The U.S. Securities and Exchange Commission (SEC) has charged three crypto market makers and related individuals with fraud and market manipulation. The lawsuits, filed in Massachusetts District Court, also involve the Justice Department and the FBI.

Gotbit Consulting, ZM Quant Investment, and CLS Global were sued on October 9. Two additional lawsuits were also filed against individuals associated with the firms. Nine people have been charged in total.

Gotbit Consulting and its marketing director Fedor Kedrov are accused of engaging in market manipulation through wash trading on behalf of individuals promoting the Saitama and Robo Inu cryptocurrencies.

ZM Quant Investment and CLS Global are facing similar charges related to the FBI-created NexFundAI cryptocurrency. There are also charges related to the SaitaRealty crypto asset.

Discuss the impact of these lawsuits on the crypto market in your comments.