Trading platform Robinhood Markets said the next day that it was delisting three cryptocurrency tokens from its platform that the SEC identified as securities in its lawsuit against Binance.
government is expected to rush to sell short-term debt to replenish its Treasury General Account, potentially at yields so high that banks raise deposit rates to compete for funding, reducing interest in riskier assets like equities. The U.S.
"We're all worried about liquidity," said Ben Jones, director of macro research at Invesco.
The Fed, he added, "still wants to tighten" policy and therefore may allow the TGA rebuild to drain liquidity from markets without stepping in to provide other support tools.
The crypto industry remains risky with highly volatile assets. Financial regulators like the SEC say many crypto companies flout applicable rules, meaning risk management still lags the traditional financial sector.
The SEC supported freezing Binance's assets on Thursday, after suing the exchange and its founder at the beginning of the week, alleging a "web of deception" that included artificially inflating trading volumes and comingling customer funds.
"We would not be surprised to see more lawsuits from the U.S. regulators, and possibly the Department of Justice, in the next few weeks," said Scott Freeman, co-founder of JST Digital, a financial services firm focusing on digital assets.
Leading crypto asset bitcoin dipped 0.2% to $26,450 after crypto exchange Binance said it was suspending dollar deposits and would soon pause fiat currency withdrawal channels following a U.S.
Securities and Exchange Commission crackdown.
James Angel, a Georgetown University professor specializing in financial markets and fintech, said the SEC's suits -- while protective of investors -- fall short of the comprehensive regulatory design needed for an evolving market.
Since then, the digital asset market has seen a high-profile bankruptcy of crypto exchange FTX and lawsuits from the U.S.
securities regulator against Binance and Coinbase Global.
Representatives for Binance did not immediately respond to a request for comment on the letter.
Representatives for the Justice Department could not be immediately reached. (Reporting by Susan Heavey and Manya Saini; editing by David Goodman and Jason Neely)
Its counterparty information requests are "much more intense and more often," while the company also monitors Twitter for intelligence on which firms might be in trouble, said Hansen.
The crypto industry has attacked Gensler in recent days after the SEC sued two of the world's largest crypto exchanges, Coinbase and Binance, for allegedly breaking securities laws by failing to register their operations with the agency.
Leading crypto asset bitcoin dipped 0.2% to $26,648 after crypto exchange Binance said it was suspending dollar deposits and would soon pause fiat currency withdrawal channels following a U.S.
Securities and Exchange Commission crackdown.
Coinbase Chief Executive Brian Armstrong, an outspoken SEC critic who has led a push in Washington for 身份認證 clearer crypto rules, on Wednesday hit back at Gensler, calling him an "outlier" among Washington policymakers and accusing him of being "icy" when the company approached him about registration. (Reporting by John McCrank in New York Editing by Michelle Price, Chizu Nomiyama and Matthew Lewis)
Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the "vast majority" of crypto tokens meet the test for being a security and should be registered with the SEC.
That means most crypto exchanges have to comply with the securities laws too, he added.
Two-year Treasury yields, which are extremely sensitive to monetary policy expectations, rose 7 basis points to 4.589%, while the yield on benchmark 10-year notes US10YT=RR rose 3.9 basis points to 3.753%.
U.S.
lawmakers also piled pressure on Binance on Thursday, calling for the Department of Justice to investigate after allegations in the SEC's Monday complaint indicated that Binance had made false statements to Congress about its business practices in a written response to lawmakers questions in March.
On Friday, Robinhood said it was removing three cryptocurrency tokens from its platform that the SEC identified as securities in its lawsuit against Binance and a separate action it filed against Coinbase the following day, in a sign the SEC litigation is already rippling through the crypto market.
government is expected to rush to sell short-term debt to replenish its Treasury General Account, potentially at yields so high that banks raise deposit rates to compete for funding, reducing interest in riskier assets like equities. The U.S.
"We're all worried about liquidity," said Ben Jones, director of macro research at Invesco.
The Fed, he added, "still wants to tighten" policy and therefore may allow the TGA rebuild to drain liquidity from markets without stepping in to provide other support tools.
The crypto industry remains risky with highly volatile assets. Financial regulators like the SEC say many crypto companies flout applicable rules, meaning risk management still lags the traditional financial sector.
The SEC supported freezing Binance's assets on Thursday, after suing the exchange and its founder at the beginning of the week, alleging a "web of deception" that included artificially inflating trading volumes and comingling customer funds.
"We would not be surprised to see more lawsuits from the U.S. regulators, and possibly the Department of Justice, in the next few weeks," said Scott Freeman, co-founder of JST Digital, a financial services firm focusing on digital assets.
Leading crypto asset bitcoin dipped 0.2% to $26,450 after crypto exchange Binance said it was suspending dollar deposits and would soon pause fiat currency withdrawal channels following a U.S.
Securities and Exchange Commission crackdown.
James Angel, a Georgetown University professor specializing in financial markets and fintech, said the SEC's suits -- while protective of investors -- fall short of the comprehensive regulatory design needed for an evolving market.
Since then, the digital asset market has seen a high-profile bankruptcy of crypto exchange FTX and lawsuits from the U.S.
securities regulator against Binance and Coinbase Global.
Representatives for Binance did not immediately respond to a request for comment on the letter.
Representatives for the Justice Department could not be immediately reached. (Reporting by Susan Heavey and Manya Saini; editing by David Goodman and Jason Neely)
Its counterparty information requests are "much more intense and more often," while the company also monitors Twitter for intelligence on which firms might be in trouble, said Hansen.
The crypto industry has attacked Gensler in recent days after the SEC sued two of the world's largest crypto exchanges, Coinbase and Binance, for allegedly breaking securities laws by failing to register their operations with the agency.
Leading crypto asset bitcoin dipped 0.2% to $26,648 after crypto exchange Binance said it was suspending dollar deposits and would soon pause fiat currency withdrawal channels following a U.S.
Securities and Exchange Commission crackdown.
Coinbase Chief Executive Brian Armstrong, an outspoken SEC critic who has led a push in Washington for 身份認證 clearer crypto rules, on Wednesday hit back at Gensler, calling him an "outlier" among Washington policymakers and accusing him of being "icy" when the company approached him about registration. (Reporting by John McCrank in New York Editing by Michelle Price, Chizu Nomiyama and Matthew Lewis)
Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the "vast majority" of crypto tokens meet the test for being a security and should be registered with the SEC.
That means most crypto exchanges have to comply with the securities laws too, he added.
Two-year Treasury yields, which are extremely sensitive to monetary policy expectations, rose 7 basis points to 4.589%, while the yield on benchmark 10-year notes US10YT=RR rose 3.9 basis points to 3.753%.
U.S.
lawmakers also piled pressure on Binance on Thursday, calling for the Department of Justice to investigate after allegations in the SEC's Monday complaint indicated that Binance had made false statements to Congress about its business practices in a written response to lawmakers questions in March.
On Friday, Robinhood said it was removing three cryptocurrency tokens from its platform that the SEC identified as securities in its lawsuit against Binance and a separate action it filed against Coinbase the following day, in a sign the SEC litigation is already rippling through the crypto market.