SEC Backlash for BNB, ADA, MATIC, SOL, and Other Tokens After List of ‘Crypto Securities’ Index Emerges

• Meme coins, Ethereum (ETH), and XRP among others are among the digital assets that missed the US SEC bullet.
• The list provided by Coingecko shows the alleged digital assets have a market cap of over $91 billion and a 24-hour trading volume of about $2.7 billion.

The mainstream adoption of digital assets was undeniably expected to raise critical issues with the traditional financial system. Experts have believed all along that Bitcoin will significantly disrupt the United States dollar as the global reserve currency amid infinite money printing by the Federal Reserve. Moreover, all global central banks have inflation more than Bitcoin, which currently stands at about 0.84 percent. Interestingly, Bitcoin’s inflation is expected to slow down after every four years from the previous halving. 

Consequently, the United States government has opted to help the mainstream adoption of Bitcoin despite the lack of an ETF and other products for institutional investors. Furthermore, Bitcoin and other digital assets have been helping create jobs for the American people and also offered a way out of unending inflation. 

However, the United States Securities and Exchange Commission has remained adamant about some digital assets violating securities laws despite running on blockchains. The SEC Chair Gary Gensler has severally argued that organizations are hiding behind blockchains to raise money from the public without proper disclosures.

Coingecko Lists Digital Assets Believed to Violate US Securities Laws

Leading cryptocurrency data aggregator, Coingecko, has now launched a new feature that lists top digital assets alleged to violate securities laws in the United States by the SEC. According to Coingecko, the labeling of the said digital assets as securities does not equate to the legal classification till proven in a court. Furthermore, the SEC vs Ripple and LBRY cases have proved that the SEC needs to prove that each digital asset in every transaction violated the securities laws under the court of law. 

Notably, the SEC has continued to push for XRP to be traded as a security asset despite District Judge Analisa Torres dividing exchanges sales and institutional sales to non-securities and securities respectively.

According to the list provided by Coingecko, top digital assets assumed by the SEC to be securities include Binance coin (BNB), Cardano (ADA), Solana (SOL), Tron (TRX), Polygon (MATIC), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), and Terra (LUNA), among many others. 

In the stablecoins category, Coingecko listed BUSD, and TerraClassicUSD (USTC) as the top violators of the securities act. Collectively, the listed digital assets have a combined market capitalization of about $91.12 billion and a 24-hour traded volume of approximately $2.78 billion.

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Bigger Picture 

The cryptocurrency market is traded around the world and the listed digital assets have few moves to play following the US SEC’s accusations. On one hand, the said digital assets could fight like Ripple for XRP in a court of law. On the other hand, the said digital assets could agree with the SEC, pay a fine, and cease operating in the United States. In the latter case, the said crypto assets could be risking about 25 percent of the global market and perhaps a similar ruling in other jurisdictions.

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