The SEC crackdown on data encryption bets has caused panic in the password sales market. In the past 24 hours, Coinbase customers have converted nearly $5 billion of Circle dollar coins (USDC) into currency because of panic over the actions of US regulators.

In addition, under a plan to disconnect the password field from commercial banks, it is likely to adopt choke point behavior co-ordinated by multiple US government departments.

Coinbase solved $5 billion of USDC Burn in one day.

PeckShieldAlert revealed in a Feb. 10 tweet that in the past 24 hours, Coinbase has resolved more than $4.7 billion in USDC for incineration at Circle's USDC National Ministry of Finance.

EtherScan data shows that wallet addresses are constantly converting USDC stablecoin into FLAT. So far, nearly $5 billion of USDC has been sent to the USDC National Ministry of Finance for incineration.

This shows that in the panic caused by the strict regulation of password trading by the Securities and Exchange Federation, Coinbase customers have converted their USDC into FIAT. SEC sued password trading center Kraken for using its share-as-a-service program to give and sell unregistered securities. This has led to large-scale sales in the password market, with the total market value of passwords falling by more than 4% in the past 24 hours.

Although Coinbase solves a lot of USDC burns, it also gets basically the same amount of USDC after coin.

In addition, Coinbase shares fell 14% to $59.63 on Thursday. A few hours before the stock market opened, the coin was down more than 1% at $59.

CoinbaseCEO will test data encryption betting restrictions

Armstrong, Coinbase's top chief executive, made it clear on Friday that he would protect Coinbase and clients from mandatory enforcement action by the SEC. The SEC earlier criticized the Coinbase listed securities and insider trading case.

We will continue to fight for economic independence (everyone on the Coinbase mission). Sometimes, becoming a trusted well-known brand in the password industry means protecting our products from the abuse of power by government departments.

Hester Pierce, the SEC committee that applies data encryption, also expressed concern about the lack of clarity in the agency's repressive behaviour.

Please also refer toThe American Securities and Exchange Federation has severely cracked down on data encryption bets that are beneficial to decentralized service projects. Here's how