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Cryptocurrency News Articles
Tokens Classified as Securities by SEC See Gains After Trump Win
Nov 11, 2024 at 01:50 pm
The new presidency and a possibility of an upcoming new Chair suggests the SEC may ease its strict crypto regulations, opening more opportunities
Following Donald Trump’s election victory, cryptocurrencies that were previously targeted by the US Securities and Exchange Commission (SEC) as unregistered securities are seeing a rally in their prices. This comes as investors anticipate greater regulatory clarity with the potential ouster of SEC Chair Gary Gensler.
The new presidency and the possibility of a new Chair in the coming months hint at the SEC potentially easing its stringent crypto regulations. This, in turn, could open up more avenues for cryptocurrencies and related ETFs.
Here’s a quick rundown of what happened and what to expect:
Looking back: In early 2023, Gensler stated that all cryptocurrencies, except Bitcoin, are considered securities and fall under the SEC's jurisdiction. He highlighted that the SEC has the legal tools to regulate them.
What is a security: In U.S. law, securities are financial instruments or investment contracts that signify ownership in a company, debt, or entitlement to profits or assets.
List of Crypto Classified as Security: In June last year, the US SEC classified 12 cryptocurrencies as securities in its lawsuit against Binance. These tokens are:
Bitcoin (BTC)
Ethereum (ETH)
BNB (BNB)
XRP (XRP)
Cardano (ADA)
Solana (SOL)
Polkadot (DOT)
Dogecoin (DOGE)
Shiba Inu (SHIB)
MATIC (MATIC)
Axie Infinity (AXS)
BUSD (BUSD)
The numbers: As of press time, data from CoinGecko shows that the total market cap of the top cryptocurrencies flagged by the SEC as alleged securities is currently at $244 billion. This reflects a 3.8% increase over the past 24 hours.
Similar to the top tokens, tokens flagged by the SEC showed mixed performance in the last 24 hours. MATIC and AXS posted gains, BUSD remained stable, and others saw minor declines.
Trump’s Vow: In July, it can be remembered that Trump pledged at the Bitcoin 2024 conference to make the US a crypto hub. He vowed to retain government-held bitcoin, end anti-crypto policies, and fire SEC Chair Gary Gensler if elected.
What to watch: Donald Trump’s second term is bound to have a major impact on the crypto industry. Investors are optimistic about a friendlier regulatory climate, anticipating that Trump’s administration will usher in a more favorable environment for cryptocurrency expansion.
Keep up with the latest Philippine crypto and blockchain news.
This article is published on BitPinas: Tokens Classified as Securities by SEC See Gains After Trump Win
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