• SEC retracts request to classify Solana, Cardano, and Polygon as securities in Binance lawsuit, focusing on other legal aspects.

  • Political pressure and election promises, like Trump’s pro-crypto stance, may have influenced the SEC’s decision to amend its complaint.

  • SEC’s withdrawal impacts over $100 billion in cryptocurrencies, signaling a possible regulatory shift in the crypto market.

The U.S. Securities and Exchange Commission (SEC) has decided not to pursue its request for the court to classify certain tokens as securities in its lawsuit against crypto exchange Binance.

JUST IN: The US #SEC has retracted its request for the court to classify tokens like: #Solana, #Cardano & #Polygon as securities in its lawsuit against #Binance It has not been a good few days for the #GaryGensler pic.twitter.com/WMWl9ULa9y

— Crypto Rand (@crypto_rand) July 30, 2024

SEC Amends Complaint

On July 30, 2024, the SEC filed a response to the court’s July 9 minute order. The SEC informed the court of its plan to amend its complaint concerning the “Third Party Crypto Asset Securities.” This action aims to avoid the need for the court to rule on whether these tokens are securities. By amending its complaint, the SEC seeks to streamline the legal process and focus on other aspects of the case.

Tokens in Question

In its original lawsuit against Binance, the SEC claimed that several tokens, including Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), and Polygon (MATIC), were securities. 

The list also included tokens like Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Coti (COTI). These tokens were part of a larger group that the SEC had previously identified as securities, affecting over $100 billion worth of cryptocurrencies.

Implications for the Crypto Market

The SEC’s decision to amend its complaint may have significant implications for the crypto market. It signals a potential shift in the regulatory approach towards cryptocurrencies. This move comes amid increasing eff...

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