SEC No Longer Interested in Classifying Solana and Cardano as Securities in Binance Case
The post SEC No Longer Interested in Classifying Solana and Cardano as Securities in Binance Case appeared on BitcoinEthereumNews.com.
The U.S. SEC is no longer seeking a court verdict to classify ten crypto assets, including Solana and Cardano, as securities in the Binance lawsuit. According to a court filing today, the securities agency wants to make certain amendments to its complaint in response to the court’s minute order on July 9, 2024. The amendment involves modifying the complaint with respect to the “Third Party Crypto Asset Securities,” as outlined in its response to Binance’s motion to dismiss. Notably, the SEC stated that the proposed amendment eliminates the need for the court to rule on the adequacy of the allegations relating to the tokens right now. This suggests that the regulatory agency is no longer seeking a court ruling to classify third-party tokens as securities. Parties Proposed Joint Schedule for Amendment Consequently, the SEC and Binance proposed a briefing schedule relating to the agency’s amendment motion. The regulator seeks to officially file its amendment motion within 30 days after the court enters the scheduling order. Binance will then file its response to the motion 30 days later. The parties also proposed that the SEC file its reply no later than 21 days thereafter. SEC and Binance proposed scheduling order for amended motion SEC Labels Cardano, Solana, and Other Tokens Securities Recall that the SEC charged Binance with violating federal securities laws in June 2023. In its lawsuit, the government agency labeled several tokens listed on Binance as securities. They included Cardano (ADA), Solana (SOL), The Sandbox (SAND), Polygon (MATIC), and Axie Infinity (AXS). Other tokens labeled as securities are Binance USD (BUSD), Binance Coin (BNB), Decentraland (MANA), Coti (COTI), and Cosmos (ATOM). However, The aforementioned tokens are part of a more extensive list of crypto assets the SEC has classified as securities. As of June 2023, the list of crypto…
Filed under: News - @ July 30, 2024 9:28 pm