Bitcoin turns positive as SEC plays Whac-A-Mole with crypto exchanges

  • Gensler “These trading platforms, they call themselves exchanges, are commingling a number of functions”
  • Gensler “Look, we don’t need more digital currency”
  • Bitcoin rebounds after falling to lowest levels since March

The SEC looks like it is playing Whac-A-Mole with crypto exchanges. ​ The first crypto exchange to get the regulatory hammer was Binance, the world’s largest crypto exchange. The next crypto exchange to get hit with an SEC lawsuit was Coinbase and it seems like this is just the beginning. ​

With most exchanges offering a wide range of cryptos, it seems the regulatory hammer will hit them all as too many of the blockchain protocol cryptos are being deemed as securities by the SEC. ​

The global crypto market cap just got a lot smaller and as the two most popular exchanges got sued and now crypto investors will have to decide if they are confident that all their offerings will remain available to trade. ​ With the SEC naming Solana, Polygon, Cardano, and BNB as securities, some traders might decide to abandon those positions on any major exchange, switch the position to a cold wallet, or just close out their position and reopen a Bitcoin one.

Bitcoin is becoming an interesting trade here as many crypto investors might just decide to give up on most altcoins and stick with what has worked best since cryptos were created.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.