Impact

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/mark-yusko-on-the-sec-vs-binance-the-real-impact-is-the-psychological-hit-on-altcoins/">Mark Yusko on the SEC vs. Binance: ‘The Real Impact Is the Psychological Hit On Altcoins’</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Binance, the world’s largest cryptocurrency exchange by trading volume, is currently facing some legal challenges from the U.S. Securities and Exchange Commission (SEC). Mark Yusko,&nbsp; the Founder, CEO, and Chief Investment Officer of Morgan Creek Capital Management, has opened up about the SEC and discussed their recent actions against Binance.&nbsp;</p> 
<p>In a conversation with the host of Altcoin Daily, Mark expressed his doubt that the SEC has any authority over a company that does most of its business outside the U.S. He said that it was very difficult and unrealistic for the SEC to assume such a role. He gave an analogy of him expecting people in Europe and Japan to follow his words just because he is an American. He said that this made no sense at all and that people would only listen to him if they wanted to, but not because they had to.</p> 
<p>He also speculated that the SEC may be preparing to take some action against Binance, but he also questioned the SEC’s jurisdiction over the exchange, which operates mostly outside the U.S. He said that it would be hard for the SEC to claim oversight of a company that is registered in the UK and based in Dubai, and that has only a small subsidiary in the U.S.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Whatever it is, the SEC is not your regulator now. You have a subsidiary in the U.S. and you could shut that subsidiary down or would that have an impact? Sure, but how much of their total trading volume is it? Maybe it’s bigger than I think, but I think the real impact is the psychological hit on altcoins.”</p> 
</blockquote> 
<p>Mark also compared most altcoins, which are alternative cryptocurrencies to Bitcoin, to gambling tokens. He said that they have no intrinsic value or claim on cash flows, unlike stocks. He argued that even some stocks, such as AMC or GameStop, are gambling tokens because people buy them not based on fundamental analysis, but on hype and speculation.</p> 
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Mark Yusko on the SEC vs. Binance: ‘The Real Impact Is the Psychological Hit On Altcoins’

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