Bitcoin Drops Below $9K As Crypto Falls to 1-Month Low

MichaelWuensch Via Pixabay

"If a platform offers trading of digital assets that are securities and operates as an 'exchange, ' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration."
The SEC expressed concern that, in light of the rise in popularity of trading digital assets, including coins and tokens in initial coin offerings, investors could mistakenly believe that platforms used to trade such assets are registered with the SEC or are otherwise regulated.

The U.S. Securities and Exchange Commission warned investors to stay away from unregulated exchanges, as these exchanges can do anything they want.

This statement comes after the recent news of Coinbase/GDAX, one the most well-known and user friendly exchanges in the USA, being on the receiving end of multiple lawsuits and subpoenas. Unfortunately, the announcement hasn't been applauded by crypto traders - bitcoin and other digital currencies are declining at a robust pace after the SEC issued the warning yesterday.

After the SEC statement was released, the markets reflected the remarks with a significant slump and drop for Bitcoin.

As of press time, bitcoin had recovered slightly and was trading at $8,741.

Earlier today, the price of the Bitcoin slipped well below $9000 hitting it 20-day low to $8520.58after which it managed to recover another $500 price points and is now trading at just partially above $9,000.

Bitcoin price fumbled below $9,500 today, down nearly $2,000 from Monday's high of $11,500.

The market will likely start looking at what needs to be done to remain in the SEC's good graces, and eventually services are going to be looking to get everything done legally and in accordance with the law (whenever regulators actually know what the law is).

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