SEC V/S Binance: Current Developments
No Evidence SEC Has Reclassified SOL as Non-Security, Says Variant Fund’s CLO
Despite the SEC withdrawing its request for a court ruling on Solana (SOL)'s status in its ongoing lawsuit against Binance, the SEC has not definitively classified SOL as a non-security. Jake Chervinsky, Chief Legal Officer at Variant Fund, remarked, "There is no reason to think the SEC has decided SOL is a non-security." He suggested that the SEC's decision not to pursue discovery on multiple tokens in the Binance case is a litigation strategy rather than a policy shift
SEC Seeks to Amend Complaint in Binance Case
Chervinsky’s comments were in response to the SEC’s latest court filing, which aimed to amend its complaint regarding "Third Party Crypto Asset Securities." The SEC’s revised stance indicates it no longer seeks a judicial determination on whether the tokens listed in the lawsuit, including Solana, are securities.Miles Jennings, General Counsel and Head of Decentralization at a16z Crypto, and Justin Slaughter, Policy Director at Paradigm, supported Chervinsky’s view. Slaughter emphasized that the SEC’s recent filing should not be overinterpreted, as it does not signify a definitive decision on Solana’s security status.
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