Big Solana News: SEC May Drop Solana Security Claim in Binance Case
The post Big Solana News: SEC May Drop Solana Security Claim in Binance Case appeared on BitcoinEthereumNews.com.
In a surprising twist, the SEC is considering dropping its claim that Solana should be classified as a security in its lawsuit against Binance. This potential change could have significant implications for both Solana and the broader cryptocurrency market. In this article, we’ll explore what this could mean for Solana’s future, how it might impact the Binance case, and what it could reveal about the SEC’s approach to cryptocurrency regulation. SEC Could Drop Solana Security Claim in Binance Lawsuit Solana, Cardano, and Polygon might find a temporary reprieve as the SEC looks to pause its assertion that these cryptocurrencies are unregistered securities in its lawsuit against Binance, based on a recent court filing. In a joint status report submitted early Tuesday, the SEC proposed revising its lawsuit to delay addressing the claims against these “third-party crypto assets.” This move would avoid an immediate court decision on whether these tokens qualify as unregistered securities. However, this does not mean that SOL, ADA, and MATIC are entirely free from scrutiny. The SEC’s proposal to defer these allegations simply means that the court will not need to make a judgment on them at this time. In essence, the SEC is choosing to put this issue on hold rather than dismissing it altogether. The judge presiding over the case may still need to determine whether tokens like SOL, ADA, and MATIC, along with several others, meet the criteria to be classified as securities. In its initial complaint, the SEC also alleged that Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), and Coti (COTI) should be considered unregistered securities. The lawsuit, filed in June 2023, brought 13 charges against Binance and its CEO, Changpeng Zhao. These charges included accusations of mismanaging customer funds and attempting to circumvent U.S. securities…
Filed under: News - @ July 30, 2024 12:24 pm