coinspress.com
The next 24 hours are crucial for the crypto industry as they have the potential to significantly impact prices in the market.
The US Securities and Exchange Commission (SEC) will be in the spotlight with multiple events, including the alleged unsealing of the SEC’s internal Hinman documents in the Ripple case.
The Hinman documents could shed light on Ethereum’s previous classification as a non-security, which SEC Chairman Gary Gensler is challenging. Ripple considers these documents vital in itslegal dispute with the SEC.
The SEC argues that the documents are irrelevant and must be protected for sensitive internal data’s confidentiality. However, Ripple sees them as essential. The outcome could also affect the SEC’s claims in the Coinbase and Binance lawsuits.
Another significant event is the hearing on the SEC’s temporary restraining order against Binance US, where the SEC seeks to freeze the assets of Binance’s US subsidiary. Binance US has opposed this request, stating it would harm their business and customers.
Binance US has enlisted lawyers, including a former co-director of the SEC’s enforcement division, for their defense. Additionally, the SEC has until today to respond to Coinbase’s petition for rulemaking, while the public comment period for the SEC’s proposed expanded definition of an exchange also ends.
1. Hearing on motion to seize Binance assets in DDC;
2. Release of Hinman docs in SDNY;
3. SEC response to order on @Coinbase petition in 3rd Cir.Not every federal court day is eventful in crypto, but tomorrow is. May God bless the US Courts.
— paulgrewal.eth (@iampaulgrewal) June 13, 2023
These events highlight the need for new US legislation in the crypto space. The proposed expanded definition of an exchange could require decentralized exchanges (DEXs) to register as securities exchanges.
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It is essential to monitor these developments as they could significantly impact the crypto market. The market cap currently stands at $1.027 trillion, and recent fluctuations suggest the market’s sensitivity to regulatory actions and events.
In conclusion, the next 24 hours hold immense importance for the crypto industry, with the SEC events, Hinman documents, Binance US hearing, Coinbase’s petition, and the expanded definition of an exchange. These factors could shape the future trajectory of the market and regulatory landscape.