The U.S. Securities and Exchange Commission (SEC) lawsuit against crypto exchange Coinbase (COIN) has caused the tokens listed in the case to tank. Pre-market trading saw Coinbase’s shares drop 20%, and the thirteen assets named in the suit have seen losses in the last hour. The SEC alleges that Coinbase has violated federal securities law, and warned the exchange earlier this year that it might sue.
The tokens listed in the lawsuit are Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Internet Computer (ICP), Voyager Token (VGX), NEAR protocol (NEAR), NEXO, FLOW and DASH. Of these, VGX has taken the hardest hit, losing 3.25%, while Solana’s SOL has fallen around 2% and was down 9% over the last 24-hours. The Sandbox’s SAND, listed in both the Coinbase and Binance lawsuits, has lost 16% over the last 24 hours.
The SEC warned Coinbase earlier this year that it might sue the exchange, sending a Wells Notice, which Coinbase responded to in April, said the SEC.