📉 Fed + Tether + SEC Jitters: DeFi Week of June 11

Happy weekend Defiers!

The week began bearishly, with Bitcoin and Ethereum sinking to their lowest levels since March. The markets continued to bleed following the SEC filing lawsuits against Coinbase and Binance last week, before tagging a local low in response to the Federal Reserve’s decision to leave interest rates unchanged on Wednesday.

However, the SEC’s aggressive campaign of regulation-by-enforcement targeting web3 is irking lawmakers. On Monday, Republican Congressmen Warren Davidson and Tom Emmer advanced a bill seeking to replace the position of SEC chairman with six commissions tasked with rulemaking and enforcement.