SEC Sues Coinbase and Binance, Tether Invests In Volcano Energy

Market Update Crypto is rebounding despite the SEC announcing it would be suing top exchanges Binance and Coinbase. The Binance allegations shocked the cryptocurrency markets, leading to a rapid 5% drop in bitcoin prices yesterday. As a result, approximately $300 million worth of long crypto positions were liquidated, setting a new daily record for 2023. In addition to the legal action against Binance, the SEC filed a lawsuit against Coinbase this morning, less than 24 hours after the Binance suit. However, despite the cases, cryptocurrency prices are turning higher, potentially due to the elimination of leverage that occurred during the previous day. $BTC and $ETH have risen 3.6%, perhaps showing the market’s skepticism that the SEC’s actions will result in substantial obstacles to industry growth and optimism that the court cases could bring clarity to digital asset regulation in the U. S.The SEC has taken legal action against top crypto exchanges Binance and Coinbase, alleging they made several securities laws violations in supporting crypto assets that are potentially securities. They claim Coinbase failed to register as a clearing agency, broker, and exchange and alleges that its staking program violated securities laws. Following these developments, the shares of Coinb