Regulation appears to be the main focus

Regulation appears to have been the main focus in the last week, which has created a little (but not a lot) of volatility in token prices.
 
The main news had been that the SEC had issued a Wells notice to Coinbase, potentially for the Coinbase Earn program. Coinbase’s blog post response was fairly scathing of the SEC and the state of regulation in particular, stating, “Tell us the rules and we will follow them... The U.S. cannot afford for regulators to continue to threaten the good actors in the crypto industry for doing the same legal and compliant things they’ve always done.”
 
Not to be outdone, it emerged on Monday that Binance (along with CEO CZ, and a former compliance officer) had a complaint filed against them by the Commodity Futures and Trading Commission (CFTC), for violating laws including laws that require controls to prevent and detect money laundering. The major tokens immediately dropped on the news, with Bitcoin falling $1,000 or about 3.5%, ETH falling around 3% and the Binance token BNB falling 7%. Whilst BTC and ETH gradually recovered some of the lost ground over the following hours, BNB continued to fall for some time.
 
Finally, on the regulatory news, it has been reported that the G7 countries are planning a coordinated effort to regulate and control digital asset markets, a move that might bring hope to some that there will be a clear regime in this space; but will also cast some doubt on the sector to others.