SEC Files Lawsuits Against Major Crypto Exchanges in Bid for Control

The SEC has filed lawsuits against Binance and Coinbase, the two largest cryptocurrency exchanges, alleging they were operating illegally and offering unregistered securities.
The outcomes of the lawsuits could determine how much power the SEC has to regulate crypto and force major companies to register with them.
Binance.US will no longer allow customers to trade with U.S. dollars in response, instead becoming a crypto-only exchange.
The SEC believes most cryptocurrencies qualify as securities and wants to bring the crypto industry under tighter regulation.
If the SEC wins the legal battles, it will likely signal the end of the unregulated era of crypto trading in the U.S.