The SEC alters the meaning of its cryptocurrency securities in the case against Binance. Therefore, the court will stay any ruling on the original claims since the amendments are yet to be determined.
On July 30, the SEC filed to amend its complaint against Binance, Binance.US, Binance Holdings Ltd., U.S., and its former CEO, Changpeng Zhao. It seeks to alter some aspects of “third-party crypto asset securities” that may impact Solana (SOL).
The two parties have managed to put in place a schedule for filing the amended complaint and legal responses. However, they continue to diverge regarding the time to begin discovery for claims that are dependent on amendment.
The SEC’s complaint had earlier categorized 10 coins as securities, some of which include Filecoin (FIL), Algorand (ALGO), and Solana (SOL). Other coins included are Polygon (MATIC), Cardano (ADA), The Cosmos (ATOM), Decentraland (MANA), Sandbox (SAND), Axie Infinity (AXS), and COTI (COTI).
Eliminating the necessity of going through trials to determine whether Solana and similar tokens are securities might ease pressure on them.
It may help the potential of spot Solana ETFs, with VanEck and 21Shares having recently applied to list such products. Almost all analysts believe that the SEC will not give the green light to these applications.
