The US Securities and Exchange Commission (SEC), led by Gary Gensler, launched a direct attack on the crypto world.
Binance hit
This time, the SEC has filed a lawsuit against the world's largest exchange, Binance.
After this, over $700 million worth of crypto was withdrawn from Binance.
Although CZ does not consider the total withdrawals to be a small amount of Binance's reserves, his attitude towards the SEC's behaviour is turning against Gary with disappointment.
Cryptos attacked
Selling an "unregistered security" is used as an excuse by the SEC to hunt down any cryptocurrency or crypto-related firm.
This time Gary has expanded the Crypto Men securities by mercury 352 to declare 10 more cryptocurrencies as securities ($ADA, $ATOM, $ALGO, $AXS, $COTI, $FIL, $MANA, $MATIC, $SOL, $SAND).
Due to this, the developers of these cryptos have messed up with the SEC. In total, 61 securities have been declared by the SEC in crypto so far.
Coinbase also got Hit as Crypto industry remains divided
Gary Gensler is targeting the crypto industry one after the other, but the firms are fighting their battles alone.
For example, COINBASE has sued the SEC, and there has been no comment from Coinbase on the SEC's response to Binance. So, SEC filed new charges against Coinbase, and there is no response by BINANCE on it.
The crypto world restrained itself to unite, and the SEC proceeding turned into action.
