The cryptocurrency market is experiencing significant turbulence as the U.S. Securities and Exchange Commission (SEC) intensifies its regulatory scrutiny.
CNBC reports that, this week, several of the most valuable cryptocurrencies, including Ripple, plunged by more than 15% following the SEC's lawsuits against major crypto exchanges Coinbase and Binance.
The SEC has accused Binance, one of the world's largest cryptocurrency exchanges, of operating an illegal trading platform and misusing customers' money. As a result, Binance's emergency fund has dwindled, with its value down by 11% in June.
New York Post reports that the regulatory crackdown is led by SEC chair Gary Gensler, who has maintained close ties with anti-cryptocurrency crusader Sen.
Elizabeth Warren (D-Mass.). Gensler, a longtime Democratic donor and the CFO for Hillary Clinton’s 2016 presidential campaign, has been coordinating with Warren in cracking down on the industry.
The SEC's actions have had a significant impact on the crypto market. For instance, Polygon, a popular altcoin, fell by 1.5% following the SEC's charges. Binance.US, the American subsidiary of Binance, stated that the SEC's asset freeze would effectively end its business.
Furthermore, the SEC's charges have led to a plunge in the value of several altcoins, and Robinhood, a popular trading platform, has announced plans to delist some tokens.
The SEC's intensified crackdown on the crypto industry marks a significant shift in the regulatory landscape.
It underscores the growing concerns among regulators about the potential risks and illegal activities associated with cryptocurrencies. As the SEC continues to tighten its grip on the industry, the future of cryptocurrencies in the U.S. remains uncertain. [pc]
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