Breaking: US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security

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As a seasoned researcher with over two decades of experience in the financial industry, I have witnessed countless regulatory battles between tech giants and government bodies. The latest development in the SEC lawsuit against Binance, Binance.US, and its co-founder Changpeng Zhao, is another intriguing chapter in this ongoing saga.

The SEC has announced plans to modify its accusations against Binance, Binance.US, and Changpeng Zhao in their ongoing lawsuit, specifically concerning allegations of third-party crypto securities.

As a cryptocurrency investor, I recently learned from official court documents filed on July 30 in the US District Court for the District of Columbia that the Securities and Exchange Commission (SEC) has expressed its intention to revise its initial complaint. This revision includes aspects related to third-party crypto asset securities, a point they previously opposed in response to the defendants’ motion to dismiss.

1. The Securities and Exchange Commission (SEC) maintains that it’s unnecessary for the court to make a determination regarding the allegations concerning those tokens at present, following the court’s decision on July 9th, which classified BNB as non-security, along with the subsequent minute order. Moreover, the SEC also contends that the secondary sales of BUSD are not considered securities.

1. In addition, the involved parties held discussions and reached a consensus regarding a suggested timeline for submitting arguments on a motion to modify and accompanying documents. The due dates for the motion to amend and associated filings are set within the next 30 days.

The SEC complaint brought some alleviation, though not a complete solution, for the cryptocurrencies named such as Solana (SOL), Cardano (ADA), and Polygon (MATIC).

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2024-07-30 09:09