Author: Brayden Lindrea, CoinTelegraph; Translated by: Baishui, Golden Finance

Although the U.S. securities regulator withdrew its request for a court ruling on the matter as part of its lawsuit against Binance on July 30, the regulator did not necessarily let Solana off the hook for being a security.

“There is no reason to believe that the SEC has determined that SOL is not a security,” Jake Chervinsky, chief legal officer at cryptocurrency-focused venture capital firm Variant Fund, said in a July 30 X post.

Chervinsky’s post references the latest response from the SEC, which seeks to amend its complaint regarding “third-party crypto-asset securities,” essentially telling the court that it no longer seeks to determine whether the tokens listed in the lawsuit are securities.

While Chervinsky did not elaborate on what this “litigation strategy” might be, he stressed that the SEC continues to call the same tokens securities in other cryptocurrency exchange lawsuits, including its case against Coinbase.

In separate posts, a16z Crypto’s general counsel and head of decentralization, Miles Jennings, and Paradigm’s policy director, Justin Slaughter, seemed to agree.

Slaughter argued that many people were “over-interpreting the document” and that it did not mean the SEC had determined that Solana and other tokens were not securities.

Jennings explained that Judge Amy Berman Jackson set such a high bar in establishing the Howey test in the Binance case that it wasn’t worth the SEC’s time and effort to prove that the tokens were securities.

Judge Katherine Polk Failla in the Coinbase lawsuit seemed more “inclined” to agree with the SEC’s position — and therefore, it wasn’t worth making the same request as in the Binance lawsuit.

Source: Miles Jennings

Jennings said he is not convinced the SEC has presented strong enough evidence to prove a link between secondary market token sales and the management efforts of token issuers.

He added: “Obviously, I’m speculating about their political motives, but that speculation is based on the information I have about what happens behind closed doors at the SEC.”

Which tokens are affected?

In its lawsuit against Binance, the SEC claimed that several tokens are securities.

The list includes Solana (SOL), BNB (BNB), Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Decentraland (MANA), and Axie Infinity (AXS).

The U.S. Securities and Exchange Commission has claimed that at least 68 tokens are securities, affecting more than $100 billion worth of cryptocurrencies on the market.