Web3 Diaries-Binance.US Market Depth Declines 76%
Binance.US is witnessing market makers and traders flee the exchange en masse following last week’s U.S. Securities and Exchange Commission lawsuit against it, alleging multiple securities violations.
Just one week after the lawsuit, liquidity, which is measured by aggregated market depth for 17 tokens on Binance.US, has dropped 76%, according to a report by Kaiko. The U.S. arm of Binance also saw its U.S. market share drop to 4.8% from 20% in April.
The day before the lawsuit, June 4, market depth was at $34 million, whereas on Monday, market depth was at $7 million, according to the report.
eToro Halts ALGO, MANA, MATIC And DASH Purchases For US Customers
Retail trading platform eToro has halted purchases of Algorand, Decentraland, Polygon, and Dash for customers in the United States in response to the tokens being labeled as securities in recent SEC lawsuits.
The move comes just a few days after competitor Robinhood also halted support for MATIC along with Cardano and Solana, two other cryptocurrencies deemed as securities by the United States Securities and Exchange Commission.
In a June 12 Twitter thread, eToro US noted that it had reviewed its crypto listings ”in light of the rapidly evolving regulatory landscape” and “recent developments” with the SEC.
US Lawmakers File ‘ SEC Stabilization Act’ To Fire Gary Gensler
United States Rep. Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, announced on June 12. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler.
Davidson said in a statement: “U.S. capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
Davidson declared his intention to introduce the bill earlier this year. He made that announcement in reply to a tweet by Coinbase legal chief Paul Grewal. Rep. Tom Emmer is the co-author of the bill. Emmer said, “The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”
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