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SEC Takes Major Action (Eruptions Market Report 6-9-23)

Following the Securities and Exchange Commission's (SEC) recent lawsuits against Coinbase and Binance, two prominent global cryptocurrency exchanges, it is anticipated that other crypto exchanges in the United States will face similar scrutiny.

The SEC's legal actions claim that Coinbase engaged in the trading of at least 13 crypto assets classified as securities, which should have been registered. Similarly, Binance, recognized as the largest cryptocurrency exchange worldwide, was accused by the SEC of offering 12 cryptocurrency coins without proper registration as securities.

The major talking point of this week is that the SEC has officially stated in these lawsuits that certain crypto tokens are unregistered securities and, therefore, these exchanges are guilty of issuing/trading unregistered securities.

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