BitcoinBTC and cryptocurrencies have been buffeted by surprise headwinds over the last few weeks (with a leak suggesting Elon Musk could be about to cause crypto price chaos).
The bitcoin price, now trading at almost double its late 2022 price, has swung wildly in the build-up to what could be an explosive September, dragging the price of ethereum, BNBBNB, XRPXRP, cardano, dogecoin and solana with it.
Now, the bitcoin and crypto market is on alert after the U.S. Securities and Exchange Commission (SEC) filed a secret, sealed motion in its case against Binance that includes more than 35 exhibits—with one respected crypto investigator predicting September will be “crazy.”
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“Filing any court document under seal is a rare move by the SEC,” John Reed Stark, the SEC’s former office of internet enforcement chief, posted to X (Twitter). “The SEC is a civil (not a criminal) enforcement agency; thus, in stark contrast to criminal prosecutorial filings, SEC motions (and enforcement actions) are typically filed openly and free for everyone to read.”
Earlier this year, the SEC shocked the bitcoin and crypto world when it sued first Binance, the world’s largest crypto exchange, and then Coinbase, the largest U.S.-focused crypto exchange. The SEC accused Binance of violating federal securities laws by selling unregistered securities to the public through its BNB cryptocurrency and the BUSDBUSD Binance-branded, dollar-pegged stablecoin.
Stark suggested the SEC, led by chair Gary Gensler, could be either trying to avoid interfering with a criminal investigation or could be worried an unsealed motion could put a witness at risk.
“Under any circumstance, that this SEC seal-seeking filing is unusual, odd and uncommon cannot be overstated,” Stark wrote. “In my almost 20 years … I can’t recall ever seeking to file a motion or any other court document under seal.”
Usually, the “SEC wants its messages heard loud and clear to deter future securities violations,” Stark added, with the sealed motion sparking wild speculation the agency is about to drop a bombshell on the crypto market.
Reacting to the filing, investigative YouTuber Stephen Findeisen, better known as Coffeezilla, posted to X: “September is gonna be crazy.”
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The secret motion comes as the bitcoin and crypto market is already on tenterhooks waiting for the SEC to make an “approve,” “deny,” or “delay” decision on at least five spot bitcoin ETF bids in early September from asset managers that look after a combined $15.5 trillion.
Following crypto asset manager Greyscale’s legal victory over the SEC this week, in which a judge called on the SEC to explain why it had blocked Greyscale from converting its Greyscale Bitcoin Trust into a fully-fledged spot bitcoin exchange-traded fund (ETF), expectations have soared that a spot bitcoin ETF approval could be imminent.
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