Will Binance and Coinbase SEC Lawsuits Benefit Wall Street?

Will Binance and Coinbase SEC Lawsuits Benefit Wall Street?
By: Bitcoin Max Posted: June 23, 2023

Litigation by Cryptocurrency Companies and Entry of Existing Financial Majors

Earlier this month, the U.S. Securities and Exchange Commission (SEC) shocked the cryptocurrency industry by suing Binance, the world’s largest cryptocurrency exchange, and Coinbase, the largest U.S. cryptocurrency exchange, for violating securities laws. rice field.

Both Binance and Coinbase have completely denied the SEC’s allegations and have made clear their intentions to fight them in court. The SEC’s “enforcement-by-enforcement” approach has been criticized not only by industry but also by Congress, with lawsuits expected to continue for years.

connection:Binance and Coinbase SEC Lawsuit |

The SEC had sought to freeze the assets of Binance US, the U.S. division of Binance. . Binance US has accused the SEC of trying to “crush” the cryptocurrency industry by any means possible.

connection:SEC and Binance US Agree to Avoid Asset Freeze

Coinbase CEO Bryan Armstrong also criticized the SEC for enforcing enforcement despite the lack of clear regulation of cryptocurrencies. “I am proud to represent the industry in seeking clarity in court about cryptocurrency rules,” he said.

BlackRock, the world’s largest asset management company, applied for a Bitcoin ETF on the 15th as the confrontation between top cryptocurrency companies and US regulators became clearer. After that, US WisdomTree, Invesco, and Valkyrie Funds also applied for new physical Bitcoin ETFs one after another.

connection:BlackRock Submits Bitcoin ETF

In addition, EDX Markets, a virtual currency exchange for institutional investors funded by Wall Street’s major financial institutions, began service on the 21st. Backing EDX Markets are traditional financial institutions such as Citadel Securities, Fidelity Investments and Charles Schwab.

connection:EDX Markets, a virtual currency exchange funded by Wall Street Financial, opens in the United States

Questionable timing of entry

Shortly after the lawsuits against Binance and Coinbase were filed, “Wall Street Finance” entered the cryptocurrency industry one after another, so among industry celebrities, it seems that it is a cooperative play between regulators and existing financial institutions. Hypotheses have also surfaced, giving rise to various speculations.

Unfortunately, BlackRock, Fidelity, Citadel, Schwab, and now Deutsche Bank just days after the SEC demanded a TRO from Binance and sued Coinbase, bitcoin ETFs and physical After seeing you apply for an exchange etc. . . How can we get rid of the idea that everything that happened in the past year was a huge internal maneuver coordinated between Wall Street players and government regulators to try and catch up with them?

June 5-6: SEC Sues Binance and Coinbase
June 15: BlackRock Filed for BTC ETF
June 20: Citadel, Schwab and Fidelity backed cryptocurrency exchange (EDX Markets) goes live
The takeover by TradFi (traditional finance) has begun.

The former CEO of BitMEX and others have expressed similar views.

“Opportunity for incumbents to take the initiative”

Dawn Fitzpatrick, CEO of Soros Fund Management, believes that while the lawsuits against Binance and Coinbase will be challenging times for the industry, now is the time for incumbents to enter the cryptocurrency market. clarified.

Soros Fund Management is an investment company that manages the capital of George Soros, known as one of the world’s three largest investors, and is valued at approximately 4.25 trillion yen ($30 billion).

What happened this time is clearly a setback. But I think now is the big time for incumbents to take real leadership.

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