Will Binance and Coinbase SEC Lawsuits Benefit Wall Street?

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.

I’m sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #Bitcoin ETFs, spot exchanges, etc. only a few days after the SEC drops a TRO on Binance and sues Coinbase… how can’t you think this entire past year was a giant inside job…

—Preston Pysh (@PrestonPysh) June 20, 2023

June 5-6: SEC files lawsuits against Binance and Coinbase

June 15: BlackRock files for spots $BTC ETFs

June 20: Crypto exchange backed by Citadel, Schwab and Fidelity (EDX Markets) goes live

The TradFi takeover is here.

— Miles Deutscher (@milesdeutscher) June 21, 2023

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

When one door closes another opens. “Fungible” is an essay about the irrelevancy of US crypto traders and why the bull market baton will transfer from the US to China.https://t.co/nAfNzP8fDe pic.twitter.com/KQlkXYTDLO

—Arthur Hayes (@CryptoHayes) June 15, 2023

“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).

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