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SEC Lawsuits Against Binance and Coinbase Cause $5 Billion Loss for Solana, Polygon, Cardano, and Other Tokens

June 27 (Cointime) - According to a Decrypt analysis of CoinGecko data, Solana, Polygon, Cardano, and other tokens involved in the SEC court battles have lost $5 billion, or 15%, of their collective market capitalizations. The SEC filed lawsuits against Binance and Coinbase on June 5 and 6, accusing them of selling unregistered securities. The lawsuits named several cryptocurrencies, including Solana, Cardano, and Polygon, which have suffered losses since the lawsuits were filed. Despite the drops in token prices, the crypto market has been on a bullish rally over the past week, with Bitcoin reaching over $31,000 for the first time in months.

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