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SEC Issues Warning
Quote:Another sea of red is plaguing Cryptocurrency traders after the U.S. Securities and Exchange Commission (SEC) issued a strong warning about “unlawful” cryptocurrency exchanges. Nearly every digital currency tumbled today, and most of them fell more than 10%.

The SEC declared that cryptocurrencies fall under the definition of a “security,” and therefore cryptocurrency exchanges are subject to regulatory scrutiny. As a result, any company operating a platform that enables people to exchange cryptocurrencies must register as a national securities exchange, or they would be considered unlawful platforms. The statement reads in part:
Quote:The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not.  Many platforms refer to themselves as "exchanges," which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.
Subsequently, Bitcoin, Ethereum, and Ripple—the top three cryptocurrencies--are down roughly 7% at press time, which represents a small bounce from the daily low. Bitcoin briefly dipped below the $10,000 mark, but it’s currently just above that threshold.

The story is largely the same for the remaining 97 of the top 100 cryptos. According to, almost every single digital coin and token is down on value, with 68 having lost 10% or more earlier today. Most of those assets are beginning to climb again, but their 24-hour averages are still in the red.

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