The crypto industry faces a critical period in the next 24 hours due to various macroeconomic events and their potential impact on crypto market prices. The US Securities and Exchange Commission (SEC) features prominently, with several key events taking place today, Tuesday, June 13th.
Of particular significance is the alleged unsealing of the SEC’s internal Hinman documents in the Ripple case, which could shed light on Ethereum’s previous classification as a non-security. SEC Chairman Gary Gensler is challenging this classification, and the Hinman documents could be vital in the Ripple case.
In addition, the SEC’s temporary restraining order against Binance is due to be heard at 2pm EST. Another event of significance is the SEC’s response to Coinbase’s petition for rulemaking.
The proposed expanded definition of an exchange could force DEXs to register as securities exchanges. According to attorney Bill Hughes of ConsenSys, new US legislation is urgently needed as this proposal puts the burden on the blockchain space to guess the rules correctly, leading to retroactive punishment.
The total crypto market cap stood at $1.027 trillion at press time, having fallen below the 200-day EMA on Saturday, as altcoins were hit hard by the SEC’s Binance and Coinbase lawsuits. However, a bullish reaction could be likely if the Hinman documents contain statements that challenge the SEC’s claims.
Featured image from iStock, chart from TradingView.com
