What the numbers say: The data compiled by Cointelegraph has shown that the U.S. Securities and Exchange Commission (SEC) undertook 17 crypto-related enforcement actions in the first six-month period of the year. The figure accounts for a 183% increase from the same period in 2022. The number of crypto-related enforcement actions has already almost reached the verge of surpassing the total for all of 2022 within the first half of 2023, with a significantly higher amount than in the last five years. Relevance: On the other hand, Cointelegraph underlined that the compiled data does not involve the SEC's latest complaints against two major crypto exchanges. The U.S. regulator recently hit the headlines with two separate lawsuits it consecutively filed against Binance, the largest crypto exchange by trading volume, and Coinbase, the largest U.S. crypto exchange. Both complaints alleged the famous platforms of violating U.S. securities laws. Details: The SEC's move immediately shook the markets. Binance's BNB Coin (BNB) hit its five-month low, while Coinbase shares (COIN) saw an over 15% decrease in its five-day performance. Bitcoin (BTC), the largest cryptocurrency by market cap, also retreated to the $25,000 level for the first time since March, on the same day the SEC filed a complaint against Binance. Brands that should care: The lawsuits are expected to have further implications for other crypto exchanges operating in the U.S., such as Kraken and Gemini. Also, the increase in the SEC's crypto-related enforcement actions is predicted to be a reaction to 2022 seeing the collapses of high-profile crypto firms and ecosystems, including the previously third-largest crypto exchange FTX and multi-billion-dollar Terra ecosystem. |
