Berenberg: SEC may focus on regulating stablecoins and DeFi.

According to BlockBeats news on June 21, investment bank Berenberg stated in its latest report that the US Securities and Exchange Commission (SEC) may now focus on regulating stablecoins, including Tether (USDT) and USD Coin (USDC), as well as decentralized finance protocols. Berenberg analysts believe that if the SEC wants to regulate DeFi, they can "target stablecoins as the lifeblood of decentralized finance" to weaken the DeFi ecosystem. If USDC becomes the target of US regulators, it could have a significant impact on Coinbase's revenue. Previous data showed that in the first quarter of 2023, Coinbase earned a net income of $199 million from USDC reserve interest, accounting for approximately 27% of its total revenue. In addition, Berenberg believes that Bitcoin (BTC) may be the ultimate beneficiary of the crackdown, as it has been confirmed by the SEC as a commodity rather than an unregistered security.