Crypto Week in Review: Steem Community Regains Control From Justin Sun
Justin Sun vs. Steem
The battle for control of the Steem blockchain reached new heights this week. Here’s what you need to know:
- Tron Founder Justin Sun recently acquired Steemit, a decentralized social media platform with over 10,000 daily active users, and 65 million Steem tokens.
- In what appeared to be a coordinated attack, crypto exchanges Binance, Huobi, and Poloniex used their voting power to give Sun control over Steem, the blockchain network that powers Steemit.
- Following outrage from the community and accusations of a “hostile takeover,” Binance and Huobi withdrew their support for Sun.
- On Wednesday, the community reelected enough of its members to regain control of Steem.
- To make matters even worse for Sun, Steemit’s development team quit.
Sun took to Twitter to defend his actions, claiming that his attempt to takeover Steem was part of an effort to stop “malicious hackers” who had frozen the 65 million tokens that legally belonged to him.
The Civil-War-like battle between the Steem community and its most powerful members showcases the good, the bad, and the ugly of decentralization. This time, the Steem community won, but I’d bet the drama is far from over. In any case, I think this would make a great reality TV show. I’m calling Bravo.
India Overturns Crypto Ban
In India, another crypto battle is raging on. On March 4, the Supreme Court of India overturned the Reserve Bank of India’s (RBI) ban on cryptocurrencies. The court ruled that there had been no visible damage to banks regulated by the RBI, and a complete ban on cryptocurrency trading was not “proportionate.”
India’s 1.33 billion citizens will now be able to legally access cryptocurrency trading, representing a significant opportunity for exchanges and crypto-related businesses.
Entrepreneurs and crypto enthusiasts around the country celebrated the ruling. “The win belongs to the entire crypto community in India,” wrote Sathvik Vishwanath, co-founder and CEO of Indian cryptocurrency exchange Unocoin, in a blog post.
But not everyone was happy about the court’s decision. The RBI is reportedly seeking to file a review petition with the Supreme Court, asking them to reinstate the ban on cryptocurrencies.
New Yang City
Former presidential candidate and Bitcoin enthusiast Andrew Yang is reportedly considering running for mayor of New York City. The New York Times reported that advisers to Michael Bloomberg, the former mayor of New York, had reached out to Mr. Yang after he withdrew from the presidential race to offer counsel.
When asked about his potential candidacy on CNN, Yang said he’s not opposed the idea. “I would want to see who else is running and what the world looks like. I just want to put myself in the position to have the greatest possible impact,” he said.
“Certainly the mayor of New York City can do a lot of good,” he added. “So that is something that I have to take a long look at.”
If Yang were to become the Mayor of New York City, he could bring with him crypto-friendly regulation to a state that’s become notorious for its controversial BitLicense.
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