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The United States Securities and Exchange Commission (SEC) has now identified approximately 61 cryptocurrencies as securities, impacting tokens worth around $100 billion in the market.
The SEC has expanded its list of cryptocurrencies considered as securities in the recent lawsuit against Binance, reaching a total of 61 accused digital assets. Over the years, the Securities and Exchange Commission has engaged in various legal actions, specifying which cryptocurrencies it classifies as securities.
In the latest Binance case, the SEC included 10 cryptocurrencies in the securities classification: BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI.
Notable among the cryptocurrencies already deemed as securities by the SEC is Ripple’s XRP, LBRY’s LBRY Credits (LBC), excluding secondary sales, and Algorand (ALGO), along with five others mentioned in the Bittrex charges filed in April.
The SEC’s largest grouping of cryptocurrencies as securities occurred when it accused Terraform Labs of fraud in February. This case resulted in the classification of 16 crypto assets as securities, including Terra Luna Classic (LUNC), Terra Classic USD (USTC), Mirror Protocol (MIR), and approximately 13 Mirrored Assets (mAssets) designed to replicate the stock prices of companies like Apple and Tesla.
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With its expanded jurisdiction, the SEC now covers over $100 billion worth of the cryptocurrency market, accounting for around 10% of the total market capitalization of $1.09 trillion.
Although SEC Chair Gary Gensler has stated that “everything other than Bitcoin” falls within the agency’s regulatory purview, there are approximately 25,500 cryptocurrencies in existence, according to data from CoinMarketCap.