Stablecoins and DeFi could be the next targets of the U.S. Securities and Exchange Commission’s (SEC) crackdown on the cryptocurrency industry, Berenberg said in a research note on Tuesday.
The investment bank said the SEC may now focus on bringing stablecoins, including the two largest by market cap, tether (USDT) and dollar coin (USDC), as well as decentralized financial protocols, under supervision.
Bitcoin (BTC), which the SEC has identified as a commodity and not an unregistered security, could be the ultimate beneficiary of the crackdown, the note said.