With updates from the SEC and a possible ETF on the horizon, will SOL resume its bullish rhythm?
Variant Fund Chief Legal Officer Jake Chervinsky said on X that there is no indication that the SEC now believes Solana is not a security. He noted that recent court filings by the SEC no longer seek to rule on the securities status of certain tokens, leading some to believe that the regulator is softening its stance. However, Chervinsky and other crypto industry insiders believe that this interpretation is likely incorrect
a16z Crypto's Miles Jennings and Paradigm's Justin Slaughter agreed that many people are over-interpreting the SEC filing. Slaughter emphasized that the filing does not mean that the SEC has determined that Solana and other tokens are not securities. Jennings stressed that the SEC faces significant challenges in proving that these tokens are securities under the Howey test, especially in the Binance case
Meanwhile, Katherine Polk Failla, the judge in the Coinbase lawsuit, seemed more supportive of the SEC’s position
Solana’s price fell 5% to around $182 following the news, while the entire cryptocurrency market fell nearly 3% on the day. However, SOL is up 5% over the past week and 25% over the past month. While Solana’s surge briefly pushed it to fourth place by market cap last week, its ranking has fallen back to fifth. But overall, it’s up an impressive 670% over the past year
The SEC’s lawsuit against Binance initially claimed that several tokens were securities, including Solana, BNB, Cardano (ADA), Polygon (MATIC), The Sandbox (SAND), Decentraland (MANA), and Axie Infinity (AXS). These tokens, along with others that the SEC has deemed securities, make up a large portion of the cryptocurrency market, affecting more than $100 billion worth of assets
The SEC continues to call these tokens securities in other lawsuits, including one against Coinbase. This inconsistency has thrown the crypto community into confusion. Currently, Solana, BNB (BNB-USD), and other tokens are still under review
The market is currently stabilizing temporarily, and information gaps are important
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