What Happened on June. 7th | Who will be the Next to be sued by SEC?

TI Research

The SEC sued two of the largest cryptocurrency exchanges at the same time and argued that the vast majority of cryptocurrencies are securities. There are, then, many crypto projects that could be its next target.

In the SEC's lawsuit filing, BUSD is classified as a security, while USDC and USDT are not recognized as securities. BUSD, USDC, and USDT are all centralized stablecoins with no apparent differences. In fact, Paxo, the issuer of BUSD, has always been regarded as compliant. USDT, on the other hand, has been the subject of regulatory scrutiny and has faced multiple lawsuits. It would not be surprising if Tether became the next target.

Another project that could potentially be targeted is Lido. There were market rumors in March of this year that Lido received a lawsuit warning notice from the SEC, which later turned out to be a fake rumor. Lido is currently one of the largest DeFi projects, providing liquid staking services for PoS blockchains (many of which the SEC recognizes as security tokens). The scale and nature of Lido's business make it a potential target.

In addition to potential lawsuits, another risk facing the market is the U.S. government's sale of $1.2 billion worth of Bitcoin it holds.

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TI Research

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