Despite falling prices, the value locked on decentralized finance (DeFi) applications operating on blockchains of tokens alleged as securities by the SEC remained mostly stable, indicating positive sentiment among global market participants. The SEC charged Binance and Coinbase with selling unlicensed securities in the US, despite a lack of regulatory clarity on whether crypto tokens can be considered securities.

However, DeFi ecosystems remain unfazed, with value locked across DeFi ecosystems nominally changed and declines hovering at just over 1% on a monthly basis. Market observers suggest that the lack of capital flight from DeFi applications is indicative of the remaining participants being more dedicated believers and less affected by the latest actions from the SEC.