Mike Selig, a legal counsel at law firm Willkie Farr & Gallagher in New York, said the tokens mentioned in the SEC complaint don’t have much in common other than they are all blockchain-based crypto assets. They include assets of major blockchain networks, metaverse and game tokens, stablecoins, and various utility tokens that serve specific functions. By naming such broadly differentiated tokens, the SEC is effectively signaling to the market that it considers most tokens to be securities. While the SEC argues that the draconian measures to control cryptocurrency businesses are only meant to protect investors from fraud and manipulation, which is rife in the digital asset market, a popular view among industry insiders is that after several high-profile bankruptcies in cryptocurrency exchanges After resulting in billions of dollars in losses, regulators are only cracking down on the industry.