Professor Carol Alexander from the University of Essex argues that the U.S. Securities and Exchange Commission can lose its action against Binance.
Professor Alexander doubts the regulator’s ability to take on Binance given the substantial resources it has already spent against Ripple.
“I am confident about the SEC’s chances of success. I want to know the SEC’s ability to compete financially with Binance. After all, it was raised from the usual suspects: banks and stockholders.”
However, after the SEC litigation, last week saw more than $4.0 billion leave Binance, its affiliates, and Coinbase Global Inc.
On Monday, the government of Nigeria also shut down Binance Nigeria Limited. Although Professor Carol Alexander agreed that specific cryptocurrencies might be considered securities also noted that this was not the case for all of them. This is also the basis for the SEC’s case against Coinbase.
She recognised that cryptocurrencies might be used in financial schemes and fraud but made the following statement on CNBC’s “Squawk Box Europe.”
“Crypto is a need. Blockchain technology is essential for a digital economy. Blockchain wouldn’t be useful without crypto. Therefore, effective regulation is required. Then there will be good players left. She believes the crypto market will stabilise prices if regulations are made clear.”
Also Read: The SEC Reportedly Pressured Hinman To State Clearly That ETH Was Not A Security
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