The US regulator SEC sent shock waves to the altcoin market with the stock market lawsuits it started in June. With this development, the debate about whether cryptocurrencies are a security or a commodity has been fueled again. As the debate continues, analysts from investment management firm VanEck say that these 24 altcoin projects could also have commodity status.
Altcoin securities and commodities debates are back on the agenda
Bitcoin price gained 12% in June as a new legislative proposal, SEC lawsuits against exchanges, and other crypto sectors affected by BlackRock’s Bitcoin ETF filing fell. ETF filings, in particular, helped Bitcoin surpass the 30,000 resistance in June.
Meanwhile, a critical step came from Patrick McHenry, Chairman of the Financial Services Committee. On June 2, McHenry published the ‘Digital Asset Market Structure Recommendation’ to establish clear guidelines for the classification of cryptocurrencies as securities or commodities. A few days after that, the US regulator SEC sued the largest crypto exchanges Binance and Coinbase. He described 13 altcoins as securities under the lawsuits.
cryptocoin.com You can take a look at the full list of altcoins that the SEC has described as securities within the scope of stock market lawsuits, in this article.
SEC’s securities accusation hit the altcoin market hard
This move of the SEC was quite shocking for the altcoin market. After that, some exchanges decided to delist the coins on the SEC’s securities list. These included Solana, Cardano, and Polygon. As a result of all this, the price lost 20% in one day at that time. Ethereum was also affected by the event, with development activities hitting a recent low.
What exactly is the US stance towards cryptocurrencies?
Many open source blockchain project participants argue that decentralization depends on more than one factor. However, this claim was only valid until the SEC lawsuit was filed. At this point, more specific distinctions came to the fore. With that in mind, let’s take a closer look at House Financial Services’ Digital Assets Market Structure Recommendation. A token is considered ‘sufficiently decentralized’ if it meets the following four guidelines. At this point, the criteria of US regulators are as follows:
- No issuer or affiliated person can prevent anyone from using cryptocurrencies or operating the computing infrastructure related to the Blockchain network (valid for the last 12 months)
- No issuer or affiliated person owns 20% or more of the circulating supply. Or has no voting rights (except for the last 12 months, fully decentralized DAOS)
- No issuer or affiliated person can market cryptocurrency or Blockchain network to the public (last 3 months)
- All issuances of cryptocurrencies are end-user distributions (last 12 months)
The ‘affiliate’ is anyone who controls 5% or more of the circulating supply. End User distributions refer to the process of how cryptocurrencies are issued or earned. Essentially, altcoins should be distributed non-voluntarily. This means that absolutely no cash or other assets will be exchanged for altcoins.
According to VanEck analysts, these 24 altcoins could be commodities
VanEck analysts evaluated the top 100 crypto projects by market capitalization based on the above criteria. Accordingly, 24 out of the top 100 coins, excluding Bitcoin, can be considered commodities:
- Arbitrum (ARB)
- Ethereum (ETH)
- Polkadot (DOT)
- Polygon (MATIC)
- Cardano (ADA)
- MATIC (MATIC)
- Uniswap (UNI)
- AAVE (AAVE)
- MakerDAO (MKR)
- Yearn.finance (YFI)
- Synthetix (SNX)
- Curve (CRV)
- Binance Coin (BNB)
- Tether (USDT)
- Reserve protocol (RSP)
- Terra (Luna)
- Decentraland (MANA)
- Chiliz (CHZ)
- The Sandbox (SAND)
- Axie Infinity (AXS)
- APE (APE)
- Mythical Games
- Mythos Chain
- damus
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.