Sa. Apr 20th, 2024

• SEC sues Coinbase and Binance, alleging multiple securities law violations.
• SEC lawsuit triggers selloff in Coinbase stock, with COIN down 15%.
• Decentralized exchange trading volume rises 88% following SEC lawsuits.

SEC Lawsuits Against Coinbase and Binance

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against crypto exchanges Coinbase and Binance, alleging multiple violations of securities laws. The news of the legal action triggered a selloff in Coinbase stock, with its token COIN falling 15%. Following these lawsuits, decentralized exchange trading volume grew 88%.

Gensler “Very Confident” SEC Can Win against Exchanges

The former Chairman of the US Commodity Futures Trading Commission (CFTC), Gary Gensler, expressed confidence that the SEC can win its case against both exchanges. He said that the “very strong” allegations by the agency have a good chance of prevail in court as they are based on years of experience from different regulators.

Genesis Granted Plan Extension; Judge Says FTX Cannot Take Part in Mediation

In related news, a judge granted Genesis Mining’s plan extension to resolve claims brought by investors who lost money due to an alleged Ponzi scheme conducted by the company. Additionally, the judge ruled that cryptocurrency derivatives platform FTX cannot take part in mediation between Genesis Mining and investors because it was not named as a defendant in the case.

Market Update: Net Outflows Over Last 24 Hours

The cryptocurrency market saw net outflows of over $40 billion over the last 24 hours and currently stands at $1.09 trillion — down 3.53% from $1.13 trillion during this time period. The market caps of Bitcoin (BTC) and Ethereum (ETH) fell 3.85% and 2.65% to $498.87 billion and $218

Von admin