Crypto’s Wild Week: Regulatory Moves and Memecoin Madness

3 min readDec 15, 2023

Unpack a tumultuous week in the crypto world, featuring Elizabeth Warren’s legislative crackdown, BONK’s ascent, and SafeMoon’s plunge into bankruptcy.

SEC Rethinks Stance on Bitcoin ETFs Following Court Rulings

SEC Chairman Gary Gensler, in a CNBC interview, revealed a pivotal shift in the SEC’s stance on Bitcoin ETF applications. This reconsideration follows previous rejections and recent court rulings in the District of Columbia.

Gensler emphasized that these judicial decisions are guiding the SEC’s revised approach, potentially opening doors for future spot Bitcoin ETF approvals.

President Donald Trump Releases “Mugshot Edition” NFTs

Former President of the United States of America, Donald Trump, has released his latest Non-Fungible Token. (NFT) collection, named the “Mugshot Edition”.

This latest digital trading card will mark the 3rd time the former Head of State will be releasing an NFT collection.

Decentralized Exchange OKX Suffers Major Hack Losing $400K, Exchange Initiates Action

Major exploit at decentralized exchange OKX this week, with hackers stealing over $400,000 from user accounts.

The attack on OKX DEX’s Aggregation Router resulted in a loss of over $424,000. The deployer of the router is suspected in the exploit. OKX has removed the related proxy, but concerns remain about a leaked private key for the 0xFacf3 account.

Pope Weighs In on AI: A Divine Perspective

Pope Francis warns about AI risks in his letter, ahead of the Church’s World Day of Peace on Jan 1, 2024.

Pope Francis wants to see an international treaty to regulate AI to ensure it is developed and used ethically, otherwise, we risk falling into the spiral of a “technological dictatorship.”

SafeMoon Files for Bankruptcy Amidst Fraud Allegations

SafeMoon has filed for Chapter 7 bankruptcy protection amidst ongoing fraud and mismanagement accusations. The filing, initiated by attorney Mark Rose, marks a significant downturn for the company, reflecting the challenges and controversies it has faced since its early days.

The case has been assigned to Chief Judge Joel T. Marker, setting the stage for a legal process that could unveil more about the company’s troubled operations.

FIFA to Drop NFT Collection to Secure World Cup Tickets

FIFA is launching an NFT collection for the FIFA Club World Cup Saudi Arabia 2023, in collaboration with blockchain tech firm Modex.

This development comes right after Modex takes on the strategic management of FIFA+ Collect, the football governing body’s ‘arsenal’ of digital collectibles that portray some of the iconic moments of players.

BONK Surpasses Pepe as Third-Largest Memecoin

Bonk, the Solana-based dog-themed memecoin, has achieved a significant milestone by becoming the third-largest memecoin in market capitalization, overtaking Pepe.

With an impressive 370% price surge over the past month, Bonk’s market cap has soared to $762 million, eclipsing Pepe’s $675 million, according to recent CoinGecko data.

US Senator Elizabeth Warren Introduces Bill to Crack Down on Crypto

US anti-crypt Senator; Elizabeth Warren this week, introduced a bill to crack down on crypto and address the alleged misuse of digital currency for criminal activities

The bill, supported by a coalition within the Banking Committee, marks a significant push for increased oversight and regulation within the cryptocurrency sphere. Citing risks associated with cryptocurrencies, Senator Warren stressed that digital currencies are used as an avenue for criminal activities, and that must be addressed through stringent regulatory frameworks.




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