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AXS Coin and That 4 Declared As Securities! Here are Statements

Andras Crow-Hreidar by Andras Crow-Hreidar
September 15, 2024
in Crypto, News
Reading Time: 3 mins read
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The US Securities and Exchange Commission (SEC) is once again expanding its regulatory steps in the cryptocurrency world. In the lawsuit it filed against Binance, one of the world’s largest cryptocurrency exchanges, the SEC aims to further deepen its claims and include new tokens in the scope of securities. This development has created significant volatility in the cryptocurrency market and may affect the future of many investors and companies. In its latest statement, the SEC announced that it has accepted crypto assets such as popular altcoins Axie Infinity (AXS), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), and Decentraland (MANA) as securities.

The Fight Between the SEC and Binance Has Accelerated

As reported by FinCurrency, the SEC’s lawsuit against Binance actually started in June. The regulatory agency claims that Binance and its US subsidiary BAM Trading facilitated the trading of tokens that are considered unregistered securities. Although Binance has long denied these accusations, the SEC’s latest move seems to put more pressure on the cryptocurrency exchange. In the SEC’s updated legal filings, the classification of the aforementioned altcoins as securities has had a major impact.

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This could have a significant impact on the cryptocurrency market in the US. Because assets considered securities are subject to much stricter regulations, and it may become difficult for investors to buy and sell these assets. While the cryptocurrency world is known as an ecosystem built on decentralization and lack of regulation, this move by the SEC has worried many companies and investors.

The SEC claims that Binance actively promoted these tokens to customers and emphasized their potential investment returns. In particular, it is alleged that Binance tried to attract investors by suggesting that these tokens could have high returns and did not comply with legal requirements in the process. The SEC also stated that Binance engaged in many illegal activities as an unregistered exchange, brokerage, and clearing house. This includes claims that Binance does not provide sufficient transparency about the risks and legality of tokens traded on international and US platforms.

Security Declaration for AXS, FIL, ATOM, SAND, and MANA

The declaration of tokens such as Axie Infinity (AXS), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), and Decentraland (MANA) as securities creates uncertainty among major players and investors in the sector. These tokens have gained great popularity, especially in the last few years, and have become frequently preferred assets by investors. However, this move by the SEC may make it difficult for these assets to be traded in the US market.

These new regulations by the SEC have created significant volatility in the cryptocurrency market. While many investors are concerned about the future of these assets, which are considered securities, companies are also trying to speed up their legal compliance processes. In particular, it is a matter of curiosity how major exchanges like Binance will proceed in the face of these new regulations.

Hard Times for Binance and Other Exchanges

Although Binance denies the SEC’s claims, the legal process it is facing could seriously affect the company’s future. Binance has millions of users worldwide and has been a leader among cryptocurrency exchanges for many years. However, these tough steps by the SEC make it difficult for major exchanges like Binance to operate in the US market. SEC Chairman Gary Gensler has long advocated for stricter regulation of the cryptocurrency market. Gensler states that many crypto assets should be considered securities and that these assets should be subject to stricter regulation in order to protect investors.

This latest move by the SEC clearly demonstrates Gensler’s stance on the issue. On the other hand, this move by the SEC could affect not only Binance but also other major cryptocurrency exchanges. Many exchanges trade tokens that are considered securities, and these exchanges could face similar legal processes. This situation creates general uncertainty in the cryptocurrency market and may also shake investors’ trust in these exchanges.

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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