Coinbase & Robinhood Surge as SEC Poised to Drop Lawsuit – Bitcoin Eyes $100K
The latest SEC moves Give up lawsuits against Coinbase Not only can it enhance the sentiment of crypto tokens, once considered a securities under the previous administration, but it also actively affects Robinhood’s (Hood) stock, a major player in the crypto exchange field.
Although the SEC has not voted on the Coinbase case yet, it could be a huge win for the cryptocurrency industry, which faces strict law enforcement under President Biden’s leadership. In June 2023, Robinhood had to remove tokens accused of being securities, but the exchange added some tokens, including stolen, following Donald Trump’s election victory. Solana’s Sol.
Exchanges may add more tokens, and crypto companies can consider our IPO
With the Coinbase case likely to be revoked, communications like Robinhood may be more confident in increasing the tokens on its platform, which could increase transaction revenue. Additionally, Robinhood recently reported revenues rose 115% in the fourth quarter due to higher earnings in cryptocurrency transactions.
The top five tokens previously considered to be securities include BNB, Solana (Sol), Cardano (ADA), TRON (TRX) and Toncoin (Ton) (TON).
This development can also inspire more companies to be public in the U.S. market. Rumors are that several crypto companies, such as Blockchain.com, Bitgo, Gemini, Etoro, Bullish Global, Ripple and Circle, are focusing on potential U.S. initial public offerings (IPOs)
Coins surge 5%, Hood rises 4%, BTC approaches $100,000
Coinbase (Coin) shares rose 5% before the market opened on Friday after the news.
The overall cryptocurrency market has also risen since early February, with Bitcoin (BTC) approaching $100,000 for the first time. As market sentiment improves, under Gary Gensler, under Gary Gensler, the SEC has also been awarded tokens for securities.
