Proof of Stake consensus mechanism.

The case of Gemini and Genesis

Beyond the cauldron over SEC regulation, the Gemini crypto-exchange used crypto Twitter to instead inform its Genesis creditors that an agreement has been reached on a plan to reimburse Earn users. 

Here’s how Gemini co-founder Cameron Winklevoss’ roundup of tweets begins:

1/ Today, @Gemini reached an agreement in principle with Genesis Global Capital, LLC (Genesis), @DCGco, and other creditors on a plan that provides a path for Earn users to recover their assets. This agreement was announced in Bankruptcy Court today.

— Cameron Winklevoss (@cameron) February 6, 2023

In essence, Genesis creditors who allegedly owe users of Gemini’s now-frozen Earn product $900 million have a hope of recovering their assets.

Not only that, Winklevoss said Gemini will contribute up to $100 million more to Earn users as part of the plan. Further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery.

More on Crypto Twitter

There are many topics being discussed on Twitter regarding crypto. For example, this week, Trust’s multi-chain wallet also disclosed details of a $4 million crypto heist organized by a Rome crime unit:

1/ This week, an organised crime unit from Rome stole $4M from one of our users.

It was stated, the thief ‘took a picture’ of the user’s Wallet balance to steal the funds.

We’ve done investigating into the events and believe this is how it happened…🧵👇

— Trust – Crypto Wallet (@TrustWallet) February 8, 2023

Alternatively, Crypto Twitter also touches on another topic in vogue this week and that is Ordinals’ NFTs on Bitcoin.

In this regard, Jameson Lopp, co-founder and CTO of the cryptocurrency wallet Casa, reacted negatively to the rise of NFT assets on Bitcoin:

NFT art was dumb on Bitcoin and then
NFT art was dumb on Ethereum and then
NFT art was dumb on Solana and now
NFT art is dumb on Bitcoin again.

But folks should be free to have fun.

— Jameson Lopp (@lopp) February 9, 2023

Another crypto Twitter topic of discussion is cryptocurrency donations aimed at supporting victims of the devastating earthquake in Turkey and Syria.

Prominent figures such as Vitalik Buterin, the co-founder of Ethereum, along with Tether, Justin Sun of Tron, and other crypto-exchanges and crypto foundations are making substantial donations to the charities.