Solana (SOL) is not a security: a major shift in the SEC’s attitude
The U.S. Securities and Exchange Commission (SEC) announced that it will amend its complaint against Binance, which could lead to changes in the legal environment for a number of important cryptocurrencies, including Solana.
The action taken by the SEC indicates a change in the way they prove that certain tokens, which were previously classified as third-party crypto-asset securities, are in fact securities.
The SEC made a significant change, notifying the court and Binance that it intends to request permission to amend its complaint. The amendment modifies the terms of third-party crypto-asset securities, which include tokens such as Solana.
By taking this action, the SEC hopes to change its approach and potentially avoid the court’s decision on the veracity of the allegations against these tokens at this time. There is disagreement on whether SOL is classified as a security, but the SEC’s decision to potentially drop its charges could give the token some short-term respite.
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Given Solana’s high price volatility, the SEC’s decision could have a big impact on it. Solana has successfully broken through multiple local resistance levels and is currently trading at around $181. Based on the current price action, Solana appears poised for further growth, potentially reaching $200.
A strong breakout may be disrupted by relatively low trading volumes. The outlook for Solana and other cryptocurrencies is gradually improving, and investors are cautiously optimistic about potential price increases. Nonetheless, the regulatory environment and the actions of the SEC remain extremely important in determining the direction of the market.
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