Following the Coinbase exchange hearing, the Binance hearing began as this article was being prepared. The Coinbase hearing a few days ago went quite well for cryptocurrencies. However, today’s hearing did not start off well. The judge is in a completely different position from his colleague in the other case, and this is not good at all.
Binance Hearing
The price of Bitcoin continues to fall and the $40,400 support could break as we see more developments from the hearing. The judge is not looking favorably on the Binance lawyer’s requests for a fair trial and other issues. On the other hand, the Binance lawyer suggests that the structure of DAO tokens could make them investment contracts (securities).
This view could solidify the accusation of facilitating unregistered securities sales against Binance and Coinbase exchanges. Both exchanges facilitate the trading of DAO tokens. What’s worse, if this view starts to be used by the SEC, serious losses could occur in DAO tokens.
Popular DAO altcoins include:
- ICP
- UNI
- LDO
- ARB
- MKR
- AAVE
- ENS
- CRV
- APE
According to Coinmarketcap data, the cumulative value of DAO altcoins is approximately $30 billion. Moreover, a large number of popular protocols fall into this category. There are over 100 altcoins in this class.
