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This week has been a tough one for the crypto market. Let’s dive into why the market is down and what happened over the past seven days. 👇
quick weekly news
Trump promises tariffs on Canada, Mexico, China, and EU
Continuing the news from the beginning of the month, Trump, on his social media platform Truth Social, promised that the trade tariffs set on March 4th will be executed this time for sure. He claimed that the main reason behind imposing these tariffs on Canada, Mexico, and China is the continued flow of drugs into the U.S. from these countries. Interestingly, while Mexico has a significant share in supplying drugs to the U.S., Canada has a much smaller share yet faces the same tariff rate as Mexico. Moreover, according to some media reports, Canada actually receives more drugs from the U.S. than it supplies.
As a result of Trump’s tariff announcement, the S&P 500 dropped by 1.6%, while $BTC saw a sharp correction of nearly 8%. The primary reason behind this reaction is the massive impact tariffs have on U.S. inflation and, subsequently, interest rate decisions.
Source: TradingView
Source: GoodCrypto
Nevertheless, the real impact of these tariffs on inflation will only become clear in the coming months.
SEC closes multiple cases against crypto giants
Despite the overall depressing market state, the U.S. continues to actively adopt crypto, as the SEC drops charges against multiple crypto companies, including Uniswap, Consensys, Coinbase, and Gemini. Most of these cases were launched relatively recently, in 2024, as a continuation of the SEC’s attacks against another major crypto company, Binance.
Among the crypto community, such aggressive actions have been labeled “Choke Point 2.0,” referring to the original Operation Choke Point, where regulators during the Obama administration attempted to cut off certain industries from the banking system without outright banning them. A similar pattern was observed in the Biden administration’s policies toward cryptocurrency, as the SEC deliberately delayed the approval of ETFs and filed lawsuits against multiple Web3 companies.
However, with Donald Trump returning to office, he promised to change this approach and replace Gary Gensler with a new, more crypto-friendly SEC chairman. Finally, these changes have paid off, and it seems likely that this won’t be the last pro-crypto move from the SEC in the near future.
SEC says memecoins aren’t securities, but fraud will still be policed
Adding even more optimism from the SEC’s side, the agency announced that memecoins are not considered securities and, therefore, will not be as heavily regulated or policed as they were during the Biden administration. The SEC described memecoins as a type of crypto asset inspired by internet memes and stated that since they have no inherent utility or guaranteed yield, they do not fall under the classification of securities.
“A meme coin does not constitute any of the common financial instruments specifically enumerated in the definition of ‘security’ because, among other things, it does not generate a yield or convey rights to future income, profits, or assets of a business,” the SEC stated in its latest report.
At the same time, the agency emphasized its commitment to investigating fraud, warning that fraudulent ICOs and memecoin sales “may be subject to enforcement action or prosecution by other federal or state agencies.”
Interestingly, this statement came just a week after the crypto community began discussing the “death” of memecoins, following the rug pull of the Javier Milei-promoted memecoin $LIBRA, which sparked a massive scandal on social media and in Argentina.
Democrats introduce MEME Act, saying Trump rug pulled 800,000
At the same time, California Democrat Sam Liccardo, seemingly inspired by the $LIBRA case, has introduced a bill to ban top officials and their family members from profiting off personal memecoins. He described the rising memecoin trend as a potential method for accepting bribes from foreign users, where an official can launch their own meme token, foreign users buy it at inflated prices, pushing up the creator’s asset value, and then the person who launched it cashes out at a higher net worth, which is essentially equivalent to receiving a bribe.
As a response, the new MEME Act aims to mitigate such risks while also protecting investors from fraud and rug pulls. A new trend has emerged where celebrities promote memecoins without personally launching them, allowing them to profit from the hype while avoiding responsibility for the token’s eventual crash.
Furthermore, Liccardo accused Donald Trump of rug-pulling investors, alleging that he lured people into buying his memecoin, which later plummeted by nearly 85.01% from its ATH. The Democrat claimed that nearly 800,000 people who bought $TRUMP lost money, despite Trump himself never being spotted selling any of his holdings.
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top crypto meme of the week
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