![]() ![]() "The SEC is making life nearly impossible for several altcoins and that is actually driving some crypto traders back into bitcoin," explained Oanda's Moya. It was trading just below $27,000 at 0410 GMT. Leading cryptocurrency bitcoin has been a paradoxical beneficiary of the crackdown.Īfter an initial plunge to a nearly three-month low of $25,350 following the Binance suit, bitcoin rebounded by more than $2,000, exceeding the previous day's high. Oanda senior market analyst Ed Moya said the SEC "looks like it's playing Whac-A-Mole with crypto exchanges," and because most exchanges offer a range of tokens that operate on blockchain protocols targeted by regulators, "it seems like this is just the beginning." Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance." ![]() Shares of Coinbase's parent Coinbase Global Inc (COIN.O) closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.Ĭoinbase suffered about $1.28 billion of net customer outflows following the lawsuit, according to initial estimates from data firm Nansen. In its complaint filed in Manhattan federal court, the SEC said Coinbase has since at least 2019 made billions of dollars by operating as a middleman on crypto transactions, while evading disclosure requirements meant to protect investors. "If the SEC prevails in either case, the cryptocurrency industry will be transformed." "The two cases are different, but overlap and point in the same direction: the SEC's increasingly aggressive campaign to bring cryptocurrencies under the jurisdiction of the federal securities laws," said Kevin O'Brien, a partner at Ford O'Brien Landy and a former federal prosecutor, adding, however, that the SEC has not previously taken on such major crypto players. If successful, the lawsuits could transform the crypto market by successfully asserting the SEC's jurisdiction over the industry which for years has argued that tokens do not constitute securities and should not be regulated by the SEC. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation. The 45th-ranked crypto asset is also trading near its weekly high as the token is worth $1.53 at time writing.NEW YORK, June 6 (Reuters) - (This June 6 story has been refiled to change the corporate name to Bittrex Inc from Bittrex Global in paragraph 16) IMX climbed from a seven-day low of $0.78 to a high of $1.59 to mark a rally of over 103%. The last coin on the list is ImmutableX ( IMX), a protocol that’s designed to enable developers to build fast, scalable and secure applications for blockchain-based games and non-fungible tokens (NFTs). Stacks has retraced since and is trading at $1.19 at time of writing. The crypto asset skyrocketed from a low of $0.57 on March 12th to a weekly high of $1.30, representing a surge of more than 128%. Just like CFX, MASK is trading near its seven-day high as the altcoin is worth $6.51 at time of writing.Īnother altcoin that’s on the up and up as of late is Stacks ( STX), a layer-1 protocol that aims to enable smart contracts and boost the utility of Bitcoin ( BTC). The crypto asset surged from a low of $2.70 on March 13th to a weekly high of $6.66 for an increase of over 146%. The Mask Network is a decentralized portal that allows users access to blockchain features on top of existing social networks. ![]() Next up is MASK, the Ethereum ( ETH)-based governance token of the Mask decentralized autonomous organization (DAO). CFX rallied from a seven-day low of $0.14 to a high of $0.42 to mark a staggering 200% rise. CFX continues to trade near its highs as it is worth $0.41 at time of writing. ![]()
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