Introduction: The cryptocurrency market has suffered a serious bloodbath in recent days, and tens of thousands of people have exploded. At the same time, U.S. regulatory authorities have launched back-to-back prosecutions against two of the largest digital currency exchanges, including Binance and Coinbase. This regulatory storm has aroused widespread attention from the industry and investors, and the currency circle has revived.
Yesterday, the cryptocurrency market fell into a bleak situation again, with 180,000 people suffering the tragedy of blowing up their positions. According to Coinglass data, on the afternoon of June 10, the market value of Bitcoin fell below $500 billion, with a total market value of only $495.7 billion, a drop of as much as 3.58% in 24 hours. The bitter decline hit investors hard, and the market winds changed again.
Just as the market was hit hard, US regulators set off a storm against digital currency exchanges, and Binance and Coinbase became the targets of prosecution. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a statement that through 13 charges, they accused Binance and its founder, Changpeng Zhao, of engaging in widespread deception, conflicts of interest, lack of disclosure and intentional evasion of the law. The regulatory action is seen as a major gamble aimed at reshaping the industry by putting an end to the vague definition of digital virtual currencies and bringing the entire industry under the federal securities regulatory regime.
Media analysts generally believe that Binance and Changpeng Zhao are likely to fall victim to this intensive operation. Previously, FTX exchanges such as the thunderstorm suffered huge fines, and the founders were judged accordingly, and eventually taken over. As a result, the outlook for Binance is also quite uncertain.
However, as the central figure of this regulatory storm, Changpeng Zhao chose to deal with it head-on. On the day of his indictment, Changpeng Zhao, who has more than 8 million followers, launched a poll on his personal Twitter to ask fans about their protective attitude towards him and Binance. As of June 6, more than 310,000 people had voted, with nearly 85% choosing Binance and only 15% choosing the SEC. The result of this vote has generated widespread attention and discussion, and reflects the different attitudes of the community towards regulatory action.
But personally, whether you are right or wrong, non-government issued cryptocurrencies are challenging the authority of legal tender, no matter how big you are, you must be in which country, the larger you are, the more people are affected, how do you make the government of the legal currency issuer embarrassed, how to manage the country to manage the economy, the consequences of challenging authority are very serious, look at the United States every minute wants to kill the rising China, where there is any face and constitution, yes, the constitution can also be changed, Therefore, a small bitcoin is even more unlikely to jump at will, Director Zhao is very dangerous, the best outcome may be to take the initiative to find a plan to be included in the supervision, at least the legalization of the national process, so that there is a future, there are lessons from the past, I am very worried.