"Investors must be tired of dealing with the behavior of the SEC, which is busy trying to bring down the crypto market."
It is no doubt that the Securities and Exchange Commission (SEC) of the United States of America has recently taken more and more enforcement actions against companies that offer cryptocurrency services.
That streak, investors have labeled the SEC administration as 100% anti-crypto following the continued aggressive actions taken by the regulator capable of destroying the entire digital asset market.
Earlier this month, most cryptocurrencies saw a slight drop when the SEC not only filed suit against Binance and Coinbase for violating securities laws but also defined several digital assets as securities.
In addition, DeFi protocols and stablecoins such as Tether (USDT) and USD Coin (USDC) could also become the next victims of the SEC if the regulator wants to make decentralized stablecoins centralized, comments a group of analysts led by Mark Palmer.
Crypto analyst Miles Deutscher also made a similar statement when he stated on his Twitter account that the SEC will target USDT if they intend to destroy the digital asset as 76% of all stablecoins on exchanges are USDT.
He added that the SEC is also trying to weaken the DeFi ecosystem as a whole after targeting stablecoins, while investment banks revealed that Coinbase will be affected and bear the burden when the SEC targets USDC.
However, Deutscher sees Bitcoin (BTC) as likely to benefit from the crackdown as the SEC still considers the digital asset a commodity rather than an unregistered security.
Therefore, the crypto market will be more interested in BTC in the future, among them is MicroStrategy which currently owns as many as 140,000 of these digital assets and it can generate handsome profits if the price of BTC continues to rise.
