The $COTI price is fast going to zero in wake of the US Security and Exchange Commission’s (SEC) assessment that the token is a security.
$COTI, which powers the COTI network, was last trading around $0.043, having lost more than 35% of its value since the start of last week.
The cryptocurrency is now down a staggering more than 95% from its record highs hit in late-2021 around $0.93.
$COTI considers itself a “regulation-ready” crypto network, as per the project’s website.
Being “regulation-ready… is a base requirement for enterprises when entering Web3,” the project explains.
COTI has performed Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to all holders of COTI’s native coin in the COTI VIPER Wallet since inception and works in a prudent manner, making it ready for the challenges of tomorrow”.
Excellent KYC and AML controls on the COTI network were not enough to stop the SEC labelling the crypto as a security.
A near-term retest of last week’s record lows around $0.04 for $COTI seems likely, in wake of the crypto’s failure to recover back above key resistance in the form of the early 2023 lows in the $0.048 area.