The Cryptocurrencies Getting Hit Hardest Under the SEC Crackdown – Bloomberg.com
Securities and Exchange Commission (SEC) has been cracking down on cryptocurrencies that it believes are operating as unregistered securities. This has led to a sharp decline in the value of several digital assets, with some being hit harder than others. According to Bloomberg, the cryptocurrencies that have been hit hardest under the SEC crackdown include:
1. XRP (Ripple): Ripple Labs, the company behind XRP, is currently facing a lawsuit from the SEC alleging that XRP is a security. As a result, several cryptocurrency exchanges have delisted or suspended trading of XRP, leading to a significant drop in its value.
2. Kik’s Kin: The SEC filed a lawsuit against messaging app Kik for its initial coin offering (ICO) of the Kin token, alleging that it was an unregistered security. This has led to a decline in the value of Kin and raised concerns for other ICOs.
3. Telegram’s Gram: The SEC halted the issuance of Telegram’s Gram token in 2019, alleging that it was an unregistered security. This has caused uncertainty around the future of the token and led to a decrease in its value.
4. EOS: The SEC settled charges with the company behind EOS, Block.one, for conducting an unregistered ICO that raised $4 billion. This has raised concerns about the regulatory status of EOS and other cryptocurrencies that conducted similar ICOs.
Overall, the SEC crackdown on cryptocurrencies operating as unregistered securities has had a significant impact on the value of these digital assets. Investors in these cryptocurrencies should be aware of the regulatory risks and uncertainties surrounding them.
