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Crypto crackdown by US securities could transform the industry

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The cryptocurrency industry has long argued tokens do not constitute a 'security'. The results of cases against Binance and Coinbase could change that.

Binance is the latest cryptocurrency to be targeted by the US Securities and Exchange CommissionSEC argues the whole business model is built on 'non-compliance'

The SEC said Coinbase traded at least 13 crypto assets that were securities that should have been registered, including tokens such as Solana, Cardano and Polygon. SEC chair Gary Gensler said tokens constituted securities and had steadily asserted the SEC's authority over the crypto market, focusing initially on the sale of tokens and interest-bearing crypto products.

The SEC also sued Beaxy Digital and Bittrex Global this year for failing to register as an exchange, clearing house and broker.

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