Together with
The Future. The Securities and Exchange Commission is taking swings at both Coinbase and Binance, arguing that tokens are nothing more than just unregistered securities and should be governed as such. If the lawsuits prevail, it’ll likely become infinitely harder for the industry to function as it has for the past couple of years and may turn off casual investors from getting involved.
Claws out for crypto
SEC Chair Gary Gensler is getting serious about reigning in the wild world of crypto.
- The regulator alleges that popular tokens like Solana, Cardano, and Polygon are all securities.
- So, it’s suing Coinbase (the largest exchange in the US) for acting as an illegal exchange for letting users trade unregistered securities.
- Earlier this week, the SEC also sued Binance (the biggest exchange in the world) and its CEO, Changpeng Zhao, for violating US securities laws and misusing customer funds.
What does this all mean? The SEC is pushing that there’s very little of the crypto industry that they shouldn’t have oversight of. Additionally, it doesn’t really want crypto to grow, telling banks to avoid the tokens because of their volatility and potential danger to the mainstream financial system.
Seems like crypto may be hanging on for dear life in the US.
TOGETHER WITH CANVA
No design skills needed! 🪄✨
Canva Pro is the design software that makes design simple, convenient, and reliable. Create what you need in no time! Jam-packed with time-saving tools that make anyone look like a professional designer.