One of the primary consequences of classifying cryptocurrencies as securities is that cryptocurrency companies would be required to comply with securities regulations.  

Securities regulations are designed to protect investors and ensure that companies are transparent in their financial reporting. 

Compliance with these regulations can be time-consuming and expensive for cryptocurrency companies, potentially limiting their ability to innovate and grow in the market. 

Another consequence of classifying cryptocurrencies as securities are that it would impact the cryptocurrency market. 

The cryptocurrency market operates on a decentralized network and is not subject to the same regulations as traditional financial markets. 

If cryptocurrencies were considered securities, it would likely lead to increased regulation and scrutiny of the cryptocurrency market.  

This could result in decreased demand for cryptocurrencies and increased volatility in the market.

Legal liability is another factor that cryptocurrency companies would need to consider if cryptocurrencies were classified as securities.