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Highlights
- The SEC included more tokens to the list of securities in the Binance lawsuit.
- Binance remains in the SEC’s regulatory web for allegedly offering services to unregistered securities.
- However, the prices of these tokens have moved upward in the last 24 hours.
The United States Securities and Exchange Commission (SEC) has included additional tokens in its securities classification in the Binance lawsuit. Some of the crypto assets include Axie Infinity (AXS), Filecoin (FIL) Decentraland (MANA), etc. The Commission continues its regulatory onslaught on the crypto market citing investor protection.
SEC Includes More Tokens As Securities
The SEC has expanded the list of crypto tokens it viewed as securities in the Binance lawsuit. In a recent filing, the financial regulator included AXS, ATOM, FIL, MANA and SAND. The SEC alleges that Binance offers trading services to these unregistered securities against the rules.
“If Defendants are correct, no resales of “investment contracts” could ever satisfy the Howey test, even if nothing has changed about the economic realities of these transactions. It would erase the term “investment contract” in the context of the Exchange Act, even though the Act’s focus is precisely on transactions in secondary markets—i.e., resales from investors to investors—and even though the Supreme Court has explicitly stated that the term “investment contract” is identical in both acts”
Claims that Binance operated illegally as an unregistered exchange and broker-dealer have also been at the center of the case. The Commission also filed cases against Coinbase and other crypto exchanges as it increased regulatory scrutiny over the industry. Recently, the regulator filed to amend its complaint against Binance and Changpeng Zhao. This sparked a new conversation on the stance of United States regulators.
Possible Impact on Tokens
Amid the expansion of the case against Binance, the crypto market has market upticks as sentiments remain positive. However, crypto prices are impacted by regulatory actions as it slow down investment in the sector. As a result, stakeholders in the market intensify their push for clearer regulations to drive innovation.
The crypto listed in the lawsuit by the SEC has picked up gains today. In the last 24 hours, AXS price rose 2.6% to trade at $4.81 while FIL exchanges hands at $3.73 marking a 2.2% upward movement in the last 24 hours. Crypto bulls also suggest an improved drive on anticipated interest rate cuts in the United States.
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