CoinGecko has introduced a new index that tracks the largest crypto tokens that have been identified as potential securities by the US Securities and Exchange Commission (SEC). The index, named "Most Alleged Security Coins," arranges selected crypto assets based on their market capitalization . At the top of the list is Binance Coin (BNB), followed by Cardano (ADA), Solana, and TRON (TRX). The index was launched in early August and comprises notable tokens that have faced lawsuits over their classification as securities by the SEC.
Although the SEC recently expanded its list of tokens it considers securities to 68 in a lawsuit against major cryptocurrency exchanges Coinbase and Binance, CoinGecko's index includes only 24 tokens on its page. According to the index, the combined market capitalization of the top coins encompassed by The SEC's scrutiny is approximately $84.9 billion. This accounts for around 7.5% of the total cryptocurrency market capitalization, which currently stands at $1.21 trillion.
SEC Chairman Gary Gensler has made it clear that the majority of cryptoassets should be regarded as securities. He has previously stated that, apart from Bitcoin, almost every other cryptocurrency falls within the definition of a security, thereby falling under the regulatory scope of the SEC . If Gensler's viewpoint is upheld, it implies that almost all of the roughly 25,500 cryptocurrencies listed on platforms like CoinMarketCap would be subject to SEC regulations.
CoinGecko's new index is a response to the ongoing discussions and lawsuits surrounding the classification of various cryptocurrencies as securities. This development further highlights the regulatory challenges that the crypto industry is navigating as it seeks to clarify the status and renew regulatory obligations of different tokens in various jurisdictions .
