Win for Crypto! SEC Removes Solana from Securities List in Binance Lawsuit

The U.S. Securities and Exchange Commission (SEC) has decided to revise its complaint in the lawsuit against Binance, removing Solana (SOL) from its list of securities. This legal adjustment could signal a shift in the regulatory landscape for certain cryptocurrencies. The decision follows recent court rulings that have already impacted the classification of other crypto assets.

Solana’s New Status

The SEC initially included several third-party crypto assets as securities in its lawsuit against Binance, Binance.US, and co-founder Changpeng Zhao. However, on July 30, the SEC filed a joint status report in the U.S. District Court for the District of Columbia, announcing its plan to amend the complaint.

The update removes Solana from the list of securities, which aligns with a previous court decision stating that BNB and BUSD secondary sales are not securities. The SEC noted that there is no urgent need for the court to rule on the security status of these tokens, indicating a shift in their legal strategy.

This change provides partial relief to assets such as Solana (SOL), Cardano (ADA), and Polygon (MATIC), which were previously included in the SEC’s complaint.

Crypto Market Impact

The SEC’s decision to remove Solana from its list of securities could signal a broader change in how cryptocurrencies are perceived and regulated in the U.S.  This may provide clarity for Solana, which has long existed in a regulatory gray area. The change might also pave the way for new opportunities, such as a Solana exchange-traded fund (ETF).

The parties involved have agreed on a proposed schedule for briefing on the motion to amend and related pleadings, with deadlines set within 30 days.

Crypto Community Reacts

The crypto community has largely welcomed the SEC’s changes, with some showing optimism about Solana’s future. There are even predictions that Solana might reach $1,000 soon.

However, the overall reaction in the cryptocurrency market has been muted, with Solana currently trading at approximately $183, reflecting a decline of 4.71% over the past 24 hours.

As the situation unfolds, the SEC’s revised stance may influence future regulatory approaches and market dynamics for Solana and other cryptocurrencies.

Also Read : BlackRock SLAMS Solana ETF Rumors, Cites “No Demand”

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