SEC Targets Tokens, SOL, ALGO, BNB Lead Tumble

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The U.S. Securities and Exchange Commission’s (SEC) lawsuits against Coinbase and Binance have taken their toll on major cryptocurrencies, with BNB, ALGO, and SOL dropping 5%, 8%, and 5.2% respectively in the last 24 hours. Bitcoin, although still near a three-month low, has seen more modest losses in the same period.

Despite the legal troubles, Coinbase CEO Brian Armstrong is adamant that the exchange’s staking service will remain operational. He stated at the Bloomberg Invest Conference that the program accounts for around 3% of Coinbase’s net revenue, and that they are continuing to operate as normal.

It’s also been revealed that SEC Chair Gary Gensler offered his services as an advisor to Binance in 2019, before he was appointed to his position in the Commission. Binance’s lawyers argued that Gensler should recuse himself from the case due to his prior involvement, noting that the two had discussed the BNB token and the possibility of Binance launching an exchange in the U.S. during a lunch meeting in Japan.

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