Ripple (XRP) Only in Green as Major Alt SEC Takes Binance and Coinbase to Court: This Week’s Recap

what a week…

There’s absolutely no need to go into further detail, so let’s get straight to it… The United States Securities and Exchange Commission sued Binance. That’s right, the world’s largest cryptocurrency exchange is under siege. Binance, Binance US and Changpeng Zhao are all named in the lawsuit as the SEC is out for blood.

The commission has asked the court to freeze the assets of Binance US and has also issued summons to CZ. Since he is not a US citizen, however, reports say he is not required to be physically present but can attend remotely.

Needless to say, the markets plummeted. Bitcoin dropped towards $25K, while Binance Coin suffered even more losses. This sudden move took the entire cryptocurrency community by surprise.

And if that was all, then maybe things would have looked somewhat okay. But that was far from everything. The SEC is really out for blood. The very next day, it filed against Coinbase.

That’s right, two of the largest cryptocurrency exchanges, including one that is a publicly traded company in the United States, are currently being sued by the Securities and Exchange Commission for violating securities laws. The market turned down, but bitcoin is currently trading at $26,600, down 1.6% over the past seven days.

In its lawsuit against Coinbase, the SEC alleges that several cryptocurrencies are securities, directly naming ADA, SOL, Matic, and others. As a result, ADA is down 15%, MATIC – 14% and SOL – 10%. As expected, BNB is also down around 15%.

If you don’t want to see the full docs, we’ve summarized them in two parts below:

Amidst all this, the only major cryptocurrency that is holding up well and trading in the green for the past seven days is Ripple’s XRP. Perhaps one thing to do with this is that the SEC’s claim against Coinbase did not name XRP a security.

Overall, this week has been one of the most intense we have seen in a while, and it will be very interesting to see how the industry will deal with the situation. Both Binance and Coinbase will contest the SEC’s claims.

market data

Market Cap: $1,154B | 24h Vol: $29B | BTC Dominance: 44.8%

BTC: $26,600 (-1.6%) | ETH: $1,848 (-2.1%) | BNB: $262 (-14.6%)

This Week’s Crypto Headlines You Better Not Miss

Bitcoin Plunges After SEC Sues Binance for Securities Violations. The world’s leading cryptocurrency exchange – Binance – has been sued by the United States Securities and Exchange Commission for allegedly violating securities laws, among other things.

The SEC sued Coinbase a day after filing a lawsuit against Binance. If the above wasn’t enough… well, the SEC also sued Coinbase for violating securities laws. This comes just a day after the commission filed against Binance in what appears to be a major move against the crypto industry.

The CEO of Binance has been summoned by the US District Court. Binance’s CEO – Changpeng Zhao – is also under fire from the SEC. He has been subpoenaed by the US District Court for the District of Columbia following a lawsuit against him and his exchange.

Binance US delisted 101 trading pairs following SEC freezing order. Almost immediately after the SEC sued Binance, CZ and Binance US, the latter confirmed that it has no plans to resume trading for 101 trading pairs on its platform. Some target pairs include EOS/USDT, AAVE/USDT, COMP/USDT, etc.

3 takeaways from the lawsuit between the SEC and Coinbase. The SEC complaint against Coinbase is 101 pages long. We’ve summarized three key takeaways from the lawsuit that are likely to have the biggest impact on the industry.

The 3 Most Serious Claims in the SEC Lawsuit V. Binance. Binance, CZ and Binance US are defendants in the latest lawsuit against the US Securities and Exchange Commission. Here are some of the most egregious claims the agency has made against the firm and its CEO.

chart

This week we have chart analysis for Ripple, Binance Coin, Cardano, Solana and Polygon – click here for the full price analysis.