Cryptocurrency market prices have fallen dramatically since the news first broke.
Altcoins like Solana (SOL), Cardano (ADA), ribbed (Matic) and many other symbols face the possibility of existence to cross out from Robinhood Markets Inc (NASDAQ: HOOD), after the US Securities and Exchange Commission (SEC) imposed fees on Binance and Coinbase Global Inc (NASDAQ: COIN) for trading in unregistered securities.
For now, Robinhood is taking another look at the digital asset offerings on its platform to “determine what, if any, actions to take,” according to Dan Gallagher, a former SEC commissioner and Robinhood’s current legal director.
in the lawsuit that was foot By the SEC against Binance, the regulator designated BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities. Coinbase was not went out The SEC also stated that SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO all fall under the securities category.
Robinhood Tokens Audit and Broad Crypto Market Reaction
These lawsuits were filed simultaneously against prominent digital asset service providers.
Unfortunately, the vast crypto industry has had to bear the brunt of these enforcement actions. Crypto market prices have landed Remarkably since the news started making the rounds. A few hours after the SEC condemned Binance, Bitcoin (BTC) dropped by 5%, Ethereum (ETH) suffered a similar fate, and other altcoins such as SOL, ADA, MATIC, and even Dogecoin (DOGE) also fell in price terms.
Data from Dune Analytics showed that Binance saw massive outflows of up to $635 million after the lawsuit.
Coinbase stock value He falls And by 10.3% and by the end of the trading day it was down by 9%. Given the huge impact on the cryptocurrency market, Edward Moya, senior market analyst at foreign exchange Oanda, stated that it was a reflection of investor concerns about the US regulatory crackdown on cryptocurrencies. Investors fear that in the long term, many digital assets will be classified as securities.
Meanwhile, several cryptocurrency heavyweights have pledged support for cryptocurrency exchanges against the SEC. Cardano President Charles Hoskinson urged major players in the cryptocurrency industry to unite to combat the tyranny of the SEC and other regulators. This is not far from what Coinbase was trying to achieve when it filed a lawsuit against the SEC asking the regulator supply Clarity in the regulatory framework for cryptocurrencies.
The SEC speaks on both sides of its mouth, and that’s wrong on every side. The chair’s statements can’t give fair notice of the liabilities of the regulated parties — that’s the rule-making function, which Coinbase’s petition calls for. But the SEC chair He can undoubtedly speak formally for the agency he leads in describing its regulatory agenda,” Coinbase stated at the time.
Looking on the bright side, over the past 48 hours, the three largest decentralized exchanges (DEXs): Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum), and PancakeSwap v3 (BSC) registered A 444% jump in average trading volume, according to crypto data aggregator CoinGecko.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and innovations to drive public acceptance and global integration of the emerging technology. His desires to educate people about cryptocurrencies have inspired his contributions to popular blockchain-based media and websites. Benjamin Godfrey is a fan of sports and farming.
