Despite the SEC's attempts to classify many crypto assets as securities, the market views them as commodities. The SEC has filed lawsuits against Binance and Coinbase, causing a significant decline in net transfer volume on Binance and a 20% drop in COIN's U.S. trading day opening.

However, bitcoin and ether have increased by 5% and 4%, respectively, over the past 24 hours. The market seems to be indicating that regulators can take action against exchanges, but the value of the assets themselves remains intact. Investors believe that crypto has a bright future ahead and any attempt to eliminate distribution methods would be seen as overreach.