SEC Revises Binance Lawsuit: Solana and Cardano Safe
The SEC no longer considers Solana, Cardano, and Polygon as securities in its Binance lawsuit. This revision may impact future crypto ETFs and market perceptions.

In a significant update, the U.S. Securities and Exchange Commission (SEC) has revised its lawsuit against Binance. It has backed down on its claim that Solana (SOL), Cardano (ADA) and Polygon (MATIC) are unregistered securities. This development revealed in a new court filing, provides some relief to holders of these tokens.
The SEC has retracted its demand for a court ruling to classify tokens like Solana as securities. The regulator has informed the defendants—Binance Binance.US and former CEO Changpeng Zhao—that it plans to amend its complaint regarding these tokens. This is according to a joint status report dated July 30.

While this suggests a potential shift in SEC’s stance on crypto asset securities, it doesn't mean unregistered security allegations are entirely dropped. The court may still need to decide if SOL ADA, MATIC, and other tokens qualify as securities. This amendment aims to avoid the current ruling on these tokens’ status.
The SEC initially filed 13 charges against Binance and Changpeng Zhao in early June 2023. They accused them of commingling customer funds and evading U.S. securities laws. The original complaint also named Filecoin (FIL) Cosmos (ATOM), The Sandbox (SAND) Decentraland (MANA), Algorand (ALGO) Axie Infinity (AXS) and Coti (COTI) as unregistered securities.
If the SEC ultimately dismisses its claims that SOL and other tokens are securities, it could pave the way for more crypto exchange-traded funds. This would be beyond Ethereum. Asset managers like VanEck and 21Shares have already filed to list spot Solana ETFs in the U.S. Ripple CEO Brad Garlinghouse predicted multiple altcoin ETFs could launch in the U.S. this year.
However, some industry experts remain skeptical. BlackRock’s Head of Digital Assets, Robert Mitchnick suggested that while spot ETH ETFs recently arrived on Wall Street, other crypto-based ETFs might not follow soon.
The SEC’s decision to withdraw allegations against Solana, Cardano, and Polygon could provide boost to these tokens. This may also influence future regulatory and market developments. As SOL aims for $200, the crypto community will be watching closely. They want to see how this legal revision impacts broader market trends
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