I might be a little bit late on this news and I don't really have any knowledge of how the financial and judicial system works in the United States of America. But I am just showing my point of view on this case, and just a wild guess.
I don't think this is the first time SEC has filed a complaint on crypto development and technology, and I think they were also suing Ripple last time out when they were doing the ICO or Initial Coin Offering.
But what does it really mean to the whole crypto world? Since the fall of FTX, Binance has become the biggest exchange in the world, and Bittrex and Binance are also closing down, then the option for all crypto holders to withdraw and convert their crypto into fiat is narrowing down.
The news surely does started some FUD and the price of Bitcoin dropped a little bit since then, even the price of Hive has gone down. But does it means that we need another crypto exchange to be established in case Binance is also closing down?
We are really in the cross road at the moment, and waiting for the result for this sue or complaint will be interesting, and the effect it has on the whole crypto sphere will be quite big.