The market cap of cryptocurrencies considered securities by the SEC has reached over $91.3 billion, according to CoinGecko
CoinGecko launched a new ‘Alleged SEC Securities Coins‘ index tracking the biggest crypto tokens alleged to be securities by the United States Securities and Exchange Commission (SEC).
The index calculates the market capitalization of selected crypto assets, which currently stands at $91.3 billion. The top three cryptocurrencies on the list are BNB, Cardano and Solana.
Overall, there are almost 50 most notable tokens deemed securities by the SEC in past lawsuits in the given index. However, that may not be the final list, since the SEC has already officially targeted at least 68 cryptocurrencies, alleging them to be securities.
Moreover, Coinbase CEO Brian Armstrong claimed that the crypto exchange was told by the SEC to delist all cryptocurrencies on its platform except for Bitcoin, as all other altcoins have features of securities, in the regulator’s opinion.
The SEC denied Armstrong’s claims saying that its enforcement division did not make any formal requests for “companies to delist crypto assets”. The statement Coinbase CEO refers to might be the personal opinions of SEC staff voiced in the course of the investigation. At the same time, those opinions must be somehow instilled by the regulator’s general policies.
The new index may be a handy tool for those crypto investors who do not track all the crypto news but would like to make informed investment decisions. On one hand, SEC-initiated legal suit might be a red flag for some investors due to the asset’s uncertain legal status.
On the other hand, someone might watch the included assets closer, as they can potentially have a boost as soon as the judge decides in favour of the crypto firm. One notable example is Ripple (XRP) token that surged 75% in a day after a partial victory in its legal battle against the SEC.
