- The crypto community is uniting to fend off stern regulatory actions brought forth by the U.S. SEC.
- Ripple Lawyer Bill Morgan has shared dates that could finally see the Ripple case settled as well as Binance and Coinbase case shaken.
The crypto community is closely watching the three cases brought forth by the SEC against Ripple, Coinbase, and Binance. Ripple lawyer Bill Morgna has now revealed historic dates with massive impacts on Ripple, Coinbase, and the crypto industry at large.
The first is June 12th and 13th when Binance needs to respond to the motion of the SEC for temporary restraining.
The Binance response to the motion of the SEC for temporary restraining orders is due on 12 June and the hearing on 13 June. A monumental day for crypto. The day the Hinman documents are to be released, the day the House Financial Service Committee discusses the future of /1 pic.twitter.com/a8amTNnlVG
— bill morgan (@Belisarius2020) June 8, 2023
On June 13th, the Hinman documents will be released by the SEC. The documents will reveal if William Hinman who worked at the SEC between 2017 and 2020 categorically stated that Ethereum is not a security. This is key to Ripple’s lawsuit with the SEC and could illustrate the double standardization of the two crypto assets by the regulatory agency.
Interestingly, June 13th is the same date that the House Financial Service Committee will discuss the future of digital assets. Though the committee has called on regulations on the industry, there’s been an interest for adoption that allows for the revolutionary industry to grow to ensure that the U.S. is a market leader.
June 13th is set to be a critical date for the three companies which the SEC has brought cases against and could greatly impact the industry. In the meantime, market leaders such as Cardano’s Charles Hoskinson see the cases as nothing but an attack on the wider crypto industry and have been calling for a united response.
Latest developments on Binance and Coinbase
There have been some interesting developments around Binance and Coinbase in their cases brought forth earlier this week. The SEC v. Coinbase case has been assigned to Judge Jennifer H. Rearden in the Southern District of New York. Brian Armstrong, the exchange CEO has vowed to defend his exchange.
Binance on the other hand has seen its Binance.US division suspend USD deposits. The exchange noted that this was part of its efforts to protect consumers and the platform amid “extremely aggressive and intimidating tactics” by the SEC. The exchange has further warned of an incoming pause to fiat (USD) withdrawal channels by its banking partners as early as June 13.
Earlier this week, the regulatory agency moved to freeze the assets of Binance.US. Binance and its CEO have continued to assure investors that their assets are safe.
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Market response
Although there was an initial shock, Bitcoin and the rest of the market have remained stubbornly resilient. At the time of press, Bitcoin has only marginally dropped and is exchanging for $26,450. The entire market has lost under 1 percent. Ripple’s XRP has gone as far as defying the trend, gaining nearly 3 percent in the last 24 hours.
The resilience goes to show that the market stands strong and united. A number of whale movements suggest that smart investors are taking advantage of the current uncertainty to fill their bags at a discount ahead of the next bull market. Analysts believe that once the SEC loses one of the cases, the rest will come crumbling down, exposing the SEC and setting up the crypto market for a massive rally.
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