SEC Sues Binance and CEO for Breaking Securities Rules

The SEC has filed 13 civil charges against Binance and its CEO, CZ, alleging violations such as allowing US individuals to trade on binance.com, wash trading, and selling unregistered securities. Binance has responded by denying the allegations and highlighting regulatory uncertainty in the US. Additionally, Binance faces challenges from the CFTC and a DOJ investigation. These regulatory actions have impacted the crypto market, causing price drops in tokens like Solana, Cardano, and Bitcoin.

What implications could the SEC's actions have on the cryptocurrency market?

How did the prices of specific cryptocurrencies react to the news of the SEC's allegations against Binance?