The SEC has deemed 67 altcoins to fall under the category of securities.
In Brief
Following legal actions against major platforms like Binance and Coinbase, the U.S. Securities and Exchange Commission has officially designated 67 cryptocurrencies as securities.
This key decision by the SEC marked a turning point, particularly influenced by recent lawsuits directed at the industry leaders, Binance and Coinbase. SEC The SEC has identified 67 altcoins as securities.
The SEC unveiled charges In the legal action against Binance, the SEC categorized ten cryptocurrencies as securities, while thirteen more were designated as such in the Coinbase lawsuit. When combined with previous legal matters involving Bittrex and Ripple, the total value of the classified securities surpasses $100 billion, which accounts for roughly 10% of the entire crypto market capitalization of $1.09 trillion.
The SEC's comprehensive listing of tokens recognized as securities for Binance features coins such as $ATOM, BNB, BUSD, and COTI. On the Coinbase side, this includes tokens like CHZ, NEAR, FLOW, ICP, VGX, DASH, and NEXO. Tokens categorized as securities on both exchanges are SOL, ADA, MATIC, FIL, SAND, MANA, ALGO, and AXS. crypto assets The platform has paused U.S. dollar deposits and announced that fiat withdrawals will also be suspended starting June 13. This decision is intended to support a transition to an entirely cryptocurrency-focused exchange, with reassurances that trading, staking, and crypto transactions will remain unaffected.
SEC vs Altcoins
Coinbase is still backing the identified securities tokens. In an interview on June 7, Brian Armstrong, CEO of Coinbase, assured that the exchange does not plan to delist any of these assets. He stressed that Coinbase will maintain normal operations until a final ruling is established.
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Despite the regulatory pressure, Coinbase After a crypto bill was leaked on Twitter, Senators have introduced the official version of the document.
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