Why SEC Halting All Crypto Trading Except These 3 Top Coins?

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As a seasoned researcher with years of experience navigating the complex world of financial regulations and digital assets, I find the recent turn of events surrounding eToro and the SEC quite intriguing. The SEC’s decision to halt all crypto trading on eToro USA except for Bitcoin, Bitcoin Cash, and Ethereum is a clear indication that regulators are stepping up their game in this rapidly evolving sector.

Recently, the U.S. Securities and Exchange Commission (SEC) has halted trading of cryptocurrencies on the American branch of multi-asset company eToro, based in Israel. After a recent regulatory clampdown, the platform now only supports trading in three types of cryptocurrencies. This action by the SEC has raised serious worries among U.S. crypto investors as the regulatory body continues to tighten its grip on digital assets.

Here’s Why the SEC Shuttered All Crypto Trading On eToro Except 3 Coins

As reported in an SEC press release, eToro USA LLC has consented to pay a fine of $1.5 million to settle allegations that it functioned as an unregistered broker and clearing agency while using its platform to trade certain cryptocurrencies classified as securities. Given this development, the US branch of the international multi-asset company has temporarily halted crypto trading for all assets except three well-known digital coins within the United States.

As an analyst, I’ve recently come across a development where the SEC (Securities and Exchange Commission) has issued an order stating that a cryptocurrency trading platform has been in violation of federal securities laws since 2020, functioning as both a broker and clearing agency. Consequently, eToro has decided to suspend trading for all crypto assets apart from three specific coins.

On this trading platform, you can trade three digital currencies: Bitcoin, Bitcoin Cash, and Ethereum at the moment. The platform also informed its users that they have a period of 180 days to sell any other assets on the platform, beginning from the day the SEC’s order was released.

As an analyst, I’m closely following the latest updates in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Binance. The SEC has recently filed a motion to amend their initial complaint, focusing on the alleged use of “crypto asset securities.” This move has ignited lively debates within the cryptocurrency community about the implications this could have for the future regulation of digital assets.

Bitcoin, Bitcoin Cash and Ethereum Coins Performance

Currently, Bitcoin’s price is showing significant volatility, with a slight increase of 0.04% to reach $58,143. Today, the lowest and highest points for the coin were $57,354.41 and $58,534.36 respectively. The trading volume over the past 24 hours saw a decrease of 19.60%, amounting to approximately $29,911,624,056.

At the moment, Ethereum’s price is experiencing a decrease of approximately 0.44%, now standing at around $2,349. During today’s trading, its lowest and highest points were $2,316 and $2,372 respectively. It’s worth noting that the volume of Ethereum traded within this period decreased by about 30.14% compared to the previous day.

In the last day, Bitcoin Cash (BCH) decreased by around 2%, currently valued at approximately $329. Its lowest and highest points within this period were $327.96 and $335.88 respectively. Moreover, the coin’s trading volume in the past 24 hours declined by about 27.30% to reach $154,523,166 today.

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2024-09-13 12:02