SEC lawsuits against Binance and Coinbase and other issues affecting multiple altcoins have had a lesser impact on bitcoin and ether.It’s been one year since one of crypto's largest sell offs. What’s happened since then?The current environment in crypto bears some remarkable similarities to the turmoil of a year ago when prices plunged. Yet there are also fundamental differences that suggest markets are in a better place than before.
Binance and Coinbase already appear to be suffering financially after the Securities and Exchange Commission’s decision to sue them for violating securities law – outflows from both soared last week, even if neither seems to have solvency issues. Binance faces charges that it commingled funds, while Coinbase is accused of selling unregistered securities, even though the SEC approved Coinbase’s initial public offering.
The SEC’s exclusion of bitcoin and ether from their seemingly arbitrary list of securities has offered the latest evidence that they should fall outside of the SEC’s purview. Today’s CPI report showed annual headline inflation of 4%, slightly below expectations of 4.1%. The monthly CPI increase of 0.1% was also ahead of a projected 0.2% increase in prices.
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