Coinbase, a leading global cryptocurrency exchange, is currently facing a lawsuit from US regulators, following similar legal action taken against industry heavyweight Binance. The Securities and Exchange Commission (SEC) has accused Coinbase of operating illegally without registration, a mandatory requirement for securities trading firms in the US. This development has raised questions about which cryptocurrencies are the best options to invest in now.
Coinbase and Binance’s legal troubles have put a spotlight on the importance of regulatory compliance in the industry. The SEC’s chairman, Gary Gensler, highlighted that Coinbase’s alleged shortcomings deprived investors of critical protections, such as preventive measures against fraud and proper disclosures. Despite ongoing legal battles, the overall cryptocurrency market seems resilient. Bitcoin is up by 4.91% and Ethereum is up by 3.88%.
Some of the best cryptos to consider now include WSM, BGB, ECOTERRA, QNT, YPRED, KAVA, and DLANCE. Among these, Wall Street Memes ($WSM) has garnered significant attention. With a record-breaking $4.69 million raised in just 10 days during its presale, the fundraising efforts continue to gain momentum. WSM’s vision is to become the ‘King of Memes’, and its loyal following of 1 million users, as well as attention from top-tier exchanges such as Binance, marks it as a promising candidate for major crypto exchange listings.
In addition to WSM, Bitget Token (BGB), ecoterra, Quant (QNT), yPredict, Kava (KAVA), and DeeLance show promise based on current market trends and their unique propositions. For example, ecoterra is focused on sustainability using a recycle-to-earn (R2E) system; yPredict uses AI-generated insights for investment decisions; Kava displays promising bullish tendencies based on technical indicators; and DeeLance aims to reshape the $761 billion recruitment industry by utilizing blockchain technology.
Regarding the lawsuits surrounding Coinbase and Binance, Coinbase’s chief legal officer, Paul Grewal, voiced concerns over the SEC’s enforcement-centric approach in the absence of clear industry rules, claiming that this could harm American economic competitiveness and compliant companies like Coinbase. Grewal stressed the need for fair and transparent legislation over litigation and reassured that Coinbase would continue to operate as usual.
While lawsuits and regulatory scrutiny surrounding leading cryptocurrency exchanges add a level of skepticism to the industry, the overall cryptocurrency market continues to thrive. It remains crucial for investors to stay informed and make well-researched decisions on potential investments.
Source: Cryptonews
