The recent legal action taken by the Securities and Exchange Commission [SEC] against the largest cryptocurrency exchange, Binance, has sent shockwaves throughout the crypto community. As Binance navigates through this challenging situation, the SEC has now classified a total of 61 crypto assets as securities. This further added to the regulatory scrutiny and potential implications for the affected cryptocurrencies and their respective ecosystems.
In recent years, the SEC has intensified its regulatory efforts within the crypto market. Following legal actions taken against Ripple and Coinbase, Binance has also found itself entangled in legal challenges. The recent lawsuit against Binance has resulted in the reclassification of 10 additional assets as securities. This further brought the total number of cryptocurrencies classified as securities by the SEC to 61.
The latest addition to this list is, Cardano [ADA], Solana [SOL], Binance Coin [BNB], Binance USD [BUSD], Polygon [MATIC], The Sandbox [SAND], Axie Infinity [AXS], Decentraland [MANA], COTI [COTI], and Cosmos [ATOM]. Following the SEC’s lawsuit against Binance, the number of digital tokens classified as unregistered securities has expanded. It now encompasses a staggering $115 billion worth of cryptocurrencies.
Here are other crypto assets under SEC’s securities radar
Dragging in 10 crypto assets by the SEC is certainly detrimental. But it’s worth noting that the largest instance of multiple cryptocurrencies being labeled as securities occurred earlier in February. This was when Terraform Labs was charged with fraud. This resulted in 16 crypto assets, including Terra Luna Classic [LUNC], Terra Classic USD [USTC], and Mirror Protocol [MIR]. Along with this, about 13 Mirrored Assets [mAssets] designed to replicate the price movements of stocks like Apple and Tesla, were classified as securities.
Others on SEC’s list include XRP, Algorand [ALGO], LBRY Credits [LBC], Gram [TON], DASH [DASH], OmiseGo [OMG], Naga [NGC], Monolith [TKN], IHT Real Estate [IHT], Power Ledger [POWR], Kromatica [KROM], DFX Finance [DFX], Amp [AMP], Rally [RLY], Rari Governance Token [RGT], DerivaDAO [DDX], XYO Network [XYO], Liechtenstein Cryptoasset Exchange [LCX], Kin [KIN], Salt Lending [SALT], Beaxy Token [BXY], DragonChain [DRGN], Tron [TRX], BitTorrent [BTT], Terra USD [UST], Luna [LUNA], Mango [MNGO], Ducat [DUCAT], Locke [LOCKE], EthereumMax [EMAX], Hydro [HYDRO], BitConnect [BCC], Meta 1 Coin [META1], Filecoin [FIL], Paragon [PRG], and AirToken [AIR].