TL;DR Breakdown
- CoinGecko has introduced a new index, “Top Alleged Securities Coins,” that tracks crypto tokens viewed as likely securities by the SEC. The index was constructed using tokens deemed securities by the SEC in past lawsuits.
- The SEC’s recent lawsuits against crypto exchanges have increased the number of tokens it views as securities to 68. CoinGecko’s index lists 24 of these, covering at least $84.9 billion of the total crypto market capitalization.
Description
In a groundbreaking move, CoinGecko, a leading cryptocurrency data platform, has launched a new index that tracks the largest crypto tokens perceived as likely securities by the United States Securities and Exchange Commission (SEC). The index, dubbed “Top Alleged Securities Coins,” organizes the selection of crypto assets by market capitalization. Contents hide 1 The Emergence … Read more
In a groundbreaking move, CoinGecko, a leading cryptocurrency data platform, has launched a new index that tracks the largest crypto tokens perceived as likely securities by the United States Securities and Exchange Commission (SEC). The index, dubbed “Top Alleged Securities Coins,” organizes the selection of crypto assets by market capitalization.
The Emergence of the “Top Alleged Securities Coins” Index
CoinGecko’s new index was launched in the first week of August 2023. The index was constructed by compiling a selection of the most notable tokens that had been deemed securities by the SEC in past lawsuits. The “Top Alleged Securities Coins” page sorts these crypto assets by market capitalization, with Binance Coin (BNB) leading the list, followed by Cardano, Solana, and TRON.
A spokesperson from CoinGecko, while speaking to Cointelegraph, revealed that nearly $85 billion worth of crypto falls under the category of “alleged SEC securities.” This figure represents approximately 7.5% of the $1.21 trillion total crypto market capitalization.
The SEC’s Stance on Crypto Tokens as Securities
The SEC’s recent lawsuits against crypto exchange giants Coinbase and Binance have brought the number of tokens it views as securities to a grand total of 68. However, CoinGecko’s index currently only lists 24 of these tokens. The top tokens included in the SEC’s litigated remit of the crypto space cover at least $84.9 billion of the entire market.
Gary Gensler, the SEC Chair, has been vocal about his view that most crypto assets should be considered securities. He has previously claimed that “everything other than Bitcoin” is a security and thus falls under the agency’s jurisdiction.
If Gensler’s assertion holds, it would mean that almost every last one of the approximately 25,500 cryptocurrencies listed on the crypto data platform CoinMarketCap would be regulated by the SEC. This would have significant implications for the crypto industry, potentially leading to increased oversight and regulation.
The Implications of the New Index
The launch of CoinGecko’s new index comes at a time when the debate over the classification of crypto tokens as securities is heating up. The index provides a valuable tool for investors and traders to keep track of the tokens that are most likely to be considered securities by the SEC.
This development could potentially influence investment decisions, as tokens deemed as securities are subject to different regulations and legal requirements than those that are not. Investors may avoid tokens likely to be classified as securities to avoid potential legal complications.
Conclusion
As the crypto market continues to evolve, the classification of tokens as securities will remain contentious. CoinGecko’s new index provides a valuable resource for investors and traders navigating this complex landscape. However, the final say on whether a token is security lies with the SEC. As such, the crypto community will closely watch the SEC’s actions and statements in the coming months. The future of many tokens could depend on the SEC’s decisions, making this an issue of utmost importance to the crypto industry.
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