Cryptocurrency
SEC lawsuits against Binance and Coinbase unify the crypto industry
Professionals across the crypto sector have responded to the United States Securities and Exchange Commission’s (SEC) recent actions against two of the biggest crypto exchanges, Binance and Coinbase.
On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. Only a day after filing the Binance suit, the commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange, such as Solana, Polygon and The Sandbox, qualify as securities. reached out to market players working in the space for their responses to the recent actions by the SEC. From sharing a belief that it will drive crypto companies away from the U.S. to simply calling the SEC’s actions lazy, industry players shared their thoughts on the latest developments.
An ‘unacceptable’ approach to regulation
According to Kristin Smith, the CEO of the Blockchain Association, while the SEC’s actions are expected, it’s still unacceptable. Smith explained that:
“The SEC doesn’t make the law. Indeed, this approach to regulation is unacceptable, but it is what we have come to expect from the SEC and its anti-crypto stance.”
The executive highlighted that while the industry and the U.S. Congress are working to develop effective regulation, the SEC “continues to distract from substantive policy efforts.” The executive believes that by listing assets this way, the SEC is trying to circumvent formal rulemaking processes and deny public engagement.
Meanwhile, Paolo Ardoino, the chief technology officer of stablecoin issuer Tether, believes companies’ complaints against the SEC should be listened to. According to Ardoino, the uncertainty of rules and guidance in the U.S. is becoming a common theme, even among the country’s biggest crypto supporters.
Turbos Finance CEO Ted Shao also echoed Smith’s sentiment. Shao says this is “not the direction Web3 developers want to see.” The executive believes the SEC showed that it’s against the whole Web3 space, as they are also coming after top projects, not just centralized exchanges.
Driving crypto players abroad and weakening consumer confidence
In addition to the SEC’s actions being unacceptable, other professionals working in the space believe that the effects of this recent move include pushing crypto players to more crypto-friendly jurisdictions and weakening consumer confidence in crypto within the United States.
Insider Intelligence crypto analyst Will Paige said that the recent suits highlight the SEC’s intent to police the space through enforcement in the absence of a regulatory framework. According to Paige, this could potentially knock down the “already weak consumer confidence in cryptocurrencies” in the country.
Ben Caselin, the chief strategy officer at crypto exchange MaskEX, believes that while this is a case against Binance, it may have implications for other players in the United States. The former AAX executive explained that this can “open up more opportunities for other jurisdictions, such as Hong Kong, Dubai or even El Salvador, to drive innovation and attract capital and talent.”
Oscar Franklin Tan, the chief legal officer of nonfungible token protocol Enjin, agrees with the sentiment. According to Tan, the world will not wait for the U.S. to make up its mind on crypto. Tan explained:
“The SEC actions only drive talent and innovation out of the U.S. to countries with clearer rules that support responsible builders. Singapore, in 2020, stated it does not follow the U.S. Howey test. Japan has a clear self-regulatory framework for exchanges.”
The executive believes that “progressive countries” will reap the benefits, especially now that explosions in artificial intelligence and extended reality highlight the need for blockchain and genuine digital ownership.
Doubts cast on SEC’s fairness and motivations
While some expressed their beliefs on the potential effects of the SEC’s lawsuit against Binance and Coinbase, other crypto professionals explored the motivation and fairness of the SEC’s move.
According to David Schwed, the chief operating officer of Blockchain security firm Halborn, the SEC’s mandate is to ensure the safeguarding of investors. Schwed believes that this can be done through clear regulations, not through enforcement actions. The executive added that SEC Chair Gary Gensler’s motivations may be skewed. “It seems to me that his personal ambitions and the need to validate his stance have now superseded his core mandate,” he explained.
Alex Strześniewski, the founder of the decentralized finance protocol AngelBlock, described the SEC’s actions as “lazy.” The executive believes that it does not drive proper regulation forward. He explained:
“It’s like a school teacher berating you for giving the wrong answers but failing to give any explanation beyond that. I also don’t believe that the SEC does, in fact, have jurisdiction over everything they’re claiming to.”
Meanwhile, Tim Shan, the chief operating officer at decentralized exchange Dexalot, expressed mixed feelings about the lawsuits and said the SEC’s actions are unfair to the community.
“They’ve provided very little clarity or guidance to the crypto community. They are regulating through the courts, which is really quite unfair and not the right way to regulate/govern,” he said.
