SEC Chair Gary Gensler has taken a hardline stance against the cryptocurrency industry, with the recent lawsuit against Coinbase and Binance for securities violations and skepticism towards the future of token trading. This move has resulted in a sell-off in the market with four of the 10 most valuable coins dropping at least 15% in value. Crypto investors are taking note as Robinhood announces it will no longer support trading of coins from Cardano, Polygon, and Solana, causing declines in their value. Meanwhile, Bitcoin and Ethereum remain stable, declining less than 5%. Gary Gensler has made it his mission to go after crypto firms and exchanges for selling highly speculative and risky securities to the investing public, and has been successful in bringing charges against numerous firms. As the SEC continues to crackdown on the industry, more lawsuits may follow, causing fluctuations in the market.
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