Корисниците на Coinbase во паника конвертираат над 5 милијарди долари USDC во Fiat

The U.S. Securities and Exchange Commission (SEC) crackdown against crypto staking has caused panic in the крипто пазар. In the last 24 hours, Coinbase users have converted nearly $5 billion of Circle’s USD Coin (USDC) stablecoin to fiat due to panic caused by actions of US regulators.

Moreover, a potential Операција Дејство од типот на Точка за задушување coordinated by multiple U.S. government agencies is likely under a plan to cut ties between the crypto industry and the banking sector.

Coinbase Processed $5 Billion USDC Burn in a Day

PeckShieldAlert in a tweet on February 10 откри that over $4.7 billion USDC was processed by Coinbase for burning at Circle’s USDC Treasury in the last 24 hours.

Etherscan податоци revealed the wallet address is continuously converting USDC stablecoin to fiat. Until now, nearly $5 billion USDC in total have been sent for burning at the USDC Treasury.

It indicates Coinbase users are converting their USDC to fiat amid the panic caused by the U.S. SEC regulatory action against crypto staking. The SEC charged the crypto exchange Kraken for the unregistered offer and sale of securities through its staking-as-a-service program. It resulted in a massive selloff in the crypto market, with the crypto market cap falling over 4% in the last 24 hours.

Although Coinbase processed huge amounts of USDC burn, it also received nearly the same amount of USDC after minting.

Meanwhile, Coinbase (COIN) shares price fell 14% to $59.63 on Thursday. In the pre-market hours, COIN price is trading at $59, down over 1%.

Coinbase CEO To Contest Crypto Staking Ban

Coinbase CEO Brian Armstrong on Friday said they will protect Coinbase and its users from U.S. SEC’s forced enforcement actions. The SEC has earlier attacked Coinbase for listing securities and insider trading cases.

“We will keep fighting for economic freedom (our mission at Coinbase). Some days being the most trusted brand in crypto means protecting our customers from government overreach.”

Pro-crypto SEC Commissioner Hester Peirce has ја изрази својата загриженост about the agency’s high-handed action and the lack of regulatory clarity.

Исто така прочитајте: US SEC Crypto Staking Crackdown Benefits Decentralized Services, Here’s How

Вариндер е технички писател и уредник, ентузијаст за технологија и аналитички мислител. Фасциниран од непушачите технологии, тој го сподели своето знаење за блокчејн, криптовалути, вештачка интелигенција и Интернет на нештата. Тој е поврзан со блокчејн и индустријата за криптовалути значителен период и моментално ги покрива сите најнови ажурирања и случувања во крипто индустријата.

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