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How will the Binance SEC lawsuit affect the price of Bitcoin? Arthur Hayes intervenes
The US Securities and Exchange Commission has filed a lawsuit against the world's leading cryptocurrency exchange Binance. The move had an immediate impact on the market and sent prices into freefall, with Bitcoin falling below $26,000. Now Arthur Hayes – the co-founder and former CEO of BitMEX – weighs in on what could happen next to the BTC price. The SEC against Binance As a crypto potato As reported yesterday, the US Securities and Exchange Commission has filed a lawsuit against Binance for, among other things, violations of securities regulations. The agency claimed that the exchange’s native token is…
How will the Binance SEC lawsuit affect the price of Bitcoin? Arthur Hayes intervenes
The US Securities and Exchange Commission has filed a lawsuit against the world's leading cryptocurrency exchange Binance.
The move had an immediate impact on the market and sent prices into freefall, with Bitcoin falling below $26,000. Now Arthur Hayes – the co-founder and former CEO of BitMEX – weighs in on what could happen next to the BTC price.
The SEC vs. Binance
AsCryptoPotatoAs reported yesterday, the US Securities and Exchange Commission has filed a lawsuit against Binance for, among other things, violations of securities regulations. The agency claimed that the exchange's native token as well as BUSD are unregistered securities.
In general, the lawsuit alleges that Binance and its CEO – Changpeng Zhao – exercised control over the company's US branch – Binance US – and the assets on its platform, despite the pretense of independence from the American entity.
In addition, the commission accuses Binance of continuing to secretly serve US customers on the international exchange - something the US Commodities and Futures Trading Commission also alleged in March.
The SEC also alleges that a company controlled by Changpeng Zhao conducted trading on Binance US with the intent to increase the valuation of certain assets on the platform and increase trading volume.
All in all, this move resulted in over $300 million worth of positions being liquidated in the derivatives markets, sending BTC below $26,000 and BNB to a 3-month low.
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What about the Bitcoin price?
A question on everyone's mind right now is: What will happen to the Bitcoin price? While the answer to this is clearly speculation, a strong opinion comes from the former CEO of BitMEX – Arthur Hayes.
Hayes believes What is going on here is FUD. He also said the market will go beyond that by the end of this summer. He is optimistic that there will be a major printing of money, which will ultimately drive up prices.
The market is in the red due to some Binance FUD. But regardless of the catalyst, risk markets are high due to TGA refill. By the end of the summer, the market will move beyond this and turn to the large scale money printing that is humming along in the background. I need to buy some shitcoins in the meantime.
Meanwhile, Binance also released a public statement on the matter, accusing the SEC of not prioritizing its investors and instead trying to gain jurisdiction.
The company also assured that all user resources on Binance and Binance partner platforms are safe.
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