Topic: SEC is in Action After Suing Binance, Here Comes Coinbase Exchange (Read 345 times)

It is a sad fact that we the citizen can do nothing but watch on the sideline.  The case with Coinbase is a legal matter and I believe SEC has reasons to go after the exchange.  They won't do anything unless they had found flaws and action that the SEC deemed illegal and it was stated by @OP on its first post.

Honestly I don't care what happen to Coinbase and other huge exchanges.  Coinbase had been rumored to be leaking its users information to the authority so I think their situation today suits them.  I also think that these kind of cases is part of the process of adopting cryptocurrency in government terms.  I do not know if it will be beneficial for us or not but  I'd rather have that than let scam and fraud company saturate the cryptocurrency sphere.

SEC will always be SEC, who acts to control the market trend and to create panic, they already knew the weakness of this market and they are targeting it now. If only these crypto companies can choose to operate outside US, then we might see a more free market from any government intervention. Binance can handle this one, let’s believe on that and wait for the updates, this may takes years too before they come up to resolution.

While you are correct there is nothing we can do to stop them or influence their decision, it is obvious the SEC does not move unless it was given an order to do it, so by taking this posture it is becoming painfully clear the US is once again attacking this market with the intention of making it more unstable, it seems to me they are afraid as they can see their economy is not doing as well as they expected and they do not want this market to do well either, as this could bring more attention to it and it could make the next bull run even stronger.

I am absolutely disgusted with the SEC. They are always looking for big targets to take down cryptocurrencies. Just look, they are currently successful, even the crypto market is really down. This might be good for those of us doing DCA to buy more Bitcoin or other crypto. However, isn't it annoying to see how the SEC is always looking for targets and taking them down like this? And I'm sure it won't stop. Even this is Binance as well as Coinbase. This will be a very valuable lesson for exchanges or other platforms, learning from this case and also several other cases, starting from the old XRP.

I think it has to pass a certain threshold to become a problem? That seems like the only logical argument here because otherwise why wouldn't they just do it at the start right? If they are not doing it at the start and they are only coming after them after a while because that means that there is like a certain period given to the exchanges or there are certain numbers they have to pass.

It means that at the start you can do whatever you want as long as it's legal, and it is legal there is nothing wrong with that, but then after a while if you still do not publish them as securities then it becomes a trouble. If an exchange wants to be certain that it's not checked for securities, then you can only put like a few coins that's it, for example a bitcoin-fiat converter would not get this trouble at all.

The current situation with SEC lawsuits against cryptocurrency exchanges indicates that the cryptocurrency market is still highly unsettled. Therefore, the regulation of cryptocurrencies by states is necessary and inevitable. Lacking a sufficient regulatory framework in this area of finance, the SEC wants to work on litigation to guide it further. This is not the best way out of this situation, but it can lead to unexpected results in favor of the cryptocurrency. We need to wait at least for the final court decision on the SEC lawsuit against Ripple Labs. This decision will significantly affect the fate of all other similar SEC lawsuits.

Lol, and am shocked to see them going after the mighty coinbase who can do no wrong. I thought binance is the black sheep of all the exchange in the crypto space and coinbase is the supposedly great one.
They can keep attacking crypto indirectly by attacking the 2 top exchange, in the end, the crypto space will still flourish.
Just so you know, this attacks are indirectly jeered towards the crypto community in general. IMO, all exchange should stop operating their us base branches. They should all be shut down, am sure the crypto space can survive without the use market.

While the US lacks explicit registration regulations for cryptocurrency exchanges, Hong Kong does. In the US, Coinbase and Binance have been operational for several years. To conduct business in the US, they must have registered somewhere. The SEC has now awoken and said that they were not properly or not properly registered. For these companies to adhere to, SEC must first establish precise registration regulations similar to those in Hong Kong. Having said that, three days ago when I heard the news, I took the remaining Bitcoin out of Coinbase and transferred it to my own wallet. However, I'm comfortable leaving all of my other holdings there. Coinbase and Binance, in my opinion, will triumph.

I don't understand why SEC doesn't do all this when an exchange starts operating in the beginning, they wait for years and years so that they get famous, a lot of people start using them, they have a lot of money, and then they start suing the exchanges and all of a sudden, they remember that these exchanges are not registered or are going against the rules. If that is the case, it was from the beginning, why didn't they shut it down right at that time?

This is all drama and nothing else, and to be honest, if they shut down an exchange after so many years only by saying that they are protecting investors, they are lying, what they are doing is only going to make investors lose more money, and they do it for themselves or for the government and they don't really care about people at all.

