DCG CEO points out the absence of PoW tokens in SEC lawsuits against Binance and Coinbase
Among such coins, Barry Silbert singled out BTC, LTC, XMR, ETC, and ZEC
07.06.2023 - 08:20
296
2 min
0
What’s new? As part of the lawsuits against the Coinbase and Binance platforms, the US Securities and Exchange Commission (SEC) declared some tokens as securities. The head of cryptocurrency conglomerate Digital Currency Group (DCG) Barry Silbert commented on the situation on Twitter, noting that none of the lawsuits include digital assets on blockchains with a Proof-of-Work (PoW) consensus algorithm such as bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC).
no Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.) — Barry Silbert (@BarrySilbert) June 6, 2023
What is known about the lawsuits? The SEC filed lawsuits against Binance and Coinbase on June 5 and 6, respectively. In addition to allegations of operating without registration, the regulator categorized the following tokens on blockchains with a Proof-of-Stake (PoS) consensus algorithm traded on the platforms as unregistered securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, ATOM, MANA, ALGO, AXS, and COTI.
Earlier SEC Chair Gary Gensler said that all PoS tokens may fall under the jurisdiction of his agency. This was his response to the Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam’s statement that Ethereum altcoin is a commodity. The CFTC also filed a lawsuit against Binance in March for illegal operations in the States, where it referred not only ETH but also BTC and LTC as commodities.
Gensler also commented on the lawsuits against Binance and Coinbase, saying that the exchanges combined several functions at once. He explained that in traditional finance, the New York Stock Exchange (NYSE), in parallel with its main activity, could not also manage a hedge fund that creates markets.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 400
BTC
+4.15%
-
Ethereum
$3 366.05
ETH
+9.29%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.28
XRP
+15.21%
-
Dogecoin
$0.387264
DOGE
+1.81%
-
Cardano
$0.837496
ADA
+3.31%
-
Bitcoin Cash
$486.26
BCH
+9.37%
-
Polkadot
$5.94
DOT
+3.04%
-
Stellar XLM
$0.273049
XLM
+11.15%
-
Litecoin
$89.67
LTC
+6.94%