US SEC Identifies 12 Crypto Tokens as Securities in Binance Lawsuit

The U.S. Securities and Exchange Commission (SEC) has identified 12 crypto tokens arsenic securities successful a caller suit filed against Binance and its CEO, Changpeng Zhao (CZ). The securities regulator asserted that Binance platforms “have made disposable for trading connected them crypto assets that are offered and sold arsenic concern contracts, and frankincense arsenic securities.”

SEC Highlights 12 Crypto Tokens arsenic Securities successful New Lawsuit

The U.S. Securities and Exchange Commission (SEC) has claimed that 12 crypto tokens are securities successful its lawsuit filed Monday against crypto speech and its CEO, Changpeng Zhao (CZ). The suit besides names Bam Trading Services, which operates crypto trading level Binance.US, and its genitor institution Bam Management US Holdings arsenic defendants. According to the lawsuit, Zhao owns 81% of Bam Management.

The SEC alleged that the defendants person “unlawfully solicited U.S. investors to buy, sell, and commercialized crypto plus securities done unregistered trading platforms disposable online astatine Binance.com and Binance.US.”

The regulator added that since the Binance platforms launched, the defendants “have made disposable for trading connected them crypto assets that are offered and sold arsenic concern contracts, and frankincense arsenic securities.” The SEC’s suit details:

This includes, but is not constricted to, BNB, BUSD, and the units of each of the crypto plus securities further described beneath — with trading symbols SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

Noting that Binance.com lists much than 350 crypto tokens, the suit further states: “The Binance platforms person made disposable for trading crypto assets that person been the taxable of anterior SEC enforcement actions based upon their presumption arsenic crypto plus securities, including but not constricted to AMP (the AMP token), REP (the Augur token), UST (the Terrausd token), and TRX (the token associated with the Tron network).”

The SEC has antecedently claimed that respective different crypto tokens are securities, including DASH, TKN, NGC, and OMG, arsenic stated successful its suit against Bittrex. In addition, the watchdog is inactive engaged successful an ongoing suit with Ripple Labs implicit XRP. Other regulators person besides claimed that immoderate crypto tokens are securities, including New York Attorney General Letitia James who stated successful a suit filed against crypto speech successful February that AMP, LUNA, LBC, and RLY are securities.

The database of crypto securities expressly mentioned successful the Binance suit Monday does not see bitcoin (BTC) oregon ether (ETH). SEC Chairman Gary Gensler antecedently said that all crypto tokens, too bitcoin, are securities. However, helium refused to supply a definite reply erstwhile asked during his grounds earlier the House Financial Services Committee whether ether is simply a information oregon a commodity. Meanwhile, the president of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has insisted that ether is simply a commodity.

Nonetheless, assorted individuals person pointed retired that the sentiment of the SEC oregon its seat is not the law. Lawyer Logan Bolinger has highlighted that judges, not SEC chairs, person the eventual authorization successful interpreting and applying the law.

What bash you deliberation astir the SEC claiming that the supra database of crypto tokens are securities? Let america cognize successful the comments conception below.