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- Plot Twist: SEC lawsuit might benefit Binance
Plot Twist: SEC lawsuit might benefit Binance
READ TIME - 1 min 43 seconds
Daniel Akpobare
June 07, 2023
GM, this is The Crypto Explorer, Let's face it, trying to keep up with crypto is like catching a greased-up pig.
Let’s do the chasing for you! 😀
Here’s what we got for you today:
🗣️ SEC’s lawsuits spark reactions!
🧱 Around The Block: SEC lawsuits squeeze the net worth of Coinbase and Binance CEOs
🗣️SEC’s Lawsuits Spark Reactions!
The SEC has been throwing lawsuits left and right!
Coinbase and Binance, two prominent cryptocurrency exchanges, have been hit with lawsuits by the SEC within 24 hours.
The SEC alleges that both exchanges have been operating unregistered trading platforms and listing tokens that are considered unregistered securities.
And of course, this development has caused shockwaves in the industry.😲
Everybody who’s somebody in the crypto space has something to say about the lawsuits.
In a tweet, Binance's CEO, Changpeng Zhao, took a swing at the SEC and suggested that the SEC may in fact be the ones at fault since they seem to be fighting with everyone.
Kristin Smith of The Blockchain Association criticized the SEC, emphasizing that the regulator only makes accusations and does not make the law.
The following statement is attributed to Blockchain Association CEO @KMSmithDC:
“The SEC doesn’t make the law – it only makes accusations – and we’re confident the courts will prove Chair Gensler wrong in due time.
“Contrary to what Chair Gensler says, there is no regulatory… twitter.com/i/web/status/1…
— Blockchain Association (@BlockchainAssn)
2:29 PM • Jun 6, 2023
Even Jack Dorsey, the CEO of Block showed support for the industry with a tweet saying, "Steady lads."
Crypto traders are not quiet in this discussion either.
They’re scratching their heads wondering why Coinbase was allowed to go public in 2021 if the SEC claims it has been involved in unregistered securities offerings and operating as an unregistered broker since 2019.
Oh, and here's a plot twist:
They also believe that the SEC's lawsuit against Coinbase might benefit Binance, as they can delay their proceedings and cite Coinbase's case.
Interesting chain of thought right? 😀
But apparently, not everyone is completely against the SEC's actions.
Dan Raju, CEO of fintech company Tradier expressed that clearer regulation from the SEC is overdue and that while the SEC's actions may initially impact crypto prices, they will ultimately instil retail confidence in the long term.
Uhmmmm…..What? 😒
SEC Commissioner Gary Gensler did an interview with CNBC (and Bloomberg) yesterday discussing the matter.
…and as expected, he dropped some more b*mbshells, click here to watch the interview.
🧱 Around The Block: SEC lawsuits squeeze the net worth of Coinbase and Binance CEOs.
💰 Net Worth: SEC lawsuits squeeze net worths of Coinbase and Binance CEOs.
📈 Surge: SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%.
⚖️ Legal Battle: Binance.US says user funds ‘remain safe’ amid SEC attempt to freeze assets.
🚨 Restraining Order: SEC files motion for restraining order against Binance.
That's all we've got for you today.
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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.
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