SEC Takes Aim at Binance and Shakes Up the Crypto Market

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 .


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


Carmen Brooke Martin

Finance Analyst Hello, my name is Carmen Brooke Martin and I am an expert finance journalist with a master's degree from New York University in Business and Economics. I'm passionate about helping startups spread the word, discover and promote great projects in the crypto and fintech industry. What I am working on is to provide basic cryptocurrency education and benefits to the crypto community through video tutorials and written content. As a business developer, I help crypto projects structure and create a whitepaper that can stir investors' interest, advice on marketing strategies and promotions.

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