While the lawsuits may seem rather routine to an outside observer, the SEC’s case, specifically, could have a profound and even crippling effect on a $1 trillion global crypto market.
What makes the case remarkable is the fact that the crypto market is and remains outside of the SEC’s legal purview—the agency does not currently regulate it….
In short, the lawsuit could settle a key point of disagreement. The SEC is saying that at least some cryptos are securities, and by pursuing charges against individuals for insider trading, it’s making the case that it has the power to regulate them. If it is successful in its prosecutions, too, experts say that the past year’s crypto winter could look more like little more than a snow flurry compared to the potential ice age that could come next.
Source: Crypto market could be thrown into flux by SEC legal case
