The Securities and Exchange Commission (SEC) categorized six cryptocurrencies as securities in its lawsuit against crypto exchange Bittrex on Monday, highlighting them as potentially pivotal assets in an enforcement action against the Seattle-based firm.

The crux of the SEC’s complaint against Bittrex is that the platform failed to register with the watchdog as an exchange, broker-dealer, or clearing agency—a requirement for offering securities to customers in a manner regulated by the Securities Exchange Act of 1934.

In order for that to be true, the SEC needs to establish that at least one of the tokens made available by Bittrex is indeed a security. And though SEC Chairman Gary Gensler has claimed the label applies to everything but Bitcoin, the agency has honed in on six specific coins in this latest action.

The tokens listed as examples of “crypto asset securities” are OMG Network (OMG), Dash (DASH), Monolith (TKN), Naga (NGC), Real Estate Protocol (IHT), and Algorand (ALGO). The agency even says there will likely be more, describing the lineup as a “non-exhaustive list.”

Of the tokens included in the lawsuit, Algorand is by far the largest by market capitalization, with a total value of around $1.6 billion, according to CoinGecko. Over the past day, the token has fallen 4% to $0.22 as of this writing.

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Author: André Beganski

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