CoinGecko has taken a major step by introducing an innovative index. This index closely tracks significant cryptocurrency tokens that share similarities with securities as identified by the SEC.
The newly launched “Foremost Alleged Securities Tokens” page ingeniously categorizes the array of cryptocurrency assets based on their market capitalization. Surprisingly, Binance Coin (BNB) emerges on the top of the list, followed by Cardano ADA and TRON.
A spokesperson from CoinGecko conveyed to Cointelegraph that this ground-breaking index was introduced during the initial week of August. The index was created by carefully gathering a unique collection of tokens. These tokens have, at some point in the past, been classified as securities by the SEC in legal proceedings.
An important revelation is that the SEC, has greatly increased the number of tokens classified as securities. This happened due to recent legal conflicts with major cryptocurrency exchanges like Binance and Coinbase. The outcome is an astonishing count of 68 such tokens. In contrast, CoinGecko’s index lists only 24 entries.
Unveiling the Comprehensive Security Index: CoinGecko’s Initiative
CoinGecko’s dedicated webpage sheds light on the paramount tokens incorporated within the SEC’s ambit of litigation within the cryptocurrency landscape. Collectively, these tokens represent an impressive valuation of at least $84.9 billion, constituting roughly 7.5% of the comprehensive crypto market capitalization, which presently hovers around $1.21 trillion.
In parallel, the Chairman of the SEC, Gary Gensler, has embarked on an extensive endeavor to provide clarity on the regulatory status of various crypto assets. Notably, Gensler has previously asserted that the majority of digital assets, barring Bitcoin, ought to be categorized as securities, thereby subjecting them to the jurisdiction of the regulatory authority.
If Gensler’s perspective is indeed accurate, it would herald a sweeping transformation in the cryptocurrency sphere. Almost every one of the approximately 25,500 cryptocurrencies enumerated on the CoinMarketCap platform would find themselves within the regulatory purview of the SEC, altering the dynamics of the industry considerably.
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