• The U.S. Securities and Exchange Commission (SEC) filed two major lawsuits and an application for a temporary restraining order against Binance and Coinbase, respectively the world’s and the U.S.’s largest crypto exchanges.
• Coinbase CEO Brian Armstrong has made the TV and conference circuit to discuss that Coinbase does not plan to shut down its staking service while Binance.US announced it would halt trading on over 50 token pairs.
• These may be the cases that define how cryptocurrencies are regulated in the U.S., at least until Congress passes some legislation (if that happens).
SEC’s Crusade
The U.S. Securities and Exchange Commission (SEC) filed two major lawsuits and an application for a temporary restraining order over two days against Binance and Coinbase, respectively the world’s and the U.S.’s largest crypto exchanges, presenting industry with both further analysis on why it thinks certain cryptocurrencies are securities as well as its biggest test yet to how cryptos may be regulated in the US going forward.
Differences between Suits
The suits share commonalities, but there are some pretty major differences as well; while Coinbase CEO Brian Armstrong is making the TV and conference circuit saying Coinbase does not plan to shut down its staking service which is also facing heat from 10 states regulators, Binance US announced Wednesday it would halt trading on over 50 different token pairs, most of which were traded against tether stablecoin USDT .
Defenses of Companies
Both Binance and Coinbase have issued a number of statements in response to SEC allegations; they have had their respective executives weigh in on both TV and Twitter about them too .
Future Regulations
These may well be the cases that define how cryptocurrencies are regulated in the US going forward, at least until Congress passes some legislation (if that happens).
Conclusion
It remains to be seen what will happen after these two landmark cases are resolved; however, if nothing else, it should provide much needed regulatory clarity for those working within this space in America—and perhaps even set precedents for other countries around the world too .