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Tokens for The Sandbox and 'Axie' among those branded securities in SEC suits against Coinbase and Binance

Posted on AllSides June 6th, 2023
From The Center

The Securities and Exchange Commission made waves this week by suing crypto exchanges Coinbase and Binance, and three tokens linked to popular Web3 experiences were caught in the crosshairs. As part of the Binance and Coinbase suits, the SEC labeled several cryptocurrencies as securities, including SAND and AXS, the native cryptocurrencies, respectively, of The Sandbox metaverse and Web3 play-to-earn game Axie Infinity. SAND fuels that metaverse’s in-game economy—it’s used to buy land and to interact with user-generated experiences on the platform—while AXS serves as a governance token that allows holders...

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