Why Algorand, Filecoin, and NEAR Protocol Plunged This Week

The day has finally come -- the Securities & Exchange Commission (SEC) has formally made its case that a wide range of cryptocurrencies are, in fact, securities. This past week, the SEC launched two separate lawsuits against Binance and Coinbase, with varying allegations lobbed at the two largest centralized exchanges operating in the U.S. In the SEC's lawsuit against Binance, Algorand and Filecoin were named as securities, while the SEC's lawsuit against Coinbase named NEAR Protocol as a security.