In a shocking turn of events, the U.S. Securities and Exchange Commission (SEC) has labeled Binance’s native stablecoin, BUSD, unregistered security. This move has caused a wave of panic among whale holders of the cryptocurrency, as they now face uncertain times ahead.
The SEC’s decision to label BUSD as unregistered security comes as a blow to the stablecoin’s reputation, as it has been one of the most popular cryptocurrencies on the Binance platform. This move has sent ripples through the cryptocurrency market, with many investors wondering what this means for the future of stablecoins.
As per reports, this move by the SEC is part of a wider crackdown on cryptocurrencies and their regulatory compliance. The agency has been taking a closer look at the cryptocurrency market recently, and stablecoins are now under scrutiny.
The fear indicator surrounding the lawsuit is evident in the fluctuation of whale holders between USDC and BUSD. This chart reflects the unease among investors who are now uncertain about the future of their investments. As a result, many are now scrambling to liquidate their holdings and move to more stable investments.
This news has sent shockwaves through the cryptocurrency market, and it remains to be seen how it will impact the market’s overall stability. The SEC’s decision has caused a great deal of uncertainty and panic among investors, particularly those holding large amounts of BUSD.
Conclusion
In conclusion, the SEC’s decision to label BUSD as an unregistered security has caused a great deal of concern among investors. The cryptocurrency market is now faced with a new level of uncertainty, and it remains to be seen how this will impact its stability in the long run.
