SEC Drops Binance Lawsuit, Zhao Pokes Fun at Gensler in Viral Meme

The U.S. Securities and Exchange Commission has officially dropped its lawsuit against cryptocurrency exchange Binance. This marks the end of a high-profile legal battle that commenced under former SEC Chairman Gary Gensler’s leadership. Binance CEO Changpeng Zhao, known as CZ, capitalized on the news by posting a meme featuring a clown nose overlaid onto Gensler’s image on X (formerly Twitter). This post is seen as a sarcastic jab at Gensler’s past regulatory approach towards crypto markets. Many believe it represents the crypto community’s confidence in the industry despite previous attempts to stifle it.