SEC Drops Solana from Securities Classification in Binance Case

The U.S. Securities and Exchange Commission (SEC) has revised its lawsuit against Binance, removing Solana (SOL) from the list of assets considered securities.

This update follows recent court decisions impacting the classification of various cryptocurrencies.

In a recent court filing, the SEC announced it will amend its complaint to exclude Solana from its securities classification. This change reflects previous court rulings that also excluded BNB and BUSD secondary sales from being labeled as securities.

The SEC’s decision indicates a shift in its regulatory approach and provides partial relief to cryptocurrencies like Solana, Cardano (ADA), and Polygon (MATIC), which were previously targeted in the complaint.

This move may suggest a broader change in how cryptocurrencies are regulated in the U.S., potentially leading to more clarity and new opportunities for digital assets like Solana. A proposed schedule for further legal proceedings has been set for the next 30 days.

The cryptocurrency community has largely welcomed the SEC’s decision. Despite Solana’s current trading price of around $183, reflecting a minor 4.71% drop in the last day, the regulatory shift could have significant implications for future market dynamics and regulatory practices.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.