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<p class="is-style-lead">The SEC filed a lawsuit on June 5 against Binance and on June 7 against Coinbase, accusing both exchanges of violating securities laws by offering certain cryptocurrencies as securities for trading.</p>



<p>As two of the most prominent exchanges available to users today, CoinGecko reports the detrimental impact of this news on cryptocurrency prices.</p>



<h2 class="wp-block-heading" id="varying-degrees-of-decline">Varying degrees of decline</h2>



<p><a href="https://www.coingecko.com/research/publications/sec-cryptocurrency-lawsuit?utm_campaign=Data%2BVisualization&amp;utm_medium=social" target="_blank" rel="noreferrer noopener">CoinGecko shares</a> the impact of the SEC&#8217;s lawsuit on cryptocurrency prices, stating that the announcement of the lawsuit had a notable effect on listed cryptocurrencies, with varying degrees of decline. </p>



<p>The Sandbox (SAND) experienced the largest drop, falling by -11.4% on June 6 and further plummeting by -35.0% by June 12, from $0.59 to $0.39. SAND was mentioned in both lawsuits as it is available for trading on Binance and Coinbase.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Coinbase CEO Armstrong on Being sued by the SEC, future of regulation" width="1020" height="574" src="https://www.youtube.com/embed/j3RpmY06KzU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Among the top 10 cryptocurrencies by market capitalization, significant drops were observed. Binance Coin (BNB), the fourth-largest cryptocurrency, initially fell by -9.4% following the lawsuit and subsequently experienced a -23.0% decrease by June 12, with the price dropping from $305.57 to $235.20 during that period.</p>



<p>Similarly, Cardano (ADA), the eighth-largest token by market capitalization, witnessed a -7.0% drop on June 6 and ended June 12 with a significant decline of -27.9%, as the price of ADA decreased from $0.38 to $0.27.</p>




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<h2 class="wp-block-heading" id="cryptocurrencies-renamed-securities">Cryptocurrencies renamed securities</h2>



<p>As part of the June 5, 2023 announcement, the SEC identified 19 cryptocurrencies as securities, resulting in notable price changes between June 5 and 12. Among the affected cryptocurrencies, Binance Coin (BNB) experienced a significant decline of -23.0%, while Cardano (ADA) plummeted by -27.9%. </p>



<p>At the time of writing, the global cryptocurrency market cap experienced another decrease of 1.09% over the past day, reaching a total of $1.06 trillion. </p>



<p>However, despite this dip, the market volume of cryptocurrencies surged by 16.60% within the last 24 hours, totaling $21.06 billion. A significant portion of this volume, amounting to $1.48 billion, was contributed by decentralized finance (DeFi) projects, representing 7.00% of the total crypto market volume.</p>



<p>Although the impacts of regulation remain uncertain, it is hard to say what the ongoing impact will be on the market, although reports suggest that prices are stabilizing.</p>




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CoinGecko says SEC lawsuits against Binance and Coinbase sent crypto prices tumbling

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