Impact on prices of crypto stocks and altcoins
Stephan Lutz, the CEO of crypto trading platform BitMEX, shared insights on the potential effects of the SEC’s crackdown on exchanges on the market. In the short-term, Lutz said that there would be a downside pressure on the prices of crypto stocks, altcoins and valuations of crypto startups based in the US. Lutz explained that:
“Investors are likely to keep funds in crypto but divest towards Bitcoin because these are unlikely deemed as a security, or stablecoins due to their correlation with fiat.”
In the medium and long-term, Lutz believes that exchanges will be cautious when dealing with customers based in the US and providing access to what the SEC is claiming to be securities. The executive also expressed frustration that regulators are “taking the issue of securities definition to the courthouse once again,” instead of offering clearer guidelines.
BitMEX has notably had its share of troubles with regulators in the US. In 2021, the trading platform agreed to pay up to $100 million to resolve a case with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). In 2022, a New York court ordered BitMEX founders to pay $30 million in civil penalties.
[PRESS RELEASE – London, United Kingdom, May 9th, 2025]
Vector Smart Chain (VSC), a Layer 1 blockchain protocol, has announced two strategic developments: the implementation of a fixed $4 gas fee model and the appointment of Peter Ritchie, former Chief Financial Officer at CitiGroup Finance, as Strategic Finance Executive Consultant. These initiatives mark a shift in VSC’s operational and leadership structure, aiming to support network scalability and financial oversight.
These developments signal VSC’s growing influence at the intersection of blockchain innovation and institutional-grade finance.
Breaking the Mold: VSC Introduces Fixed $4 Gas Fee
In a space dominated by volatile transaction fees and scalability challenges, VSC’s flat-rate $4 gas fee provides predictable costs, greater accessibility, and enhanced user confidence.
“The $4 gas fee isn’t arbitrary—it’s carefully designed to balance network security and accessibility,” said a VSC spokesperson. “We’re removing the guesswork from blockchain.”
VSC’s hybrid consensus mechanism ensures high throughput and near-instant transaction finality, making it ideal for enterprise adoption and real-world applications such as asset tokenization.
Backed by this innovation, major platforms are already moving. Notably, BESC Exchange recently announced its migration from Solana to VSC.
“We believe VSC’s infrastructure and economics offer the highest upside,” said Brian, Executive at BESC LLC.
Strategic Leadership: Peter Ritchie Joins VSC
To support its rapid growth and sustainability-focused vision, VSC has welcomed Peter Ritchie—former CFO of CitiGroup Finance—to help drive global financial strategy.
Ritchie brings decades of institutional finance experience and will play a pivotal role in:
- Designing blockchain-based sustainable finance frameworks
- Advancing VSC’s carbon initiatives
- Guiding enterprise and institutional integration
“This isn’t just about blockchain—it’s about building a transparent, resilient financial future,” Ritchie said. “VSC is uniquely positioned to lead that evolution.”
Next-Gen Blockchain with Real-World Utility
With transparent network operations via VSC Explorer, deflationary tokenomics (including a $1 buy-and-burn per transaction), and a mission to bring blockchain to mainstream finance, VSC continues to build a robust, accessible, and sustainable ecosystem.
About Vector Smart Chain
Vector Smart Chain (VSC) is a Layer 1 blockchain protocol designed to deliver cost predictability, transparency, and institutional-grade performance. Its fixed $4 gas fee and hybrid consensus mechanism power next-generation decentralized applications, real-world asset tokenization, and carbon market integrations.
Users can learn more at vsgofficial.com
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This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
In an impressive reversal, Ethereum saw its price increase by 32% this week as it crossed above $2,000. At the time of this post, buyers are trying to confirm the $2,400 level as a key support. If successful, then ETH has a clear path towards $3,000 next.
This rally has surprised the market that was rather pessimistic about Ethereum. However, since the bottom at $1,400, the likelihood of a relief rally was high and is now materializing.
Looking ahead, Ethereum appears determined to follow Bitcoin which has recently crossed above $100,000. A pullback after such a rally is likely, but the momentum remains bullish with a good chance for higher highs later.
Ripple (XRP)
XRP’s volatility continues to remain lower compared to competitors, but still managed to book a respectable 6% price increase this week. This took it above $2.3 which is now acting as a support.
If buyers can sustain and increase this momentum, then they can aim for $2.6 in the coming days, where sellers returned in the past. Hopefully, a second attempt will be successful so that XRP can challenge the resistance at $3 in the future.
Looking ahead, this cryptocurrency has been consolidating between $2 and $3 since November 2024. Whenever the price will leave this range the volatility will explode and see it move much faster.
