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The US Securities and Exchange Commission (SEC) has announced that 76 cryptocurrencies are operating as unregistered securities and are thus considered illegal under existing American financial laws.
This move represents the latest crackdown by the SEC on the crypto industry, signaling increased regulatory scrutiny.
Among the affected assets are well-known tokens such as Ripple and Dash, as well as TerraUSD and FTT, which have been flagged as potentially harmful to users.
The fact that a significant portion of these tokens are listed on exchanges suggests that further actions from the SEC may be forthcoming, and some entities could even face potential bans.
The SEC's decision has the potential to significantly impact Ripple, which has been engaged in legal proceedings with the regulator for the past three years. With XRP now officially deemed illegal, the SEC could find Ripple at fault and potentially conclude the ongoing legal disputes.
However, it is important to note that major tokens like Bitcoin and Ethereum are currently unaffected by the SEC's actions. Nevertheless, it remains a possibility that they may come under scrutiny in the future.
The SEC's move to provide clarification on its regulatory stance regarding cryptocurrencies could assist businesses in adhering to applicable laws and potentially de-escalate the situation.
This recent development by the SEC marks a significant milestone in the ongoing struggle between regulators and the crypto industry, and has the potential to bring about sweeping changes within the sector.
