Here's what the SEC's 'all-out assault' on crypto means for the market's 2 biggest players
Back in March, there were rumblings that
"If this goes poorly, it could be an existential issue for Coinbase," Jeff Blockinger, chief counsel at decentralized finance platform Vertex Protocol, told Insider. He added that it wouldn't be a matter of simply relocating, as most of its revenue and customers are in the US, and therefore within the purview of the SEC.
Sources told Insider they expect Coinbase to fight extremely hard against the suit, which essentially says its whole US operation is illegal. As for Binance, Gensler himself this week drew the line between the exchange and FTX, saying there are similarities in both cases. "This is an all-out assault, particularly in regards to Binance, but it is a broader assault on the industry. This is the SEC stepping in and saying they're the sheriff and they're exercising their authority," Richard Smith, chairman and executive director of The Foundation for the Study of Cycles, told Insider."I think this is existential for Binance in the US."
Geffner agreed that the cases are a big deal, but expressed hope that it might not be such a cataclysmic event for Coinbase.
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