Cardano (ADA)
Cardano had a great week and closed with a 12% price increase. This allowed it to get closer to the $0.9 resistance. Another push can see buyers attempt a breakout towards $1 in the future.
The momentum is in a clear uptrend with higher lows and higher highs. The indicators such as the MACD and RSI are also mirroring this and support continuation of this price action.
Looking ahead, ADA’s first major challenge will be at the $0.9 resistance. If that level turns into a key support, then the price will have a clear path to challenge $1 and the previous high at $1.3.
Solana (SOL)
Solana’s price action is similar to ADA and managed to close the week with a 12% increase as well. This has placed SOL comfortably above $150 as it aims for higher highs.
With buyers in control, this cryptocurrency has a key target at $186. The support is at $152 and was not tested after its recent breakout. This makes a pullback likely before continuation.
Looking ahead, Solana is well on its way to returning to a $200 price. Sellers may make their presence felt on the way there, but the bullish momentum is strong enough to make a serious attempt in the coming weeks.
Hype (HYPE)
HYPE is the second-best performer on our list this week, with an impressive 21% price increase. The resistance at $21 was unable to stop buyers, who rushed to this cryptocurrency and pushed it towards $25 today.
The former resistance at $21 will now act as a key support and as long as HYPE’s price stays above this level, then the rally can continue towards new highs.
Looking ahead, the most important resistances on the chart right now are found at $24 and $28. At the time of this post, buyers and sellers are fighting around $24, and the winner will set the trend in the coming days.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Ethereum’s (ETH) Price Explosion, Ripple’s (XRP) Next Targets, and More: Bits Recap May 9
TL;DR
- ETH surged by 23% in 24 hours to over $2,400, sparking bullish predictions of $4K to even $25K.
- XRP jumped 9% daily to $2.40 amid optimism from the settlement between Ripple and the SEC, with analysts eyeing a potential breakout past $2.80 toward new all-time highs.
- PEPE skyrocketed by more than 50% weekly, hitting its highest price since January, boosted by whale accumulation and a revitalized crypto market.
ETH’s Impressive Comeback
The second-largest cryptocurrency, which has been among the biggest disappointments this cycle, finally managed to reverse the negative trend. In the past several days, Ethereum’s price has been going through the roof, and currently, it is worth over $2,400 (per CoinGecko’s data). This represents a whopping 23% increase in just 24 hours and the asset’s best daily performance since 2021.
Somewhat expected, the rally infused enthusiasm across the crypto community, and many analysts believe the current levels could mark the beginning of a major bull run.
The X user Lucky recently predicted a jump towards $4,000 in the following months. Shortly after, the analyst with over two million followers on X claimed that “the sleeping monster is finally waking up” and “is aiming for greater moves.”
Other popular industry participants who gave their two cents on the matter include Merlijn The Trader and KALEO.
The former saw an analogy between Ethereum’s price chart in the past three years and that of bitcoin formed between 2019 and 2021 to forecast a price explosion to $12,000 by the start of 2026. For their part, KALEO envisioned an even more optimistic scenario:
“In a world where Bitcoin is heading to $500K+, $25K+ ETH almost sounds too bearish.”
What’s Next for XRP?
Ripple’s native token is also well in the green on a daily scale, albeit charting less substantial gains than ETH. As of this writing, it trades at roughly $2.40, a 9% increase for that timeframe.
Its resurgence could be attributed to the booming crypto market as well as the recent developments in the Ripple v. SEC lawsuit. Just recently, the two entities agreed to a $50 million settlement, potentially ending the years-long legal battle that began in 2020 over alleged unregistered XRP sales.
According to numerous analysts, Ripple’s cross-border token seems well-positioned for a further pump in the short term. The X user CRYPTOWZRD thinks a possible breakout of the resistance at $2.80 could push XRP toward a new all-time high.
Ali Martinez chipped in several hours later, predicting that a rise above the $2.26 mark might ignite a jump to $2.60. As mentioned above, the price managed to surpass that zone.
How’s PEPE Doing?
Last but not least, we will touch upon the frog-themed meme coin PEPE, which has been among the top performers in the past week. It is up 52% for that period and over 42% for the day, currently trading at its highest point since January this year.
Some of the elements supposedly fueling its staggering surge include the revival of the digital asset market and increased whale activity. As CryptoPotato reported, a certain large investor recently bought 500B PEPE, rounding up their total holdings to 2 trillion tokens.
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