The cryptocurrency market took a hit today as news of a regulatory crackdown by the United States Securities and Exchange Commission (SEC) spread across the industry. Binance and Coinbase, two of the largest players in the space, were among those singled out for attention by the SEC.

Experts weighed in on what’s coming next for both Binance and Coinbase, with some predicting further scrutiny and possible legal action. The SEC charges against these companies were deemed terrible for the decentralized finance (DeFi) space, which has been growing rapidly in recent years.

In response to the news, the prices of many popular cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, slumped. This led some investors to express concern over the future of the market and the potential impact on their own portfolios.

Meanwhile, some in the crypto community found humor in the situation, creating “ungodly amount of SEC, some Binance & Coinbase, Bit of Apple and 20 Crypto Jokes” to lighten the mood.

Opinions were divided on whether the SEC should stay away from crypto altogether or regulate it rigorously to protect investors. This debate will likely continue as the industry remains under the regulator’s microscope.

For now, all eyes are on the SEC and its next moves as the crypto market works to weather this latest storm.