In a recent report, Yahoo Finance refers to bitcoin as the only winner amid the big clash of the Securities and Exchange Commission (SEC) with multiple exchanges.
While Coinbase and Binance are facing legal action from the Securities and Exchange Commission (SEC) due to the belief that numerous digital assets traded on these platforms should be classified as securities and should be registered with the agency, the report pointed out to bitcoin as the “big exception.”
Read more on the subject : Bitcoin Plunges Below $26,000 As SEC Sues Binance
According to Steven Lubka, managing director of Swan Bitcoin, the SEC has made it unequivocally clear that bitcoin is not considered a security.
Lubka expressed strong confidence in the permanence of this stance saying, “We’re highly confident that this perspective remains unchanged.”
This belief serves as an incentive for investors to maintain their trust and commitment to bitcoin, even amid the recent upheaval within the industry, sparked by the SEC’s lawsuits against major digital asset exchanges both in the United States and worldwide.
Read more on the subject : 97% of Institutional Investors Optimistic About Bitcoin
The report mentioned ideas of several proponents of bitcoin that were shared online. It underlined their optimism and speculation that the ongoing legal battles could actually prove beneficial for the digital money.
Corey Klippsten, CEO of Swan Bitcoin and a vocal critic of the broader “cryptocurrency” ecosystem, took to Twitter to express his sentiment.
He tweeted a graphic illustrating bitcoin’s recent recovery and accompanied it with a sarcastic remark: “Oh noes! Whatever is Bitcoin going to do???!”.
This lighthearted response highlights Klippsten’s belief in bitcoin’s resilience despite the challenges it faces in the legal arena.
Pierre Rochard, associated with bitcoin miner Riot Platforms (RIOT), took to Twitter to express his opinion that Coinbase should refocus its attention on bitcoin.
The comment gained further traction when Twitter co-founder Jack Dorsey shared Rochard’s statement on his own Twitter feed, emphasizing his agreement on the subject.
The report mentions that Coinbase heavily depends on bitcoin, which constitutes approximately one-third of its trading volume and transaction revenue. This highlights the significance of bitcoin’s role within Coinbase’s operations.
