The Top 10 Crypto Tokens the SEC Claims Are Securities

The relationship between cryptocurrency and regulation has long been complex, particularly in the United States. While digital assets were originally designed to operate outside traditional financial systems, regulators increasingly view many tokens through the lens of existing securities law. 

The U.S. Securities and Exchange Commission (SEC) has taken the position that several well-known crypto tokens may qualify as securities under the longstanding Howey Test. 

Although no official definitive list exists, enforcement actions against exchanges have revealed a number of tokens the regulator believes fall under its jurisdiction.

Key Takeaways

• Several major cryptocurrencies, including Solana and Cardano, have been alleged by the SEC to meet the criteria of securities under U.S. law.

• These claims primarily emerged from enforcement actions against major exchanges in 2023 and continue to shape regulatory debates in 2026.

• Understanding the legal context helps investors assess regulatory risk when trading or holding crypto assets.

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What is the SEC’s Definition of a Crypto Security?

To understand why certain tokens have attracted regulatory scrutiny, it is important to look at the legal framework used by the SEC. 

The agency relies on the Howey Test, a legal standard derived from a 1946 U.S. Supreme Court case known as the SEC v. W.J. Howey Co.. According to this test, an asset may be considered a security if it involves:

1. An investment of money

2. In a common enterprise

3. With an expectation of profit

4. Derived primarily from the efforts of others

When the SEC evaluates a cryptocurrency project, it examines whether investors are relying on the development team or foundation to increase the value of the token. If that expectation exists, the asset may fall under securities regulation.

This classification matters because securities must follow strict registration, disclosure, and investor protection rules under U.S. federal law. Many crypto projects have not registered their tokens as securities, which is why the SEC has pursued enforcement actions against exchanges and token issuers.

Read Also: Understanding the SEC Crypto Project

Top 10 Tokens Alleged by the SEC to Be Securities

Several widely traded digital assets appeared in complaints filed against major exchanges in 2023. These lawsuits named specific tokens that regulators believe meet the criteria of securities.

Based on market capitalisation data from tracking platforms, the following tokens are frequently cited as the largest assets within the “alleged SEC securities” category:

1. Solana (SOL)
   Solana is one of the largest smart-contract platforms. It was mentioned in the SEC’s lawsuit against Coinbase as an example of an unregistered security.

2. BNB (BNB)
   The exchange token of Binance played a central role in the SEC’s legal case against the platform.

3. Cardano (ADA)
   A major proof-of-stake blockchain known for its research-driven development approach, Cardano was cited in multiple enforcement actions.

4. Polygon (MATIC)
   Polygon provides Layer-2 scaling for the Ethereum ecosystem and was also referenced in the Coinbase lawsuit.

5. Cosmos (ATOM)
   Cosmos focuses on blockchain interoperability and cross-chain communication.

6. Filecoin (FIL)
   A decentralised storage network that allows users to rent unused hard drive space.

7. Near Protocol (NEAR)
   Near Protocol is known for its sharding-based scaling technology aimed at improving blockchain performance.

8. Algorand (ALGO)
   Algorand uses a pure proof-of-stake consensus mechanism designed to provide speed and scalability.

9. Axie Infinity (AXS)
   The governance token of the popular blockchain game ecosystem.

10. Chiliz (CHZ)
    Chiliz powers sports and entertainment fan tokens used by various global teams.

Table

It is worth noting that the SEC’s claims remain allegations rather than definitive rulings. Courts ultimately decide whether a specific token qualifies as a security.

Read Also: SEC Shakes Up Crypto Rules, AI and Wall Street in Focus

Why the SEC Targets Certain Crypto Projects

Regulators often focus on projects where token sales or ecosystem structures resemble traditional fundraising. In many cases, tokens were initially distributed through fundraising events or early investor allocations.

From the SEC’s perspective, if a development team promotes the token while promising ecosystem growth that may increase its value, investors might reasonably expect profits from those efforts. That expectation is a core component of the Howey Test.

Additionally, regulators worry about investor protection. If tokens function like securities but operate outside the disclosure framework applied to stocks and bonds, investors may lack essential information about risks, governance, or financial structures.

Read Also: SEC Clarifies Liquid Staking Tokens May Not Be Securities

Recent SEC Guidance in 2026

In January 2026, divisions within the U.S. Securities and Exchange Commission issued guidance concerning tokenised securities. The clarification emphasised that blockchain technology does not exempt assets from federal securities law.

For example, if a digital token represents ownership in a traditional financial instrument, such as shares or bonds, it must still comply with securities regulations. This statement reinforced the SEC’s stance that regulatory obligations apply regardless of whether assets exist on a blockchain.

However, the guidance did not introduce new crypto tokens to the list of alleged securities. Instead, it highlighted the importance of compliance for projects issuing tokenised versions of traditional assets.

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Conclusion

The debate over whether certain cryptocurrencies qualify as securities remains one of the most important regulatory issues in the digital asset industry. Although the SEC has not issued an official list, enforcement actions have highlighted several major tokens that regulators believe meet the criteria of the Howey Test.

For investors, this situation underscores the importance of understanding regulatory risk alongside market volatility. As courts continue to examine these cases and lawmakers debate new crypto legislation, the legal status of many tokens may evolve. 

Staying informed about these developments is crucial for anyone participating in the rapidly changing world of cryptocurrency.

FAQ

Which crypto tokens does the SEC claim are securities?

The SEC has alleged that several tokens, including Solana, Cardano, Polygon, and Algorand, may qualify as securities in enforcement actions against crypto exchanges.

Has the SEC officially classified these tokens as securities?

No. The SEC has made allegations in lawsuits, but courts must ultimately determine whether a specific token legally qualifies as a security.

What is the Howey Test in crypto regulation?

The Howey Test is a legal standard used to determine whether an asset qualifies as an investment contract, and therefore a security under U.S. law.

Why does the SEC regulate crypto tokens?

The agency aims to protect investors by ensuring that assets functioning like securities follow disclosure and registration rules.

Can tokens labelled as securities still be traded?

Yes, but they may face regulatory restrictions. Exchanges operating in the United States may limit or delist certain tokens depending on legal developments.

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