The post Lightspeed Newsletter: No, the SEC didn’t say SOL isn’t a security appeared on BitcoinEthereumNews.com.

Howdy! Last night, I walked past an ambulance that belonged to some sort of ambulance startup named, I kid you not, “Ambulnz.” I get it, there are a lot of companies. They can’t all have top-shelf names. But for your own sake, if you’re naming a startup, just use real words with spellings that are clear to pronounce. Anyways: No, the SEC didn’t say SOL isn’t a security On Tuesday, a new filing in the SEC v. Binance case revealed that the SEC intends to drop its allegation that a host of Binance-listed tokens including SOL are securities, meaning the court would not need to issue a ruling on whether SOL is a security. The SEC initially brought 13 charges against Binance last summer, alleging that the stateless crypto exchange violated a host of securities laws in the US, its listing of SOL and other alleged securities being one of the alleged misdeeds. SOL tokens being securities is a legal classification that could determine how easily US-based investors can access the asset — but SOL’s standing is currently up in the air as the SEC mostly continues its “regulation by enforcement” approach to crypto. After the case amendment dropped, claims quickly spread on social media that the SEC no longer defines SOL as a security. That’s probably not true, legal experts say. More likely, the SEC is making a strategic move in its litigation against Binance. “I wouldn’t get too excited,” Jordan Teague, partner at the law firm Campbell Teague, said in a direct message when I asked her about the update to the Binance case. The SEC likely hasn’t changed its view that SOL is a security, since it makes the same claim in its ongoing suit against Coinbase, Teague explained. Rather, the SEC may have decided that not…

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Filed under: News - @ August 1, 2024 9:24 pm