The U.S. Securities and Exchange Commission (SEC) once again filed a lawsuit against the cryptocurrency exchange Kraken on Monday (20th), accusing the platform of conducting transactions that the SEC considered securities without proper registration, and reiterated its view that Solana’s SOL tokens and Major cryptocurrencies such as Cardano’s ADA are securities.
While many believe that being repeatedly named as unregistered securities by the SEC in enforcement actions could be some kind of tarnish on these tokens and lead to price declines, market data suggests otherwise. On-chain data shows that against the backdrop of a surge in the market, many tokens named by the SEC have outperformed Bitcoin (BTC), with the average increase in this “basket” of tokens reaching 41%.
The top 10 currencies named as securities by the SEC and among the top 10 gainers so far this year (Source: cryptorank)
Take SOL, for example, whose price is up nearly 448% year-to-date. In June of this year, when the SEC first alleged that SOL was an unregistered security in its lawsuit against Binance, the Solana Foundation quickly rebutted and denied the accusation, and the developer community was reportedly largely unhappy with the matter. Too concerned.
While there was no specific catalyst event that sparked the SOL hype, the market seemed receptive to positive comments from ARK Invest founder Cathie Wood on Solana, as well as the premium on Grayscale's Solana trust GSOL - indicating Institutional demand for the currency.
ADA, which was named by the SEC, rose by more than 50% in the latest rally. Due to network upgrades and the attraction of new users, Cardano’s on-chain transaction volume increased by 49% in the second quarter. Layer 1 blockchain NEAR has also seen a series of positive news in recent months, rising by about 86% in the past month.
source
This article The tokens targeted by the U.S. SEC rose instead of falling, with an average increase of more than 40% today. It first appeared on Zombit.
