This week in the crypto world we saw Grayscale upset the SEC’s apple cart, Uniswap winning an important legal battle over stolen coins, and Bitboy Crypto get dumped by his own company.
Who’s that laughing at the back there?
Grayscale Puts the SEC in the Corner
Grayscale scored a massive win for the crypto space this week and slammed an egg right in the face of Gary Gensler when a three-judge court ruled that the authority’s decision to block the conversion of the Grayscale Bitcoin Trust into a Bitcoin ETF was “arbitrary and capricious”.
Bitcoin jumped $2,000 on the news (it has since retraced the move, but hey), with many thinking that it meant a Bitcoin ETF was inevitable. This is not the case, however, as the ruling merely vacated the SEC’s order, meaning that the decision is back with the SEC for them to try and find another reason for denying it (which it will undoubtedly do).
Still, the news was bullish in principle, especially coming so soon after the SEC’s defeat against Ripple. Now imagine if both were overturned…
Uniswap Not Liable for Coins Lost in Scams
Amid the kerfuffle over the Grayscale ruling came another that will allow DeFi platforms to breathe a sigh of relief; a New York district court this week exempted exchange Uniswap from being liable for losses related to scam tokens launched on the protocol.
A group of victims had tried to hold Uniswap responsible for their losses, saying that it facilitated the loss, but the judge ruled that scammed users should take the issue up with individual projects instead of going after exchanges.
Yeah, good luck.
Bitboy Crypto Dumped by….Bitboy Crypto
The most amusing news of the week came through the actions of the shills shiller Bitboy Crypto, better known as Ben Armstrong, who was unceremoniously booted from his own company in what he says is a coup. Armstrong was dumped for an alleged drug relapse, which he put down to taking diet pills, as well as the “emotional, physical and financial damage he has done to the employees of Hit network & the Bitboy Crypto community.” Ouch.
Armstrong hit back through a community chat where he claimed that two members of the company, including its CEO, were trying to oust him and take the company in a new direction. Hopefully a legal fight is on the cards over the ownership of BJ Investment Holdings (yes, really) because if there’s one thing we could all do with at the moment it’s a bloody good laugh.
