SEC-inspired memecoins are experiencing a significant surge in value following the legal actions taken against exchanges Binance and Coinbase. Tokens like Good Gensler (GENSLR) and Fuck Gary Gensler (FKGARY) have seen a price explosion, capturing the attention of investors eager for quick gains.
In a recent series of tweets, long-time Bitcoin (BTC) advocate and Twitter founder Jack Dorsey ignited a heated controversy. According to him, Ethereum (ETH) is a security. This statement quickly prompted passionate reactions from crypto experts, exposing the ongoing debates surrounding the classification of ETH and existing regulations.
The SEC has been on a witch hunt against crypto firms for several weeks now. It staunchly defends its position to clean up the American crypto industry and promote its growth. However, many players in this industry do not see the regulator's actions in the same light.
Gary Gensler faced the press to explain the serious accusations brought by the SEC against the exchanges Coinbase and Binance.
Last Tuesday, the SEC, through its chairman, Gary Gensler, filed legal proceedings against the crypto platform Coinbase. The case could see its first twist as Coinbase claims to have evidence of potential bad faith on Gary Gensler's part in this matter.
The SEC has urged the judge to dismiss Coinbase's petition for an explanation on the rules applied by the stock market regulator in the crypto industry. Immediately, Paul Grewal, Coinbase's Chief Legal Officer, expressed concerns about this response. According to him, the SEC will continue to oversee the crypto sector by enforcing regulations forcefully.