Yesterday Binance was charged with selling unlisted securities to American investors.

• SEC named solana, cardano, polygon, sandbox, file coin, axis infinity, chiliz, flow, internet computer, near, voyager, dash, and nexo as securities

Today Coinbase was charged with selling unregistered securities to American investors.

• SEC names BNB, solana, polygon, cardano, binance USD, cosmos, decentraland, axie infinity, sandbox, and COTI as securities.

Is this a Coordinated Attack against the largest Cryptocurrency Exchanges?

Same Day Lawsuits issued by the US Government via the SEC Securities Exchange Commission and ten US states!

• At this point the largest exchanges in the world Binance, Binance US, Bittrex and Coinbase are under attack by the US SEC.
• These are the major on-ramps for Fiat like Dollars and Euros into Cryptocurrrncy.
• The SEC is attacking these on-ramps, and this is one way to cripple this growing economy, to deprive them of capitol from US investors.
• The SEC is also leveling fines of hundreds of million dollars against these exchanges.
• Even the states are getting involved.
• Coinbase just agreed to pay 100 million dollars in fines in New York.

Details of the legal action in the news

A multi-state task force that includes California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, Wisconsin along with Alabama have filed charges against the company for violating securities laws.

Back in March, the SEC issued Coinbase a Wells Notice regarding its alleged violation of federal securities law. Subsequently, that notice came to fruition, with the regulator charging the company with violations earlier today. Now, it appears as though state regulators are turning their attention to the company. source

Coinbase has been issued a show cause notice by ten US states following charges issued by the SEC. Specifically, a task force of US states has banded together to issue the notice to the exchange. This document grants the company 28 days to prove why it should not be issued a cease and desist order. source

The notice from the Alabama Securities Commission has gone public, divulging the notice and the states involved. Indeed, the notice states that Coinbase “violates the securities law by offering its staking rewards program accounts” to the state’s residents.
source

Show Cause Orders from ten states

• Coinbase has 28 days to show those states why they shouldn’t issue orders to Coinbase to cease all business in their states and return all customers funds.

The action the SEC has taken against Coinbase follows similar charges levied against Binance. Moreover, both exchanges have seen their stocks affected by the development. Coinbase stock has fallen 17% since the SEC lawsuit was filed. source

SEC has named multiple cryptocurrency tokens as securities

-The SEC sued crypto exchange Binance on Monday for violating securities law.

• In its suit, it labelled ten cryptocurrencies as securities that the firm had listed: BNB, solana, polygon, cardano, binance USD, cosmos, decentraland, axie infinity, sandbox, and COTI.
• In the SEC’s suit against Coinbase, it identified solana, cardano, polygon, sandbox, file coin, axis infinity, chiliz, flow, internet computer, near, voyager, dash, and nexo as securities.
• Is this the clarity we wanted?

My thoughts

At this point the largest exchanges in the world Binance, Binance US, Bittrex and Coinbase are under attack by the US SEC. These are the major on-ramps for Fiat like Dollars and Euros into Cryptocurrrncy. The SEC is attacking these on-ramps, and this is one way to cripple this growing economy, to deprive them of capitol from US investors.

The SEC is also leveling fines of hundreds of million dollars against these exchanges. Even the states are getting involved. Coinbase just agreed to pay 100 million dollars in fines in New York.
The Government has started firing its weapons full force at the cryptocurrency infrastructure.

• The war has stopped being a silent, covert one, and now it is open warfare.