- As per CoinGecko, the index went live in the first week of August.
- BNB ranks first on the “Top Alleged Securities Coins” page.
With the advent of a new index, CoinGecko is now keeping tabs on the most prominent digital tokens that are likely viewed as securities by the United States SEC. According to market cap, BNB ranks first on the “Top Alleged Securities Coins” page, followed by Cardano (ADA), Solana (SOL), and TRON (TRX).
Moreover, according to a representative from CoinGecko, the index went live in the first week of August and was built by aggregating a number of the most prominent tokens that had been designated securities by the SEC in previous litigation.
Regulatory Scrutiny
The financial watchdog has filed lawsuits against Coinbase and Binance, bringing the total number of tokens it sees as securities to 68, but CoinGecko is limited to 24. Also, approximately 7.5% of the whole crypto market valuation is represented by the top coins included in the SEC’s litigated remit of the crypto sector, according to CoinGecko’s website.
After earlier stating that “everything other than Bitcoin” is a security and so comes within the agency’s mandate, SEC Chair Gary Gensler has gone to considerable efforts to stress that the vast majority of cryptocurrencies should be considered securities. If so, then the SEC would have jurisdiction over almost all of the coins now listed on cryptocurrency exchanges.
Coinbase has asked the judge overseeing the SEC’s lawsuit against them to dismiss the allegations in a brief filed on Friday. Also, in its brief, the exchange argued that decades of Supreme Court precedent holding that it does issue investment contracts are wrong. This occurs as pressure grows on U.S. authorities and officials to define the rules for the crypto space.
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