Wrong. The fact that they are trading crypto for fiat (as exchanges have always been, since Bitcoin's early days) is not what's the problem here. The problem is that SEC, for years was delaying producing a clear set of rules and guidelines for determining what is classed as security and what isn't. If something isn't officially disallowed by law, then it's considered legal, therefore exchanges were taking advantage of the demand and started offering different types of services, until SEC woke up from a nap and decided that some sort of services and certain coins actually fall under securities laws.
But even if those exchanges were using potatoes or other cryptos instead of fiat - it wouldn't change a thing.

This is an interesting drama at the moment in the crypto space, I wonder if there are more impressive dramas waiting for us ahead. Events related to centralized exchanges and new SEC regulations impact the price of Bitcoin and the cryptocurrency market, but these effects can vary and cannot be accurately predicted. The core values ​​of Bitcoin still exist and the community of Bitcoin users will continue to exchange and trade on other exchanges if a centralized exchange is shut down in any way.

Creating opportunities to capitalize on price movements may be part of the reasons some market participants invest in Bitcoin. Events related to centralized exchanges and new regulations may impact the price of Bitcoin and the crypto market but the core price of Bitcoin remains and works to diversify asset classes and always important in your property management job is very important.

Brah, if you don't trade crypto with fiat what else you will trade it to that will turn fiat in your account? How you suppose people who never hold crypto and don't accept it as a means of payment will be able to own crypto if they don't buy it with fiat? and for your knowledge crypto fiat trading is almost as old as btc existence so it is not something that started yesterday.
Besides, there are new uncovering stories surrounding the SEC crackdown on binance, you should do more digging, perhaps this is not more of a personal vendetta than actual security check.

Hmm, it’s pity how crypto exchanges are getting seriously slaughtered in the name of securities. I think the problem started when these exchanges initiated their expansion with other instruments such as trade of crypto with fiat. This led people to start exchanging the crypto currencies on large scale with fiat thus making intervention of the Security Exchange Commission. Obviously its the fiat money that is getting traded into the Bitcoin for example so they need to have accounts for that. This imposed KYC restrictions and thus it turned everything into normal stock market even for the crypto exchanges. Not sure how far this will go but it ain’t good for us.

The SEC is assuming the role of the world gendarme. But will the world community accept it? If we concede on one thing, we will have to keep conceding. And if we talk about cryptocurrency, first of all we are talking about freedom, otherwise cryptocurrency is just an alternative means of payment and nothing more.

If you read the news, it's not about the exchange being exchange and doing anything exchange related, that was always the case and they let it be and it even went public that way, there is nothing wrong with that. They are trying to see what they list and why they list what they list, that's the point.

However, I do believe that we are talking about something that was a bigger deal when we are talking about a financial situation that worked better, and that is listing new tokens and such. These tokens have "owners", bitcoin doesn't have any, we are all owners of bitcoin, but some that these exchange list have owners and that makes it a security so listing a security is a trouble. That's what SEC is looking into, worst case worst, these exchanges won't list anything without getting greenlight from SEC after this.

I wonder if all companies move out of US jurisdiction, what will happen to the US economy?  I believe these cases are somehow maliciously done, and it is obviously a power tripping stating that SEC is still in control.  Though I tried to believe that SEC are just doing their job, I cannot remove the doubt about the intention of the SEC in suing the largest cryptocurrency exchanges.

I believe if ever the case goes to a full-blown exchange shutdown, these exchanges are able to establish a new one even before the verdict is released.  I believe this case is long-term and may take years before a decision will take place.  So there is plenty of time for these exchange owner to setup a new exchange and shift their focus of operation there.

It's sad to see that the SEC is targeting a significant part of the crypto industry in the US, but Binance and Coinbase are large and serious companies (which do their best to comply with all sorts of regulations and operate legally), so I truly hope that they'll manage to put up a good fight and perhaps even win against the SEC, which would set a good precedent for the future. Otherwise, big companies will probably leave the US to avoid being sued, and that can be challenging for crypto users in the US.

The intentions of regulatory bodies like the SEC can indeed have a significant impact on the crypto market and that's for sure. However, it is difficult to know their true intentions, but their actions are usually driven by existing and relevant investor protection and law enforcement. Settlements and fines are common results of regulatory investigations. The implications of these actions can vary, such as changing business practices or increasing compliance measures.

