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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crypto.com’s CRO Firm Despite SEC Lawsuit Fears, Time To Watch The Token?

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Crypto.com CRO SEC Lawsuit

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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. 

CRO Price On June 8| Source: CROUSDT On Binance, TradingView
CRO Price On June 8| Source: CROUSDT On Binance, TradingView

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. 

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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.

What’s 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 have noted that of all the tokens the SEC claims are securities, they all conducted successful crowdfundings. 

Additionally, the projects accused of issuing securities also pledged to their respective communities that they would continue improving the underlying protocol via ongoing development. 

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With this, some of their funds were used to cater for marketing. 

Furthermore, each of these teams used social media channels and forums like Twitter, Discord, and others to highlight the advantages of their respective protocols.

The determination of whether a token qualifies as a utility, such as Bitcoin, or an unregistered security rests with the judge. Until a ruling is made, exchanges may take precautionary measures, including delisting the asset, to ensure compliance with applicable regulations.

Feature Image From Canva, Chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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