WE WON! The Gensler nightmare is OVER. Our friends back in the suits at the SEC, led by Darth Gensler himself, have… — retreated! They’ve surrendered! Boom! Now is the time to plan and throw the biggest digital block party the metaverse has ever seen. FUD’s reign is OVER Builders’ era is BACK @ Coindesk!

Did the Meme Magic Work?

You know how we kept saying 25+ times that we photo-shopped Gensler’s face onto a fudzilla marauding DeFi city. You know, like all those “SEC gonna SEC” memes after every one of their 5,000+ enforcement actions. Turns out, perhaps… just perhaps… all that meme magic really did save the day. You think they didn't see it? I bet they did. Sorry, we can’t tell you, we said, because we think you were really afraid of our fucking digital art skills. Talk about Bastille day. It was nothing less than the digital Storming of the Bastille—instead of pitchforks and torches, we came armed with pixels and dank memes.

Here's the deal: the SEC, under new leadership, has formally withdrawn a bunch of Gensler-era proposals that would have strangled DeFi and crypto custody. We’re discussing amendments to Exchange Act Rule 3b-16 (the crypto custody rule), ESG compliance, the entire nine yards. Gone. Poof. Vamoose. These proposals would have required that DeFi platforms register as national securities exchanges. This alone would have meant wading through a load of bureaucratic red tape to get into compliance for them. Their goal was for us to deposit our coins in their custody vaults and control how we invest.

Think about the implications for NFT artists. Now picture having to pass an entire regulatory gauntlet just to release a single new collection. Imagine the chilling effect on innovation. The SEC’s proposals were not about protecting investors; they were about control. They were about squashing the very spirit of crypto: decentralization, innovation, and freedom.

You know what this reminds me of? Remember when Napster got shut down? Once again, the legacy music industry tried to strangle the internet in its crib. And what happened? Spotify, Apple Music, and an entire new landscape of digital music followed. This time, it was the SEC that was attempting to make the same play but misjudged the strength of the crypto community.

NFT Artists Rejoice!

This isn't just about billionaires getting richer. This is both about seeding our future creators, artists, and entrepreneurs. The NFT space has been a real breeding ground for innovation. It’s an artist-first platform that allows them to engage directly with their fan base, circumvent legacy gatekeepers, and grow self-sustaining communities. The sword of Damocles for the entire space was the threat of stifling regulation. Now, that cloud has lifted.

I can still hear the collective sigh of relief from NFT artists across the globe. Only then can they return to making and dreaming and pushing the boundaries of what’s possible in the digital realm. No longer do they need to be concerned with the SEC brooding over them.

Let's not forget the DeFi community. These proposed rules would have essentially driven a stake through the heart of DeFi, requiring platforms to adhere to regulations developed for use by centralized exchanges. This would have defeated the whole purpose of DeFi: to create a more open, transparent, and accessible financial system.

This rollback is notable not only as a regulatory victory, but as a cultural victory. We see it as a tremendous victory for the underdogs, the rebels, the innovators who are creating the future of finance and art. This is the beginning of new chapter.

Trump Card or Community Power?

Now, people are attributing this all to the greater crypto-friendly position of the Trump administration. And yeah, maybe that played a role. But let's be real: this victory belongs to us. To the crypto community. To everyone who spoke out against the SEC's overreach, who built innovative projects despite the regulatory uncertainty, and who never gave up on the dream of a decentralized future.

We flooded their Twitter feeds (um, don’t actually do this one). We wrote thoughtful analyses. We created incredibly beautiful, complicated things that introduced the world to the power of crypto. And, best of all, through it all, we didn’t forget our values. We didn't compromise. We didn't back down.

The SEC is kicking ETF reviews down the road, raking Dogecoin and HBAR ETFs along with them. Could this be an indication that the new leadership is not quite as bold as they might otherwise want to be? Maybe. It equally demonstrates that they’ve decided to turn down the heat and have a steadier hand on the wheel.

So, what now? Do we rest on our laurels? Absolutely not. This is just the beginning. We have to continue to build and explore beyond the cutting edge. Join us in the battle for a future where crypto is open and accessible to all!

The culture war is far from finished, we just won a significant battle. So let’s welcome and celebrate this victory, absorb the lessons learned and prepare for the next big win. WAGMI.

  • Create a meme celebrating the SEC's retreat. Let's flood the internet with our joy!
  • Support your favorite NFT artists. Buy their art, share their work, and build their communities.
  • Explore the world of DeFi. Experiment with new protocols, earn yield, and participate in the future of finance.
  • Stay vigilant. The fight is far from over. We need to continue to hold regulators accountable and advocate for sensible crypto policies.

The culture war may not be completely over, but we just won a major battle. Let's celebrate this victory, learn from it, and get ready for the next one. WAGMI.