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In a recent lawsuit filed against Binance, the United States Securities and Exchange Commission (SEC) has identified 61 cryptocurrencies as securities, exerting influence over approximately $100 billion worth of tokens currently circulating in the market.
The SEC’s comprehensive legal actions within the cryptocurrency space have now resulted in the categorization of an estimated 61 cryptocurrencies as securities, following years of litigation and regulatory scrutiny.
SEC’s Extensive Classification Impacts $100B Market
Notable cryptocurrencies previously labeled as securities by the SEC include Ripple’s XRP, LBRY Credits (LBC) from LBRY, and Algorand, among others. The commission identified Algorand alongside five other cryptocurrencies when it filed charges against Bittrex in April, but it did not apply the securities classification to LBRY Credits for secondary sales.
The SEC’s most extensive classification of cryptocurrencies as securities occurred in February, during its fraud charges against Terraform Labs. In this case, a total of 16 crypto assets, including Terra Luna Classic (LUNC), Terra Classic USD (USTC), Mirror Protocol (MIR), and approximately 13 Mirrored Assets (mAssets), which sought to replicate the stock prices of companies like Apple and Tesla, were designated as securities.
As a result of the SEC’s actions, it now regulates over $100 billion of the total crypto market capitalization, equivalent to around 10% of the $1.09 trillion crypto market.
SEC Chair Gary Gensler has asserted that, aside from Bitcoin, the agency considers all other cryptocurrencies to be securities under its jurisdiction. Currently, there are approximately 25,500 cryptocurrencies listed on the crypto data site CoinMarketCap.
Cryptocurrencies Deemed Securities Listed by the SEC
The SEC has identified 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), Kromatica (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).
Furthermore, the SEC has designated 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).
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