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December of 2020 marked the beginning of a showdown between the Securities and Exchange Commission in their bid to prosecute Ripple labs for selling $1.3 Billion worth of XRP, which they had determined as a security. The initial announcement of the case against them was met with incredible distaste from the crypto community and is still ongoing today.
It’s important to note that the SEC have been dubbed to fail in persecuting Ripple labs and they’ve already set their sights on other exchanges in similar cases. Both Coinbase and Binance, two of the US’s biggest central crypto exchanges have now been confirmed to be on the receiving end of a lawsuit for selling what’s considered, but not registered as a security.
Crypto is not a new venture by any means, with its endless real-life applications and payment gateways. Many who have not dipped their toes into the crypto market yet have been fed a narrative of crypto lacking underlying value or utility, however, this is far from the case. Crypto, as a whole, has become far more common to see at reputable online casinos, with players able to play table games for cash such as poker, blackjack, baccarat and roulette via Bitcoin, Litecoin, and Ethereum deposits.
The market is heating up
As of the 9th of June 2023, the SEC has continued their battle against crypto and after filing lawsuits against Coinbase and Binanace, US-based crypto exchange Robinhood decided to remove Cardano (ADA), Polygon (MATIC) and Solana (SOL) from public listings and is now unavailable to purchase on the trading giant.
The announcement to remove these from trading took its toll on the prices too, with all the aforementioned falling at least 20% within 24 hours and is enough to strike fear in the communities that lie within. Unfortunately for the SEC, users on these chains are far more committed to their own chains’ success than they would care to acknowledge and to think there won’t be any backlash would be somewhat naive.
A blessing in disguise?
The SEC have been relentless in trying to bring down crypto and the exchanges that offer it and while they have targeted two of the biggest players in Coinbase and Binance, they have both committed to fighting tooth and nail to ensure the exchanges come out on top. Even going as far as acquiring the same lawyer representing Ripple labs.
While the markets in these selected chains and many more in wake of receiving a lawsuit have taken a significant hit, a recent survey confirmed that a whopping 86% of crypto transactions take place outside of the U.S and this is a good indication that even withstanding a loss in those cases, which are unlikely, crypto has real life application that much of the world will continue to stand by.
There are companies scattered across various states in the US that do recognise the power of crypto and have already begun building on the blockchain. What’s interesting is knowing that ADA, MATIC and SOL were identified by the SEC as securities, but Ethereum was outside of this and there was no comment on this chain whatsoever.
A shift in location
After witnessing the ongoing case with the SEC and Ripple labs, these lawsuits are not expected to be completed within the next few years, if not longer. Other exchanges will now have to consider removing these coins from their sites in order to avoid being hit with a lawsuit and this will only damage the market more.
For Americans that believe in the power of crypto, many will now consider moving elsewhere in order to continue supporting what they believe in. For many crypto is not just a decentralised system where no one person holds more power than another, but a family of builders that want to innovate and create magical things for those they care for.
Loss of faith in banks
For years, there’s been far too many cases of abuse for banks and bankers, requiring mass bail-outs from taxpayer money and the initial inception of crypto into society was an extra kick in the teeth for the general public towards central authorities and after all, the people want complete power and control of their own funds.
The cost of living crisis was another factor which pushed many towards acquiring and supporting crypto moving forwards as the cost of gas, food and other basic needs skyrocketed leaving people with no choice.
The loss of faith is not only for banks, but for central authorities as a whole. The Covid pandemic was a turning point for many and this was a deciding factor in crippling millions of businesses worldwide, which has since been labelled as unnecessary and the World Health Organisation has removed Covid-19 from its status as a global emergency.
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