He said that some altcoins are securities in the lawsuits filed by the SEC against the world's largest crypto exchanges Binance and Coinbase.
One of these altcoins was The Sandbox (SAND).
Following this SEC characterization, SAND's parent company, Animoca Brands, made a statement.
The company said it will focus more on markets outside the US after the SEC designated SAND as a unregistered security in lawsuits against Binance and Coinbase.
Yat Siu, co-founder and chairman of the company, said in the statement:
“The Animoca Brands company does not focus on a single region, it operates globally.
But the SEC is focusing on the US.
Therefore, I think there will be no impact on Animoca Brands like SAND in the broader markets where SAND is widely available and accepted, including more progressive jurisdictions such as Hong Kong and Japan.
Still, Animoca Brands has begun to focus more on markets outside the US due to the SEC's hostile approach. "
The company also said it could take years to come to a firm conclusion from these cases, so it's very likely that crypto companies will continue to move away from the US.
SAND, which fell to $ 0.47 after the lawsuits opened, continues to be traded at $ 0.4908 at the time of writing.
*Not investment advice.
