• The US Securities and Exchange Commission filed a lawsuit against Binance and Coinbase for operating an unregistered securities exchange, clearing agency, and broker.
• Binance Coin (BNB) dropped to a 6-month low as the lawsuit was announced but the rest of the crypto sector remains resilient.
• AltSignals ($ASI) is on presale and could benefit from potential market resurgence when SEC cases are settled.
SEC Files Lawsuit Against Binance and Coinbase
The US Securities and Exchange Commission (SEC) has filed a lawsuit against crypto exchanges Binance and Coinbase. The suit includes 13 counts of violations with one being offering unregistered security tokens. As such, Binance Coin (BNB) dropped to a 6-month low when news of the lawsuit broke out.
Crypto Sector Remains Resilient Despite Shockwaves
Despite this significant price drop, the rest of the crypto sector looks resilient. Bitcoin trades at $26,400, Ethereum at $1,840, and XRP at $0.51. There has also been steady DeFi activity across various platforms according to DeFiLlama – with total value locked remaining around $45.43 billion – underlining positive sentiment among investors despite panic-involving events in the past like FTX in November 2022.
AltSignals Could Benefit From Potential Market Resurgence
It is not yet clear when the SEC case will be settled for both Binance and Coinbase though similar cases like Ripple have lasted years. However, a potential clearance of regulatory hurdles could boost demand for digital assets which would benefit AltSignals ($ASI) who are currently on presale..
The ongoing tussles between exchanges and SEC can cause shockwaves in the crypto market as seen by BNB’s 6-month low following news of its lawsuit by SEC.. Nevertheless,the rest of the sector has remained resilient – with DeFi activity remaining steady – leading to positive sentiment among investors that prices will recover when SEC cases settle. AltSignals stands to benefit from such market resurgences as it is currently on presale before listing on exchanges where high demand could fuel its price increase