After the CFTC, it's now the SEC's turn to go after Binance and its founder Changpeng Zhao (CZ).
The man who predicted the fall of the United States and the European Union in 2022 has now made statements about the fate of the American banking system and Bitcoin. In a new essay, Arthur Hayes, co-founder and former CEO of BitMex, has made negative prophecies concerning the global finance.
What does the SEC really want by shaking up Binance? The collapse of the crypto industry or its regulation? Many see Gary Gensler and his team's recent initiatives as developing a visceral hatred towards the cryptosphere. In addition to targeting the world's largest exchange, they have also decided to go after 10 tokens traded on the secondary market, such as Cardano's ADA.
Benjamin Cowen, a leading analyst with a YouTube following of approximately 783,000, sheds light on a concerning trend he believes is on the horizon: a significant drop in altcoins could be imminent. According to him, this comes as no surprise, as it's simply a repetition of historical cycles.
Binance is currently facing legal action brought by the SEC. The reason behind the lawsuit is the trading of tokens deemed as securities. Binance CEO has responded to these accusations, while the platform has expressed its disappointment with the filed complaint by the SEC.
In a context of increasing tension between financial regulators and crypto platforms, the announcement of a new lawsuit by the Securities and Exchange Commission (SEC) against Binance has stirred up a storm. The SEC accuses Binance of artificially inflating its transaction volumes and violating several rules, particularly regarding access for US users to its platform. However, a detail has caught the attention of some observers: the unexpected absence of Ripple's XRP from the list of cryptocurrencies that the SEC now considers securities. While XRP has been under attack by the SEC for the past two years, this absence raises numerous questions. Why is XRP missing from this list? Is it a deliberate strategy on the part of the SEC? What could be the repercussions of this decision?
Despite their immense growth potential or market situations that support price increases, certain cryptocurrencies may not be appreciated at their true value. At least, that's what Santiment suggests. The cryptocurrency analysis platform recently tweeted that altcoins like XRP, ADA, and SHIB are currently undervalued.
The SEC has revealed a whole list of shitcoins that Binance should have registered as securities. What about Ethereum? And wash trading?
The Binance-SEC case seems to be progressing very quickly. Just one day after filing a complaint against the crypto exchange, the regulator is taking a new step. The SEC is currently seeking to freeze Binance's assets and even wants to go further by blocking any access of Binance and its CEO Changpeng Zhao to the funds of U.S. clients.
“We don't need more digital currencies,” said Gary Gensler on CNBC. Is this why the SEC is targeting both Binance and Coinbase, which have hundreds of millions of crypto investors? In any case, the heads of these exchanges declare that they will respond to the SEC's attacks.