On July 30, the SEC amended its complaint against Binance, affecting the classification of several cryptocurrencies, including Solana (SOL) and Cardano (ADA). Initially labeled as securities, these tokens now face a delayed court review of such allegations, which may positively influence their market positions. The original lawsuit, filed on June 5, 2023, accused Binance and its US affiliate of operating without necessary registrations, leading to unregulated trading and investor risks. Despite the SEC’s adjustment, the market reaction has been muted, with minor declines in Solana and Cardano’s prices. This change could signal potential long-term benefits for these cryptocurrencies, including improved prospects for new ETF approvals.
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