Altcoins plunge for the second SEC hit to crypto exchange

Cryptocurrencies price


IMPORTANT POINTS:

  • The SEC sued Coinbase alleging violation of securities law, which caused a 20% drop in the exchange’s shares.
  • Thirteen altcoins, including Solana (SOL), Cardano (ADA), and Sandbox (SAND), named in the lawsuit, saw significant declines.
  • The SEC accuses Coinbase of operating as an unregistered broker, exchange, and clearing agency, and had warned the company of a potential lawsuit earlier in the year.

Support us with crypto to keep our newspaper alive

The SEC’s legal action against Coinbase designated thirteen altcoins as financial securities.

The tokens mentioned in the United States Securities and Exchange Commission (SEC) lawsuit against American cryptocurrency exchange Coinbase (COIN) are on the decline.

The SEC has sued Coinbase alleging violation of federal securities law, just one day after filing a similar lawsuit against Binance. Shares of the exchange plunged 20% in pre-market trading.

The tokens mentioned in the litigation include Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Internet Computer (ICP), Voyager Token (VGX), NEAR (NEAR), NEXO, FLOW and DASH protocol.