• SEC amends its complaint against Binance, potentially altering the securities status of Solana and other tokens.

  • A shift by the SEC could boost crypto ETFs tied to altcoins like Solana, with firms VanEck and 21Shares planning U.S. Solana ETFs.

  • The U.S. District Court previously ruled BNB isn’t a security, providing a potential legal precedent for other cryptocurrencies like Solana.

The Securities and Exchange Commission (SEC) is restructuring its legal approach to Binance. This could alter the landscape for Solana (SOL) and other cryptocurrencies. 

SEC TO AMEND BINANCE COMPLAINT: POTENTIAL IMPACT ON SOLANA (SOL)?– The U.S. Securities and Exchange Commission (SEC) is amending its complaint against Binance, Binance US, and former CEO Changpeng Zhao.Key Points:– The SEC aims to redefine "third-party crypto asset… https://t.co/HhUc0Hy8fC pic.twitter.com/bmZQvf61kc

— BSCN (@BSCNews) July 30, 2024

The SEC is seeking to redefine parameters for what constitutes ‘third-party crypto asset securities’ in the ongoing litigation against Binance, Binance US and the exchange’s former CEO Changpeng Zhao.

The initial lawsuit by the SEC labeled ten cryptocurrencies, including SOL as securities. This re-evaluation could signal a shift in regulatory perspective. However, the SEC has not yet fully retreated from its original securities classification. The parties involved reached a consensus on a timeline for the amended complaint and subsequent legal proceedings. However, there is a divide over whether to begin discovery before finalizing amendment details.

A turn by the SEC to no longer consider SOL and similar tokens as securities might trigger the market. This is especially the case when it comes to crypto ETFs that operate outside of the Ethereum ecosystem and has been demonstrated by the recent filings by investment firms VanEck and 21Shares.

The District Court’s prior decision which determined BNB is not security, has already set a precedent that could favor cryptocurrencies like SOL. This suggests that not all digital assets will be subject to stringent securities regulations.

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The post SEC Revisits Binance Case, Solana’s Security Status Hangs in the Balance, Can SOL Set a New ATH Soon? appeared first on Crypto News Land.

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