Bitcoin Is the Safest Cryptocurrency Right Now
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="1024" height="731" />)
Key Points:
• After the current SEC attack on Binance and Coinbase, Bitcoin is in a safe position.
• If the SEC wins or loses the case, Bitcoin always has a way to grow.
• According to Gensler, Bitcoin, the largest cryptocurrency by market size, is a commodity, not a security.
The crypto sector has been forecasting harsher crypto regulation since Gary Gensler was sworn in as SEC chairman in 2021. While he was a professor of blockchain at the Massachusetts Institute of Technology, Gensler said that many cryptocurrencies are likely to be securities, which implies they should be regulated by the SEC and subject to US government authority. However, one cryptocurrency, Bitcoin, is not covered by the SEC's definition,
The SEC has already taken action against certain industry businesses and initiatives. including Ripple Labs Kraken, and most recently, the two industry giants Binance and Coinbase. Going forward, it is probable that the SEC will test the waters with smaller businesses before taking action against the two biggest and most well-known exchanges Cumont situation
Earlier in June 5, a piece of news provoked intense market debate. The US Securities and Exchange Commission has announced that Binance and its CEC, Changpang Zhao (CZ). will be sued. This disclosure also had a direct impact on the cryptocurrency market.
According to rumors, the SEC has lied a lawsuit against the encrypted trading Platform Binance and its CEO CZ for allegedly breaching securities trading ragulations. Binance and its CS CZ are being armsecuted for the second time by US authorities after being sued by the US Commodities Futures Trading Commission (CFTC) on March 28 for allegedly breaking trading and derivatives laws. Binance is facing a regulatory dilemma that is self evident.
The SEC charged Binance Holdings, BAM Trading Services, BAM Management USA Holding, and CZ with breaching finder securest laws and falling to safeguard investors. The defendants are accused of unlawfully selling crypto asset securities to US investors, at well as undertaking numerous unregistered offers and sales f through unregistered online trading platforms Defendants reportedly generated crypt asset securities and other invest schemes on Binance.com and Binance US billions of dollars in pro while putting investors funds in danger
Bitcoin dropped as much as 7% after the claims were made public, the largest one-day decrease in over three months
Among other things the SEC calmed mat Two Binance coins, and BUSD, securities that were fraudulently offered and sold by the business. According to the SEC. Binance and its US affates are not really independent of one another and operate as anchang, broker, and clearingho without bed with the SEC.
The SEC revealed that despite CZ and finasce publicly claiming that finance US was an independent trading platform designed for US investors, C2 and Binance suriously cost the site's functioning behind the scenes. Moreove beginning in August 2221, Binance will no longer require users with account withdrawal limits to provide any KYC information when creating an account, allowing them to ccvent anti-money laundering
At the same time, the SEC aid that, although Binance offered securities-related services to US consumers, it purposefully avoided oversight by 1/5 regulatory authorities placing billions of dollars in US investor money in danger of lows and leaving Binance and CZ at the mercy of regulators
On June 6, only one day after launching a l complaint against the cryptocurrency exchange Binance, the SEC find another lawsuit against another cryptocurrency exchange Coinbase hough not as many as the 13 lawsuits tied against finance yesterday Serious charges are not the same This time, Coinbase faces just sever allegations, and the substance of the case seems to be innocuos
Bitcoin is not on the list of securities listed by the SEC
According to the claims, the SEC also classes some tokens traded on Binance.com and Binance US, such as 50L. ADA. MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI, as securities, which may represent a danger to other exchanges.
27 comments