I also see the SEC's actions as unreasonable. Even though the regulator should give a warning to exchanges and then they will improve their operations if something is not in accordance with the rules. But what the SEC did, they went straight to court and gave the impression that this exchange was 100% guilty, that's very unreasonable. They didn't give any warning letter or instructions whatsoever, they just sent a letter and stated that these CEOs are to go to court for the accusations they are accusing. This is clearly a discriminatory act against cryptocurrencies.

Yeah and Coinbase already hint that if they US government will continue to pursue them, then they might opt to go out already. So interesting development here, two of the biggest exchanges, Coinbase and Binance.US is now being sued by SEC and CFTC. Although at close look at the lawsuit, it doesn't mentioned BTC at all, at least the case against Coinbase. It's about securities projects that SEC thinks these exchanges facilitated.



So I guess with this precedence, any exchanges that is operating in the US might get sued. Just a matter on who's next on the list of SEC.

 I wonder what Gary hopes to achieve from all this tho. A congratulatory tap on the back, maybe? This dude's just got it hot against crypto exchanges, and it's quite surprising coming from someone who was actively in support of the growth of crypto. Funny how times have changed.  I'm starting to feel he needs to spell out the type of compliance he wants from these exchanges because I remember when Coinbase was given a Wells notice sometime in March which has not been cleared as the SEC refused to state or clarify what a reasonable crypto rules.
 This action by the SEC proves one thing; the government would do anything to be in control.
 
 

What I am curious about on this whole issues from the SEC is that won't this attacks on cryptocurrency industries somehow drive away or reduce crypto investors like the whales out of the US? Or is this another targeted conspiracy scheme just to alter the price of the leading cryptocurrencies for a fall in price for some gains. I don't know.

It all depends on what the SEC's true intentions really are. If they're just a tool of the government and are part of a serious crackdown on the crypto market, then things are not looking great. Even if Binance (and Coinbase) settle and/or pay the fines, SEC could keep harassing them forever by declaring other coins as securities.
But if it is just a one-time extorsion action, that's maybe intended to show that they are doing "something" after their failures with FTX - then we might see things going back to normal.

It's not peoples fault if they're reacting to regulators coming down on the exchanges through nonsensical lawsuits by the SEC. The U.S. has the power to shut down any company within its jurisdiction because they can throw expensive lawsuits at companies that drag on for years.

None of us have seen the specifics of these lawsuits, or underlying evidence -- if there's legitimate merit to them then I'm prepared to eat my words, but until proven otherwise, this is just the SEC going on a powertrip trying to stunt Bitcoin's growth. Whether we would like to admit it or not, exchanges are central to Bitcoin's growth. If the SEC begins shutting down exchanges then we're done for.

Thankfully, I'm seeing some elected officials push back: https://twitter.com/SenLummis/status/1666181240167317507 We'll see how it plays out.

IMO, maybe they (SEC) have the excuse of attacking all Krypto coins (besides BTC) because XRP has a big potential to win on the grounds that many coins other than XRP have a non-security background. So the goal of the SEC is just to try to close the line with that excuse.

But whatever is more interesting behind this case there is a value (+ -) whether cz is really guilty / not. it will have absolutely no effect on the bitcoin price. In my opinion, it's better to play it safe. remember to enter crypto using money that has nothing to lose. Also remember the SBF case, before the wolf was found out, people also called it robinhood in the crypto world, the Luna stable coin case but still a rug pull too. The point is you still have to be careful when storing coins on exchanges.

Binance.US will remove approximately 100 trading pairs effective June 8, 2023 at 9am PDT and temporarily suspend OTC trading. They assure that funds are safe and deposits and withdrawals continue to function as normal.

https://support.binance.us/hc/en-us/articles/15133607064983-Binance-US-Will-Remove-Select-Trading-Pairs-Has-Paused-OTC-Trading

It is obvious this is a political move, the economy is not doing well and the US does not want people to think of bitcoin as some sort of safe haven in which to store their wealth, they need that money to be part of the fiat economy so they can monitor and tax it, so they are trying to scare people away from this market by attacking one of its most obvious weak points, as the most popular exchanges are centralized and they are an easy target for an institution like the SEC.

many people complain that the mistake is telling on social media and mentioning the name of the market, but there are no results that lead to a clear direction. and there is no interrogation from the government's point of view, this makes something less in terms of the duties of a person. why does the SEC put so much effort into interrogation with the concept of quality of securities but the core of the mission is different from the outside of the concept

Indeed, if viewed visually from its duties and functions, the SEC focuses its investigations on various factors, including market size, trading volume, complaints from investors, and suspicious activity. They target specific markets or exchanges based on this consideration. It is possible that some people feel that certain markets are playing unfairly or manipulating prices. It could be in that direction.

