- CoinGecko has introduced a new “Top Alleged Securities Coins” category.
- The move comes amidst ongoing lawsuits filed by the SEC against Binance and Coinbase.
- The new category has sparked discussion among prominent Twitter accounts.
Amidst the ongoing legal disputes involving the US Securities Exchange Commission (SEC) and major cryptocurrency exchanges Binance and Coinbase, CoinGecko has unveiled a new category listing labeled: “Top Alleged SEC Securities Coins by Market Cap.”
The listing appears to contain tokens deemed as securities in past SEC lawsuits. However, it is unclear how the list was compiled. DailyCoin contacted CoinGecko for details on its methodology but has received no response as of press time.
CoinGecko’s List of Securities
CoinGecko’s “securities” category contains 48 tokens, including BNB, ADA, SOL, TRON, and MATIC, which were prominent tokens named in the SEC lawsuits against Binance and Coinbase. The combined market cap of CoinGecko’s securities tokens category amounts to $91.1 billion at the time of writing, equating to just under 8% of the total crypto market cap, per data from CoinMarketCap.
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The SEC’s inclusion of 19 tokens in its lawsuit against Binance and Coinbase brought the total number of tokens the agency alleges to be securities to approximately 55. However, CoinGecko’s new category features 48 tokens.
Cross-referencing @AltCryptoGems’ list against CoinGecko’s reveals the omission of XRP, LUNC, PRG, AIR, BXY, BCC, LOCKE, DC, and META1, while HEX and PLS are included.
Twitter user @WhaleWire dismissed the category’s relevance, simply saying, “lmao.” The sentiment was likewise echoed by @NFTHerder, who commented, “lol.”
Alleged Securities Explained
In June, the SEC filed lawsuits against Binance and Coinbase on allegations of operating unregistered exchanges and unlawfully facilitating the buying and selling of unregistered crypto securities, among other charges.
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Analyst Miles Deutscher posted a Venn diagram of the 19 tokens deemed securities per the respective SEC filings against Binance and Coinbase:
Despite the weight of the allegations, some in the crypto community expressed support for Binance and Coinbase. The Bankless Podcast labeled the SEC enforcement actions an all-out attack on crypto. While Author Preston Pysh inferred that the filings were about enabling legacy firms, such as BlackRock and Fidelity, to “catch up.”
On the Flipside
- CoinGecko is the largest independent crypto aggregator, making the Top Alleged SEC Securities Coins by Market Cap listing a significant addition to the data aggregation space.
- Some might view the listing as an endorsement of the SEC’s allegations.
- The list omits XRP was judged not to be a security in and of itself by Judge Torres.
Why This Matters
The “Top Alleged SEC Securities Coins by Market Cap” category provides a clear snapshot of tokens under the SEC’s radar. While some dismiss the relevance of the SEC’s opinion on what constitutes a security, crypto enthusiasts are still better informed on the potential risks of investing in the tokens listed.
To get updated on the SEC vs. Ripple/XRP lawsuit, read:
Breaking: Ripple’s XRP Wins Case Against SEC. Not a Security
To find out what CertiK’s security analysis on Worldcoin uncovered, read:
CertiK Uncovers Major Worldcoin Vulnerability: What Is at Stake?
