In a stunning development the US Securities and Exchange Commission (SEC) has launched a barrage of 13 charges against Binance and its CEO Changpeng Zhao . While this move has grabbed headlines the heart of the matter lies in the SEC’s classification of certain cryptocurrencies as securities . This classification has far-reaching implications not only for Binance but also for numerous crypto assets in the market .
SEC Lists 61 Cryptocurrencies Potentially Falling Under Securities Regulation
According to official documents The SEC has identified 61 cryptocurrencies that it believes could fall under the category of securities . Notably Ethereum is not included on this list as its classification remains a complex balancing act for regulators . Among some of the mentioned tokens are Binance’s BNB and BUSD along with SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI . This assortment spans stablecoins, Play2Earn tokens and metaverse tokens which makes it difficult to recognize the specific selection criteria employed by the SEC .
Advertisement Banner
Surprising Inclusions and Vague Parameters Raise Questions
The list expands to include well-known tokens like XRP, Telegram’s Gram (TON), LBRY Credits (LBC), OmiseGo (OMG) and DASH alongside lesser-known projects such as Naga (NGC), Monolith (TKN) and IHT Real Estate (IHT) . Curiously the inclusion of certain assets like the notorious Bitconnect token, raises questions about the prioritization of tax categorization over more pressing concerns . Despite this extensive list notable tokens like AVAX and EGLD, which offer staking rewards are absent and that leaves room for ambiguity regarding the SEC’s criteria .
As the Ripple-SEC conflict nears its resolution, the outcome holds immense significance for the entire crypto industry . The industry is witnessing a potential turning point, similar to the FTX disaster a year ago . All eyes are now on Ripple’s case as its verdict will undoubtedly shape the future of the industry and influence the regulatory landscape and impact market participants at large .
Another ingredient for you: There Is A Great Inflow To Digital Asset Investment Products
