Four large-cap digital assets fell in price this week after the US Securities and Exchange Commission (SEC) designated them as securities in a pair of lawsuits against high-profile crypto exchanges.
On Monday, the SEC indicted Binance and its CEO Changpeng Zhao over what federal agency head Gary Gensler called “an elaborate web of deceit, conflict of interest, lack of disclosure and calculated evasion of the law.”
The regulator also accuses the largest global crypto exchange of participating in unregistered offers and sales of “crypto asset securities”, including Binance’s native token, BNB.
BNB is trading at $264.64 at the time of writing. The fourth-ranked crypto asset by market capitalization is down more than 13% in the past seven days.
In the lawsuit, the SEC also listed numerous other tokens it considers “crypto-asset securities,” including Ethereum (ETH) competitors Cardano (ADA) and Solana (SOL), and blockchain scaling solution Polygon (MATIC) .
ADA is trading at $0.325 at time of writing and is down more than 11% in the past week. SOL is trading at $19.00 at time of writing and is down 8%. MATIC is trading at $0.784 and is down nearly 12%.
The SEC also filed a lawsuit against leading US crypto exchange Coinbase on Tuesday, accusing the company of operating as an unregistered stock exchange, broker and clearing house. Cardano, Solana and Polygon were also designated as collateral in that lawsuit.
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