The United States Securities and Exchange Commission (SEC) has stepped back on the accusation that some cryptocurrencies are illegal securities. In a recently filed amendment in Binance‘s case, the SEC dismissed the ruling over the legality of these tokens, including Solana (SOL).
Previously, the U.S. regulator listed ten cryptocurrencies as securities in a lawsuit against Binance, the largest crypto exchange. According to the enforcement action, the SEC classified Solana as an unregistered security, accusing Binance of illegally supporting SOL.
This regulation-by-enforcement strategy has become the SEC’s standard against the cryptocurrency market, creating regulatory uncertainty and raising concerns. Now, the Securities and Exchange Commission’s pivot on Binance’s case suggests the agency is changing its modus operandi, sparking optimism.
“The SEC informed Defendants that it intends to seek leave to amend its Complaint, including with respect to the ‘Third Party Crypto Asset Securities’ as defined in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss, Dkt. No. 172, obviating the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time.”
ChatGPT-4o Solana price prediction amid SEC vs. Binance case update
In this context, Finbold consulted with OpenAI‘s most advanced artificial intelligence (AI) model, ChatGPT-4o, for a future price projection on Solana. As of this writing, SOL was trading at $178.35, with a $84 billion market cap.
ChatGPT-4o believes Solana may range between $250 and $300 by the end of 2024, considering more regulatory clarity. We asked for an objective forecast considering the above report and current capitalization.
This would result in up to 68% gains from any purchase that happened at SOL price by press time.
Grok, Meta AI and Claude 3.5 Sonnet SOL forecasts
Interestingly, xAI‘s Grok, Meta‘s AI Llama 3.1, and Anthropic‘s Claude 3.5 Sonnet all share a similar projection. It is notable how the four most advanced artificial intelligence in the world place Solana in the same range between $250 and $300, given the exact same context.
“In light of the SEC’s recent pivot in Binance’s case, which dismissed the ruling over Solana’s (SOL) legality as a security, the regulatory uncertainty surrounding SOL has diminished. This development could lead to increased investor confidence and a potential price surge for SOL. Considering the current market dynamics and the positive sentiment due to the SEC’s change in stance, a possible price range for SOL by the end of 2024 could be between $250 and $300.”
– Grok
Overall, these forecasts consider increased investor confidence and diminished regulatory uncertainties. The cryptocurrency market, however, is highly volatile and hard to predict accurately, requiring caution despite the rising optimism.
