SEC & Exchange: The End Is Coming
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Is now news again that the top exchanges in the industry are under a filed lawsuit the like of #Binance and #Coinbase. This has affected the crypto market on a general note.
Coinbase #ETH staking has dropped by 9.7% which is the lowest since 2021 and this drop based on analysis revealed that investors do not want to be exposed to any regulatory risk through its staking services. As of the time of writing this article, 149,300 ETH has been withdrawn by Coinbase from its Ethereum proof of stake network since the lawsuit, although they still held their second position in terms of largest staking service provider yet, we have RocketPool, Figment getting closer with a close look at Dune Chart
Do We See Any Good News Coming?
This is actually a trying time for the crypto exchanges and should there be any breakthrough from this, the adoption of cryptocurrency and its technology will be massive and investors will pump more money into the space. From the update about the lawsuit against Coinbase, the Supreme Court ruled out the petition of forcing customers into arbitration in favour of Coinbase this in one way or another other strengthens arbitrage trading.
While is #SEC unable to file civil and criminal charges against Coinbase and Binance since within hours the case of FTX and its CEO doesn't linger like this, I think the crypto exchange this time is winning. At a time, the Judge pressed the SEC's lawyers to show reasons for freezing their account and when there are no answer, he expressed his frustration because no one can give a straight answer. Then we are winning!
Now the ball is in their court to provide answers to all questions being asked, I kind of believe they have nothing to give out again and waiting for the October deadline giving to them to crown the crypto exchange as the winner of the petition and usher in a new milestone for the crypto market.
What do you think? Do you feel we are winning already or is there any trace of losing the ground to the SEC?
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