Bitcoin and ether made out well this week, while newly targeted crypto coins named in the SEC's lawsuits and Coinbase itself took a hit.
It's "business as usual at Coinbase" while the crypto market waits for the exchange's legal battle with the SEC to unfold over the coming months, possibly years. This week the Securities and Exchange Commission continued its crackdown on the crypto industry, suing the largest exchange in the world, Binance, on Monday only to go after the largest exchange in the U.S., Coinbase, the following day.
They're all able to be bought or sold for consideration, trade at the same price as another unit of the same asset, are equal in value to any other one token, and don't give investors any special rights not available to other investors in that asset. The market cap of crypto 'securities' fell CryptoQuant's "SECurities" index fell about 14% following the lawsuit, while the market cap of bitcoin and ether has basically remained flat.
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