The SEC's recent enforcement actions against Binance and Coinbase for alleged securities law violations caused a significant drop in value for several major cryptocurrencies, including Solana, Polygon, and Cardano. The SEC's lawsuit against Binance also sparked discussions and reactions on Twitter, with users expressing their opinions and concerns about the regulatory agency's actions.

Other notable events during the week included Coinbase's counter propaganda against the SEC's enforcement action and the removal of former SEC director Bill Hinman's biography from the agency's website. Additionally, Coinbase's Chief Legal Officer tweeted about the Third Circuit's short order in Coinbase's mandamus action, which asked the SEC if they had decided to deny Coinbase's pending petition for rulemaking.