With a value of $100 billion.. 50 cryptocurrencies are at risk of collapse

In a remarkable development in the cryptocurrency industry, the US Securities and Exchange Commission (SEC) has classified more than 50 cryptocurrencies with a total market value of more than $100 billion as securities that are prohibited from trading through US platforms, following the lawsuits filed against each of the “ Binance and Coinbase.

Among the most famous cryptocurrencies that have been banned from trading are “Solana”, the currency of the “Polygon” network known as “MATIC” and the currency “Cardano”.

All of the companies that own these projects have objected to the SEC’s allegations, stating that they welcome the involvement of policymakers to bring legal clarity to the digital asset space in the United States.

In the wake of the US Securities and Exchange Commission’s decision, the American “Robinhood” platform, the most popular among young traders, decided to remove these currencies from its platform, which negatively affected the total trading volume in the US markets.

Congress intervened

In light of the legal struggle between the US Securities and Exchange Commission and major US cryptocurrency companies, US Congressman Warren Davidson announced yesterday, Monday, the introduction of a law called “The Stability of the Securities and Exchange Commission” with the aim of restructuring the regulatory agency and dismissing its president, Gary Gensler, and in the event of a vote on The bill passed successfully The United States of America is expected to witness a major development in the crypto industry.

Gensler has been facing heavy criticism for his approach to enforcement in the cryptocurrency market lately. In press statements reported by Reuters, Warren Davidson stressed that “we must protect the capital markets from an authoritarian president, and it is time for real reform.”

Davidson secured majority support in the House of Representatives, emphasizing that American investors deserve clear and consistent oversight, not political skill.

Cryptocurrency market

The value of the cryptocurrency market increased by 0.50%, to reach $1.6 trillion, in the past 24 hours, according to CoinMarketCap (Coin Market Cap), as Bitcoin, the largest cryptocurrency in the world, rose about 0.64%, to reach $ 26,127, bringing the total increase within a week to about 1.41%.

While the Ethereum currency, the second largest cryptocurrency, rose 0.07% during the past 24 hours, to reach $ 1748, but it declined during the past 7 days by about 3.84%.