As a seasoned crypto investor with years of rollercoaster rides under my belt, I can’t help but feel a mix of anticipation and trepidation as the SEC continues its regulatory march on the digital frontier. The recent addition of tokens like Axie Infinity (AXS), Filecoin (FIL), Decentraland (MANA) to their list of securities in the Binance lawsuit is a clear sign that the game is changing, and not necessarily in our favor.
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
In the legal action against Binance, the Securities and Exchange Commission (SEC) has broadened its list of cryptocurrencies it considers as securities. Included in this updated list are AXS, ATOM, FIL, MANA, SAND, according to a recent court filing. The SEC claims that Binance is providing trading services for these unregistered securities, which violates existing regulations.
If Defendants are right, then no subsequent sales of ‘investment contracts’ would ever meet the criteria set by the Howey test, regardless of any economic changes in these transactions. This interpretation could effectively eliminate the term ‘investment contract’ within the scope of the Exchange Act, despite the fact that this law primarily concerns transactions on secondary markets – resales between investors – and although the Supreme Court has clarified that the term ‘investment contract’ is identical across 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 growing scrutiny of Binance, the cryptocurrency market is experiencing occasional rises due to optimistic attitudes. Yet, the prices of cryptos are influenced by regulatory decisions, which can discourage investment within the sector. Consequently, those involved in the market are urging for more transparent regulations to foster innovation.
As a researcher, I’ve observed a positive trend in the cryptocurrencies mentioned in the SEC lawsuit today. Specifically, within the past 24 hours, the price of AXS increased by 2.6% to reach $4.81, and FIL is currently trading at $3.73, marking a 2.2% rise over the same period. This upward movement is likely fueled by optimism among crypto bulls regarding potential interest rate cuts in the United States, which they anticipate could boost the market further.
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2024-09-14 00:09