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Is Crypto Dead? SEC Lawsuit Tanks BNB, Solana, Cardano Prices, But $WSM Rises

Press Releases Crypto News BeInCrypto Is Crypto Dead? SEC Lawsuit Tanks BNB, Solana, Cardano Prices, But $WSM Rises

Crypto prices were sent crashing as the SEC announced lawsuits against Binance and Coinbase for selling unregistered securities.

Since then, industry figures such as Coinbase CEO Brian Amstrong and the YouTuber’s Coin Bureau and Crypto RUs have commented on how they see things playing out for the industry.

Following the SEC’s lawsuit announcement, crypto prices plunged, with many coins dropping as much as 30%. Proof-of-Stake cryptos were hit hardest since the SEC previously stated they are all securities. Some of the worst affected were BNB, Solana and Cardano.

BNB is down 22% in the last seven days, meanwhile, Solana has dived 28% and Cardano 27%.

In a recent conversation with the Wall Street Journal, Coinbase CEO Brian Amstrong stated that he does not believe the SEC’s allegations are correct, referencing the Howey test and pointing out that all four pillars must be met for an asset to be deemed a security.

The Howey test is a legal test used in the United States to determine whether an asset is a security.

The four elements of the Howey test that Armstrong referred to are where an investment is (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit, or (4) to be derived from the efforts of others.

Coin Bureau has issued multiple videos since the lawsuit came to light, breaking down the individual components of each case and what they could mean for the industry. In the video on Coinbase vs SEC, Coin Bureau’s verdict was that the SEC would be the likely winner of the case since they only need to find one crypto that Coinbase sells that classes as a security.

However, Coin Buereau also said it would be “massively bullish” for crypto if Coinbase wins its case against the SEC.

Meanwhile, Youtuber Crypto RUs has published a new video stating Bitcoin’s price potential remains strong despite the recent lawsuits. The video highlighted that Bitcoin is currently forming a bullish Wyckoff pattern and that some of the claims made by the SEC ma

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Author: BeInCrypto Team

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