It is definitely surprising to see the latest action against coinbase, but not really unprecedented as they occasionally take action against banks that they think have overstepped the mark. No financial institution should ever feel immune to such action. On the flip side, I slightly agree with the response from coinbase that the regulator should spend more time carving out correct regulation than trying to punish a publicly traded company that is trying to work within some currently gray areas. However crypto seems like an easy target because they are less financially or politically connected than other institutions and this may play a part in this crackdown.

there is a market that plays unfairly but has never been investigated by the SEC, maybe someone understands this market. why was the big market used to be BINANCE, COINBASE which was the main target of the SEC. I won't mention which market, but that market often creates coin manipulation to attract investors who end up unlucky. and many people suggest on social media but no one listens. this is a question mark the SEC does not have a solid foundational purpose for me

My understanding of this is that the SEC is not trying to kick Coinbase out of the U.S they're not trying to ban them from offering any kind of cryptocurrency services they are probably looking to do that with Binance. However the SEC is going try to harm  the crypto industry but Bitcoin is doing fine. In addition to removing your bitcoin from any centralized exchange, you should dollar cost average your investments if you haven't already. I highly encourage it, especially in situations like this when dips occur. You should also consider adding additional bitcoins if you haven't already.

As these exchanges expand business into various forms, the evaluation and approach of interested agencies will stop at nothing to regulate more. I'm actually not surprised by this incident and I think it's good to start not caring about the two of them, they are the same entity that will only govern and control. This is for the health of your crypto assets in the long run.

Have we not considered that for sometime btc have not had a major hit on it to have such effect to pull it down and get it ready for the bull after halving because the whales will buy in and who are the whales should now be our question to ask. Sec is playing a suspicious roll on this. Yesterday some big hodlers sold after the news of the lawsuit and later bought back, I think the wise investors are waiting for this as opportunity.

The intensity of the SEC's actions is seen as a potential power play and a response to the digital coin's growing popularity. This suggests that regulatory actions can create uncertainty in the market and influence investor sentiment. Regarding the potential effect on Bitcoin price, pointed out that while there may be short-term disruptions, the long-term implications of regulatory action should not be overlooked. This could increase the likelihood of a shift towards decentralized exchanges (DEXs) in response to regulatory hurdles and the outcome of future regulatory actions and their impact on the crypto market is uncertain.

Regulators cross the line, you need to know when you are working for good, and when your actions are harmful. It seems that now it is the second option, for the development of cryptocurrencies in the United States.

It seems to me that this will not end until the regulators lose some high-profile lawsuits. It was also strange for me to see how they decided to bring the case with Binance to court, because it was always an exchange that was in contact with regulators. Well, it's their choice, and I think that in the end it will play against them, you can't fight with so many opponents at the same time.

It seems to me that all these lawsuits and attacks on binance and other exchanges only attract even more attention to the cryptosphere, from which the latter can even benefit. I think the goal here is not the result, but the process itself. On the one hand, SEC is trying to show that no one is protected from its gaze, and binance demonstrates its resilience and ability to fight in such a battle. It is still unclear who really benefits from this whole story

They really don't let the CEOs of these exchanges live in peace, there must be something that they think is wrong with the operations of these exchanges and they must immediately submit to them. Even Coinbase is not exempt from this attack and I think that other exchanges operating in America will also be hit by them. I can't understand why these boomers are so passionate about attacking exchanges. Okay, regulation is needed, but does it have to be this strict? don't they think that the impact of their attacks also affects the crypto assets of Americans? they should regulate these exchanges but still have little tolerance because the impact of their decisions caused billions of dollars of losses in the crypto market.

We are in an era where behemoths of the crypto world, Binance and Coinbase, are under the SEC's radar, triggering some compelling riddles around the agency's game plan and endgame. With an affinity for a sturdy crypto ecosystem, I'd love to drop some thoughts on the matter.

Nothing shocking in the SEC's push for registration and adherence to the rules – it’s their job, after all. However, the intensity of this charge could signal a play for power over a realm that's been given a lot of leeway so far. Maybe it's a reaction to the undeniable rising popularity of digital coins, a tactical move to lower the risks that could be hitching a ride on this trend.

