June has been a tumultuous month for the crypto industry, with the U.S. Securities and Exchange Commission (SEC) suing Binance and its CEO Changpeng “CZ” Zhao for alleged securities violations. Binance has pushed back, stating that “all user assets on Binance and Binance affiliate platforms including Binance.US. are safe and secure.” Senator Elizabeth Warren has also weighed in, introducing a Digital Asset Money Laundering legislation to “close loopholes.”
Crypto assets have taken a hit, but the blow has tended to weaken. June 13, 2021, is the worst-performing day for Bitcoin since 2021, with prices falling 16%. The 5.4% decline following the SEC’s Binance case doesn’t rank within the top 50 worst-performing days.
“It would appear that as each punch is thrown, the assets themselves (i.e. Bitcoin, Ether, etc.) have certainly taken a hit, but less so than the entities being targeted, which are often centralized in nature,” said CoinDesk Deputy Editor-in-Chief Nick Baker.
June has been a month of regulatory disputes and crypto assets have weathered the storm. Despite the turbulence, digital assets remain a way to transfer capital without the need for a trusted third party.