TL; DR
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The SEC is looking to amend certain parts of its case against Binance, particularly those that allege that a range of “third-party crypto assets” (including Solana, Polygon, and Cardano) are actually unregistered securities.
Full story
Solana holders, rejoice!
The SEC may be on the verge of dropping its charges that SOL is an unregistered security (alongside other cryptocurrencies like Polygon and Cardano).
The SEC is looking to amend certain parts of its case against Binance, particularly those claiming that a range of “third-party crypto assets” are actually unregistered securities.
This doesn’t mean they’re dropping the charges as a whole – just in this specific case.
Basically they are saying, “we are not going to fight this issue here and now.”
That can mean many things, the shortlist of which looks like this:
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The SEC does not feel this can be proven in court at this time
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The SEC is concerned that a judge will rule against them and issue a legal precedence that says, ‘These tokens are’ not effects’
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The SEC is quietly tapering off its attack on crypto due to mounting political pressure
Either way, it’s a short-term win for crypto holders!
Let’s hope this translates into a definitive long-term victory soon 🤞