Changpeng Zhao is no stranger to FUD or the crypto speak for fear, uncertainties and doubts, since Binance has become a magnet of a lot of controversies over the past years.

"We continue to believe that rules of the road, from legislation or rulemaking or both, must come before enforcement actions. That is why we petitioned the SEC for rulemaking nearly a year ago in the first place," Coinbase chief legal counsel Paul Grewal said.