ALGO, FLOW rebound from all-time lows, others rebuff SEC securities label
The SEC’s tagging of cryptocurrencies as securities has greatly affected the crypto market causing Algorand and Flow to hit historic lows on June 10.
The United States securities regulator designated a slate of cryptocurrencies as securities in recent lawsuits including Algorand (ALGO) and Flow (FLOW) which hit all-time price lows following the declaration.
On June 10, ALGO and FLOW hit their respective historic lows of $0.098 and $0.46, having dropped around 30% in the past seven days according to CoinGecko data.
Both have slightly rebounded since, with ALGO up over 12.5% and FLOW recovering just over 10.5% since June 10.
Last week the Securities and Exchange Commission (SEC) sued crypto exchanges Binance and Coinbase on June 5 and 6 respectively. In the process, it labeled 16 new cryptocurrencies as securities, including FLOW and Internet Computer (ICP).
ALGO was highlighted in the SEC’s case against Binance but was first singled out in its April lawsuit against Bittrex.
ICP has also seen a drop of about 25% in the past week and is currently trading around $3.65 — just 25 cents off its all-time low of $3.40 from December 2022.
Securities definition rebuffed
Solana (SOL), Cardano (ADA) and Polygon (MATIC) were also caught up in the SEC’s securities net and the creators of all three have staunchly rebuffed the regulator's claim.
On June 10, Polygon Labs tweeted in response to the SEC’s definition of MATIC without directly addressing the regulator.
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