As a seasoned researcher with years of experience navigating the complex world of financial regulations and blockchain technology, I find myself perplexed by the latest moves by the U.S. Securities and Exchange Commission (SEC). While Stuart Alderoty’s comments on X social media platform shed some light on the situation, there remains a significant amount of uncertainty surrounding the status of popular cryptocurrencies like Solana (SOL) and Cardano (ADA).
Stuart Alderoty, Ripple‘s leading attorney, expressed his thoughts on the latest change of direction by the US Securities and Exchange Commission (SEC) through X social media platform.
1. “Recently, the regulatory authority has retracted its statement regarding well-known cryptocurrencies like Solana (SOL) and Cardano (ADA) being classified as unregistered securities.”
1. The unexpected turn unveiled in the Binance case’s latest documents caused a significant stir within the cryptocurrency sector, a community that continues to clash with the Securities and Exchange Commission (SEC).
Despite this, the situation remains unclear. According to U.Today, the Securities and Exchange Commission (SEC) has asserted in a separate lawsuit against Coinbase that these tokens were not registered as securities.
According to U.Today’s news, Brad Garlinghouse, CEO of Ripple, criticized the regulatory agency for adding to the confusion by handling regulations in a disorganized way.
In response, Alderoty noted that if the case with Coinbase were to proceed, some of the other tokens might be left unattended and neglected. He further stated, “This is not the way to enforce regulations.”
What many got wrong about the SEC’s filing
Although the Securities and Exchange Commission (SEC) has temporarily withdrawn its accusations in the Binance lawsuit, it doesn’t imply that Solana (SOL), Cardano (ADA), or any other cryptocurrencies involved are now free of charges. The case against Binance does not automatically absolve these tokens from potential scrutiny.
According to Justin Slaughter, policy director at Paradigm, some people may be misunderstanding the SEC’s latest filing. The SEC is not announcing that it will no longer consider Solana and other tokens as securities, but rather that it will not pursue this argument in the Binance case.
According to U.Today’s news, SEC Chairman Gary Gensler has made it clear on numerous occasions that many tokens in circulation have not been registered as securities with the Securities and Exchange Commission.
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2024-07-30 21:37