When it comes to the effect on Bitcoin's price, I'm not sold. Sure, the immediate aftermath may just be a blip, but we cannot overlook what might unfold in the distance. The mere whisper of regulation can send ripples of uncertainty through the market, possibly throwing investor feelings off balance.

If I were to predict, I'd say we might witness a more aggressive tilt towards decentralized exchanges (DEXs) to sidestep these regulatory hurdles. But before we all cheer, remember that it isn't all sunshine and rainbows – it has its own hurdles. For now, it's watch, wait, and wonder in the crypto universe.

I don't think it will have a huge impact compared to the Binance situation. Even after the Binance news, there was no big drop. This is actually good news because bitcoin is an independent asset from exchanges. Of course bitcoin can be affected by this news, but it hasn't had such a big impact. This shows that bitcoin has a solid position in the market. From another point of view, I think the SEC is aiming to buy bitcoin on the cheap? What is this succession of news? People don't sell their bitcoins anymore after this kind of news. I think they don't know that.

How far has all these regulations gone in dealing with financial attrocitise from using fiat even before the introduction of cryptocurrency, crime and financial misconducts is very common and has always been ever increasing in the traditional economy and the government officials were not left out in having their own roles played that have led to these increase, why the attacks on exchanges when they are nothing different from the banks itself.


No one will protect you than you protecting yourself, isn't it not because of the failure in the trust we had with government and financial institutions the main reason that birth to the Satoshi Nakamoto development of a new monetary system in a decentralized way, that gives us our Freedom back from what had been taken for so long, that control is what you have over your financial assets or investment if you adopt bitcoin and make use of this p2p network in a decentralized way.

I created this topic two months ago {list} Crypto exchanges under SEC’s Radar!, and there are 5 platforms that have been subjected to sanctions in one way or another from the SEC. This was only during first 4 months, and therefore I do not expect to be surprised by such lawsuits.

Therefore, with the activity that the office undertakes, I expect that more than 90% of the platforms will escape from the United States during this year, and perhaps one or two platforms will remain operating. These platforms will be under the eyes of regulatory control and thus less possibility of escaping as fraud.

From now and in the future, the "staking program" will not be allowed in most of these platforms, and we may not see stablecoins or exchange coins like BNB, and restrictions may be placed on listing and futures trading.

After the news came out and looking at how BTC reacted to it I also have my own thoughts on this matter, the suppression of BTC through the names really affects in this context as well. should be mentioned, why this stage? And if they knew about the issues involved and did everything sooner, if they didn't want to imagine the problem of price manipulation with FUD, it's still on my mind as well. However, the fact that people like me put great faith in this market and believe in the future of BTC will become more and more popular and strong, this is only considered as part of the development journey of the market.

We know the SEC's primary role is to regulate the securities markets in the United States, ensuring investor protection, market integrity, and capital formation. I am also a consumer and a user. What is this, who will protect us, other users or investors, SEC or exchange platforms? if it continues like this when will Crypro World progress. Because, the ones affected by the location are users and investors.

Most likely tomorrow or by the end of the week they will be suing Kraken, Cryptodotcom, Gemini and any other US based crypto exchange which lists those dozens of tokens which they consider securities.

Seem right now only the POW coins are safe and ETH. But any coins or tokens which had any type of ico then it’s considered a security which pretty much is most tokens these exchanges have listed. Nothing looking good. Most likely all these exchanges will stop providing services to US customers due to this.

CZ won't be successful in this business if he doesn't know what he's doing. for sure, there will be his lawyers and other staffs that are already working on this even before the lawsuit came into the light.
i am also on the side that they will probably just pay some fines but not to the extent of heading to bankruptcy, they have all the resources to rectify what they are in.

How often do lawsuits like this materials into a full-blown closure of exchanges? Binance, out of all the existing exchanges today, seem to be the most experienced when it comes to legal pressure like this. It's like CZ has been brushing off all those lawsuits and all those pressures mounted onto him and his platform, and I'm sure he'll end up just paying some fines and fixing whatever there is to fix as mandated by the SEC.

As for the price experiencing a sudden turn for the worse, it's just a lot of shaky hands getting moved by the recent news. As always, there'd be nothing major that will come out of this for sure, as what had always happened before.

In the past few months, I have noticed that what the SEC in the U.S is doing is harassing crypto exchanges, because they can't control them so they are taking advantage to make a way that the value of Bitcoin is decreasing in the market .

