SEC Includes Dozens Of Cryptocurrencies In Securities Category, CHZ, DASH, ALGO And Others
US regulators categorize 16 cryptocurrencies as securities. (Photo; Doc. KellyWarnerLaw)

JAKARTA - The United States Securities and Exchange Commission (SEC) has taken further steps in strengthening supervision and regulation of the cryptocurrency market.

On May 6, the SEC filed lawsuits against Coinbase and Binance, which are the two largest crypto exchanges in the world. In the lawsuit, the SEC classifies several cryptocurrencies, such as Chiliz, Flow, Dash, and Near, as securities.

According to a SEC statement, cryptocurrencies included in these securities categories include Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager Token (VGX), Dash (DASH), and Nexo (NEXO). With this addition, more than 60 cryptocurrencies have been classified as securities by the SEC.

Not only that, on May 5, the SEC also announced that 12 other tokens, including Algorand, Cardano, and Solana, must also be categorized as securities. The lawsuit is addressed to Binance and its CEO, Changpeng Zhao, on allegations of misappropriation and mixing of client funds.

This SEC action reinforces its aggressive attitude in regulating the cryptocurrency market. According to them, many of these tokens should be classified as securities based on US laws because of their use by their creators. These measures send signals to market players and crypto exchanges that stricter regulations may be implemented in the future.

Despite the chaos in the market after the announcement, most cryptocurrencies managed to recover rapidly. Bitcoin is again approaching the level of IDR 400 million after a decline on Monday. Likewise with Ethereum, and XRP.

However, not all cryptocurrencies are experiencing the same recovery. Some of them, such as ADA and MANA, experienced a significant decline. This shows that the impact of SEC's lawsuits is still ongoing and not all cryptocurrencies can react positively to this event.


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