Key Points:
According to CoinGlass data, tokens that have been listed as securities by the SEC are suffering heavy losses. Specifically, in the last 24 hours, MATIC fell by 22.8%, SOL fell by 21.1%, ADA fell by 22.4%, FIL fell by 22.1%, and SAND fell by 19.3%.
Some tokens that are not listed as securities, such as OP, SUI, BSV, and EOS, also plummeted. But Bitcoin and Ether only saw a slight decline. Bitcoin’s recorded decrease at the moment is 2.3% in the last 24 hours, while that of ETH is 2.2%.
The liquidation amount is close to $300 million within 1 hour at the time of writing.
More US crypto exchanges are expected to be targeted after the SEC sued Coinbase and Binance, two of the world’s top crypto exchanges, this week for allegedly violating its regulations.
The SEC accused Coinbase on Tuesday of trading at least 13 crypto assets that are securities and should have been registered, while Binance, the world’s biggest cryptocurrency exchange, was accused on Monday of providing 12 digital coins without registering them as securities.
In its actions against Binance and Coinbase, the SEC specifically mentions 19 cryptocurrencies as securities. The SEC has designated the following tokens as securities.
The SEC classified these tokens as securities in its case against Binance:
Meanwhile, these cryptocurrencies were identified as securities in the SEC’s case against Coinbase:
Ultimately, these coins were designated securities on both platforms, Binance and Coinbase:
The cases increase the total amount of cryptocurrencies specifically designated as securities by the SEC. This raises concerns about other exchanges that have permitted US investors to trade certain tokens, including Kraken, Gemini, Crypto.com, and Okcoin, and if they may face regulatory action, according to industry officials. Several exchanges may consider delisting the disputed tokens.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
London, UK, 4th November 2024, Chainwire
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