The SEC has filed lawsuits against Coinbase and Binance, which has resulted in several cryptocurrencies being labeled as securities, including SAND and AXS. SAND is used to buy land and interact with user-generated experiences in The Sandbox metaverse, while AXS serves as a governance token and is used in the play-to-earn game Axie Infinity.

MANA, the cryptocurrency tied to Decentraland, was also designated as a security in the lawsuit against Binance. The affected companies have not yet commented on the news, and the prices of the affected cryptocurrencies have dropped significantly.