Arca Chief Investment Officer Jeff Dorman said in an interview that the ones who are really hurt in the SEC's lawsuit against Binance are Coinbase, Kraken and other US trading platforms. They will have to decide whether to delist, and US market makers may also have to stop making markets for certain tokens listed as securities.
In addition, Dorman does not expect the lawsuit to have a long-term impact on the prices of the relevant coins because they are still traded on offshore exchanges. (Bloomberg)