With its most recent lawsuit against Binance, the US Securities and Exchange Commission has now classified at least 61 cryptocurrencies as securities, having a significant impact on the market’s tokens worth $100 billion.
After adding a few more from its lawsuit against cryptocurrency exchange Binance, the total number of cryptocurrencies the US securities regulator has claimed to be a “security” has now reportedly increased to 61.
The 61 cryptocurrencies that have been accused of being “security” are the result of years of litigation by the Securities and Exchange Commission, which has defined which cryptocurrencies it considers securities.
The SEC classified 10 cryptocurrencies as securities in its most recent complaint against Binance: BNB, Binance USD, Solana, Cardano ADA, Polygon MATIC, Cosmos ATOM, The Sandbox SAND, Decentraland MANA, Axie Infinity, and COTI (COTI).
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023
Other noteworthy cryptocurrencies the SEC has deemed securities include Algorand, which it listed alongside five others when it charged Bittrex in April, Ripple’s XRP, LBRY’s LBRY Credits (LBC), but not for secondary sales, and Ripple’s XRP.
When the SEC accused Terraform Labs involving fraud in February, it was the largest single grouping of cryptocurrencies. Including Terra Luna Classic (LUNC), Terra Classic USD (USTC), Mirror Protocol (MIR), and an estimated 13 Mirrored Assets (mAssets) that sought to mimic the price of companies like Apple and Tesla, a total of 16 cryptocurrency assets were classified as securities.
The SEC now covers a market worth over $100 billion, or about 10% of the $1.09 trillion overall market capitalization for cryptocurrencies, thanks to the lawsuit regarding its jurisdiction over the sector.
Gary Gensler, the chairman of the SEC, has asserted that “everything other than Bitcoin” is a security that is subject to regulation by the Securities and Exchange Commission. There are about 25,500 cryptocurrencies, according to cryptocurrency data provider CoinMarketCap.
Cryptocurrencies That SEC Has Declared 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), Kromatica (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), XY
These 13 Mirror Protocol mAssets were additionally deemed by the SEC to be 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