CoinGecko Adds New Token Category: Alleged SEC Securities
CoinGecko, the aggregated crypto data platform, has launched a new token category called “Alleged SEC Securities.” This category includes tokens that the US Securities and Exchange Commission (SEC) is considering as securities. The ranking of these alleged crypto securities is based on their market capitalization. Currently, Binance Coin (BNB), Cardano (ADA), and Solana (SOL) are leading the pack. CoinGecko also provides information on the total market cap of this category and the changes in volume over the past 24 hours. The total list consists of 48 crypto assets that CoinGecko considers to be securities.
CoinGecko and Security Tokens
CoinGecko’s decision to introduce the Alleged SEC Securities category highlights the growing importance of security tokens for both the SEC and the overall market. Security tokens are financial products that offer investors a financial return tied to the performance of the issuing company. The SEC has been cracking down on unauthorized securities, as evidenced by the indictments of major crypto-exchange platforms like Binance and Coinbase. To avoid regulatory issues, many exchanges, including Robinhood, have had to adjust their offerings.
XRP Exclusion from Alleged SEC Securities List
Interestingly, Ripple (XRP) is not included in CoinGecko’s list of alleged SEC securities. This is because on July 13, 2023, US District Judge Analisa Torres ruled that XRP is not a security. While this ruling was seen as a victory for the crypto industry, the price of XRP has not remained stable. After initially surging from $0.47 to $0.81 on the day of the ruling, XRP’s value has dropped to $0.61 at the time of writing.
Hot Take
CoinGecko’s introduction of the Alleged SEC Securities category is a significant development in the crypto market. It highlights the increasing scrutiny and regulation surrounding security tokens. The exclusion of XRP from this category demonstrates the impact of legal rulings on the valuation and perception of cryptocurrencies. As the SEC continues to enforce regulations, the industry can expect further changes and challenges.
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