On October 10, 2024, in the United States, the SEC has come under fire from multiple fronts regarding its regulatory approach to the cryptocurrency market. Commissioner Mark Uyeda criticized the SEC's enforcement-heavy strategy, labeling it a "disaster for the entire industry." He called for clearer guidelines, emphasizing that the SEC's current policies have led to confusion and inconsistent rulings.
In a parallel development, Bitnomial Exchange filed a lawsuit against the SEC, contesting its claim that XRP is a security. The lawsuit, lodged in the Northern District of Illinois, argues that XRP futures should be regulated by the CFTC, not the SEC. Bitnomial's complaint highlights the SEC's overreach after it intervened following Bitnomial's self-certification to list XRP Futures, scheduled for trading post-August 13, 2024.
The SEC's aggressive regulatory stance has led to lawsuits against major platforms like Binance and Coinbase in 2023, contributing to a broader discontent within the crypto community. Currently, the total crypto market capitalization stands at $2.064 trillion, reflecting a decline of nearly $300 million from a one-month high of $2.29 trillion.