CRO, the native token of the Cronos blockchain, an open-source,
interoperable, and Cosmos-based platform, a centralized crypto
asset exchange, is steady despite some community members fearing
that the United States Securities and Exchange Commission (SEC),
the primary securities regulator in that country, could soon target
Crypto.com, the crypto exchange and developer of the
blockchain.
CRO Stabilizes Despite Fears The SEC Might Sue Crypto.com
As of writing on June 8, CRO is trading at $0.05889,
stable in the last 24 hours against the USD, Bitcoin, and
Ethereum.
All the same, with the CRO average daily trading volumes at
$9,098,498, it is down over 25% in the last trading day.
The double-digit contraction in the previous 24 hours comes less
than 72 hours after the SEC sued Binance, a dominant cryptocurrency
exchange, alleging that it has been facilitating the trading of
unregistered securities and illegally allowing Americans to access
the platform. The SEC has filed 13 charges against the Changpeng
Zhao-led exchange.
The regulator also sued Coinbase in federal court in New York,
claiming that, like Binance, the crypto exchange had listed and
profited from the trading of unregistered securities.
Tokens the SEC claim are securities include ADA, the native
currency of Cardano; MANA, the token behind Decentraland; SAND, the
ERC-20 token priming The SandBox; ALGO, the native currency of the
Algorand proof-of-stake blockchain, and MATIC by Polygon.
Stablecoin, BUSD; NEAR by the NEAR Protocol; CHZ by Chiliz, are
some of the tokens mentioned and which the SEC alleges are
unregistered securities.
Even so, there was no express mention of CRO in any of the two
lawsuits filed by the regulator against the two largest
cryptocurrency exchanges.
At the same time, it should be noted that
Crypto.com also allows the trading of most tokens that the SEC
alleges are unregistered securities.
Whats Common in All Tokens The SEC Alleges Are Securities?
Within the Cronos blockchain, CRO is used to pay gas fees. Also,
because the platform uses a proof-of-stake consensus algorithm,
users can stake CRO and receive rewards. Moreover, users can access
the decentralized finance (DeFi) ecosystem in Cronos by holding
CRO.
In 2018, Crypto.com completed its initial coin offering (ICO),
raising over $26 million, which also saw the launch of the CRO
token.
Observers...