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CoinGecko has unveiled an index focused on the most prominent cryptocurrency tokens that the U.S. Securities and Exchange Commission (SEC) considers likely securities. This new page, named "Top Alleged Securities Coins," arranges these digital assets based on their market capitalization. BNB takes the prime position, with Solana, Cardano, and TRON not far behind.
Sources indicate that CoinGecko made this move in early August. The decision was rooted in the past judgments of the SEC that pinpointed certain tokens as securities in their legal confrontations. The key tokens that the SEC has targeted in its legal battles are believed to make up at least $85 billion of the entire crypto marketplace, which is about 8% of the staggering total crypto market value of $1.21 trillion.
While the SEC, in its recent legal actions against prominent crypto exchanges like Coinbase and Binance, has identified a total of 68 tokens as probable securities, CoinGecko's list highlights only 24 of them.
Gary Gensler, the SEC Chair, has consistently emphasized the idea that the vast majority of crypto tokens should be labeled as securities. He's even made bold statements in the past, suggesting that all cryptocurrencies, barring Bitcoin, should be seen as securities and consequently under the SEC's jurisdiction. If Gensler's viewpoint holds, it implies that the SEC would oversee nearly all of the roughly 25,500 cryptocurrencies presently cataloged on the crypto data site, CoinMarketCap.
The SEC has been actively examining the rapidly expanding crypto space, primarily focusing on ensuring investor protection and maintaining market integrity. The agency argues that many tokens can qualify as securities under U.S. law and, thus, fall within their regulatory domain.
This stance has stirred apprehension among crypto enthusiasts and businesses. They believe that the SEC's stringent regulations might stifle innovation and curtail the growth potential of the digital asset industry. Many in the crypto community argue that the agency is applying outdated laws to a modern, evolving technological domain, leading to potential misunderstandings and unwarranted crackdowns.