Because they know they have influence, they are doing this as a way to maybe buy a lot of Bitcoin which they probably know that in the upcoming halving, its price will increase for sure. One day Binance was replaced by Sec, now coinbase is. Maybe the crypto exchanges that are in the U.S. are better now, it's better to just move to another country that is friendly to cryptocurrency.

Lets be honest here, this isn't the "attack" we think it is, its as normal as it gets and there is nothing wrong with it. I know that plenty of people who are defensive about crypto, we love it and that's why we do not want anyone to touch it, I get it. However, we need to realize that there is nothing wrong with SEC looking into Binance, that's their job and they are paid to do exactly that. If Binance is doing nothing wrong, then there will be nothing bad coming out of this, if they are doing something wrong then they will be caught and according to their crime they will be given a penalty, some sort of fee. Just a few years ago USDT had the same thing, paid like 19 million or something. This is their job and we shouldn't be shocked about anything regarding this at all.

You cannot not feel sorry for Coinbase. As far as I know they tried really hard to be compliant, even tried to get a court to force SEC to give a clear answer on what is and isn't a security, but all they get is a lawsuit against them.

Binance also get hit with massive funds outflow from its US business of $1.4bn since the lawsuit. I'm sure they survive though, but will struggle to return to the same levels.
https://www.reuters.com/technology/bitcoin-steadies-above-25000-binance-sec-lawsuit-rattles-investors-2023-06-06/

Gensler go crazy again. But he will fail in supressing Bitcoin, he knows he is in a losing battle that price is not going zero after he had been doing this for a long time.

He was asked in a hearing just this year which tokens he identifies security but could not answer it directly. That hearing itself will be used against SEC.

What else do you expect if they cannot target bitcoin because of its decentralization then they will be left with nothing than to go after the centralized exchanges, this should only serve a warning for some of us still using them, we shouldn't hodl our entire investment in them, they have in custody our private keys to unlock the locked coins in the blockchain which belongs to us, this time we should be getting ready for higher transaction fees coming from this exchanges for those that uses them because they will be left with no option than to fall back on their users.

It's going to be people's fault if Bitcoin goes lower because of this news, I know it's a fact and not a FUD but it shouldn't affect the market much, oh yes, I forget that every humans have different reactions, we are the reason why some news affects the market condition anyway.

I believe this is a good opportunity to buy some Bitcoin right now but if a bigger manipulation is already in play then this go even more bloodier in the coming days, I do hope not because it was a big fight for Bitcoin to get to 25k to 27k range in past months.

I still don't know why many people rely and trust centralized crypto exchanges more than having their bitcoin in their custodial wallets, a small bad news here and there, everyone is rushing to move their assets out of the exchange, it's a shame.

I had this thought before that the US Government is trying to collect money from as many businesses as possible and the crypto industry happens to be one of the milking cows today.

Both cases filed against Binance and Coinbase will likely become another long legal battle just like the case of Ripple. We'll see who is going to run out of money from these court proceedings first hehe. Maybe we'll see a settlement within 5 years.

Now the Bitcoin price already hit $25K, it looks like SEC want to buy a cheap Bitcoin by suing many top popular exchanges.

I thought Coinbase already registered or regulated in US because AFAIK Coinbase is really strict and serve US territory citizens, but I've search and found if they're not registered or regulated yet.

As we all know that SEC has sued US Binance Exchange and its CEO (CZ). For what they have been sued is already covered (Another Fud or Its Reality? BTC is Down Again). Now as of 6th June 2023, SEC has sued Coinbase too. Why? That's what i will write here.
Short story, SEC always came up with the issue concerning assets declaring as (working as) Securities and SEC wants every Security to be in compliance with them. Coinbase exchange was already alleged by SEC in the past and warned too but who knows what got into SEC this week, like they are after every exchange possible. I think its pressure from the top, maybe someone advised that dealing with these centralized exchanges might control the inflation in US (again-->who knows what got into them). Now here is why they are sued for:
1.
2.
3.
Source to above quotes

---

Now what impact it will make on BTC price?-->(i think not that much as of compared to Binance, yet the Coinbase market dropped 15% though but still BTC and the market facing the impact too but lesser than Binance). Who is next on the list?-->(That depends on who is against the security act). Because from that press release, one thing is sure congress has put pressure on SEC to follow the Securities Exchange Act of 1934 (source--> you can find at the first paragraph of the second page of the document). From what i think is, they are trying to make entry opportunities so that they could benefit from BTC halving (just saying, as other factors are also included though).