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The U.S. Securities and Exchange Commission (SEC) has moved to amend its complaint against Binance, Binance US, and former CEO Changpeng Zhao. In the amended complaint, the SEC no longer seeks to classify tokens such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities. This decision obviates the need for the court to rule on the sufficiency of the allegations regarding these tokens. Previously, the SEC had labeled these and other tokens as securities in its lawsuit against Binance. The SEC's move, outlined in a recent filing, is seen as a significant development in the ongoing legal battle with the cryptocurrency exchange. The amendment also aims to redefine 'third-party crypto asset securities'.
SEC put on the back foot yet again—this time in the ongoing Binance case Gensler should have settled on a good faith compliance strategy rather than trying to burn the whole crypto industry down https://t.co/tvNYJ8zBdB
BREAKING: 🇺🇸 SEC withdraws request for court to classify crypto tokens like Solana and Cardano as securities in its lawsuit against Binance. https://t.co/cMjzJCpZAC
There is no reason to think SEC has decided SOL is a non-security. That they don't want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy. Note the SEC still calls these tokens securities in the other exchange cases.
