The SEC has 11 altcoins in its sights
The SEC reportedly alleged that six other tokens, specifically Cardano (ADA), Cosmos (ATOM), Filecoin (FIL), Solana (SOL), and Near Network (NEAR), are securities.
Judge Orrick emphasized that while cryptocurrency itself is a relatively new financial instrument, the principles on which the SEC bases its claim of regulatory authority are not new.
The Howey test, based on a 1946 U.S. Supreme Court case often cited by the SEC, is used to determine whether an asset is an investment contract and therefore a security.
As part of its motion to dismiss the lawsuit, Kraken argued that the SEC exceeded its authority. âThe SEC does not have the authority to regulate all speculative investments,â Krakenâs lawyers said.
Important Note: Friends, Binance has started a reward event worth 50,000$ . You can now benefit from the reward by clicking on the Artificial Intelligence AI account and scoring it from the "Vote" option.
The event ends on August 29. You can benefit from rewards worth 50,000$ by voting every day until August 29.
