The United States Securities and Exchange Commission (SEC) has drawn attention with its ongoing lawsuit against Bitcoin and altcoin exchange Binance. With the inclusion of several altcoins in this lawsuit, it has expanded the list of cryptocurrencies that are considered securities. The total number of cryptocurrencies that the SEC has classified as securities has now reached an estimated 61. Here are the details…
SEC calls these altcoins “securities”
The SEC has waged various legal battles and lawsuits over the years to determine which cryptocurrencies fall under the securities classification. cryptocoin.com As we reported, in the most recent lawsuit filed against Binance yesterday, the SEC added 10 cryptocurrencies to the securities category. These newly classified tokens include Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS) and COTI (COTI).
Notable cryptocurrencies previously classified as securities by the SEC include Ripple’s XRP, LBRY-issued LBRY Credits (LBC), and Algorand. The SEC identified Algorand as a security along with five other tokens during its legal action against Bittrex in April. However, LBRY Credits were only considered securities for primary sales, not secondary sales.
The largest instance of the SEC grouping cryptocurrencies as securities emerged in February when Terraform Labs faced fraud charges. Sixteen cryptoassets have been labeled as securities, including Terra Luna Classic (LUNC), Terra Classic USD (USTC), Mirror Protocol (MIR), and around 13 “Mirrored” assets (mAssets) designed to reflect the price of stocks like Apple and Tesla. .
“Everything but Bitcoin” is under the jurisdiction of the SEC
With its expanding jurisdiction over the crypto space, the SEC currently oversees a market worth over $100 billion. This represents about 10 percent of the total crypto market value of $1.09 trillion. SEC Chairman Gary Gensler has suggested that “anything other than Bitcoin” is a security that falls under the SEC’s regulation. Thus, he expressed the breadth of the authority of the institution. According to CoinMarketCap, there are about 25,500 cryptocurrencies currently in existence.
The SEC specifically classifies the following 48 crypto tokens as securities:
XRP, Telegram’s Gram (TON), LBRY Credits (LBC), OmiseGo (OMG), DASH (DASH), Algorand, Naga (NGC), Monolith (TKN), IHT Real Estate (IHT), Power Ledger (POWR), Chromatica (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), Mirror Protocol (MIR), Mango (MNGO), Ducat (DUCAT), Locke (LOCKE), EthereumMax (EMAX), Hydro (HYDRO), BitConnect (BCC), Meta 1 Coin (META1), Filecoin (FIL), BNB (BNB), Binance USD (BUSD), Solana (SOL) ), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), COTI (COTI), Paragon (PRG), and AirToken (AIR).
Which tokens from Mirror Protocol are securities?
Additionally, the SEC has categorized the following 13 Mirror Protocol mAssets as securities:
Mirrored Apple Inc. (mAAPL), Mirrored Amazon.com, Inc. (mAMZN), Mirrored Alibaba Group Holding Limited (mBABA), Mirrored Alphabet Inc. (mGOOGL), Mirrored Microsoft Corporation (mMSFT), Mirrored Netflix, Inc. (mNFLX), Mirrored Tesla, Inc. (mTSLA), Mirrored Twitter Inc. (mTWTR), Mirrored iShares Gold Trust (mIAU), Mirrored Invesco QQQ Trust (mQQQ), Mirrored iShares Silver Trust (mSLV), Mirrored United States Oil Fund, LP (mUSO), and Mirrored ProShares VIX Short-Term Futures ETF (mVIXY) .
As the SEC intensifies its focus on the crypto sector, it remains crucial for market participants and investors to stay up-to-date on the regulatory environment to ensure compliance with securities laws and regulations.
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