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The U.S. SEC has decided to pause its allegations that the native crypto assets of Solana, Cardano and Polygon are unregistered securities in its ongoing lawsuit against Binance.
The U.S. Securities and Exchange Commission has indicated its intention to pause allegations that Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>), Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noopener noreferrer nofollow">ADA</a>) and Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noopener noreferrer nofollow">MATIC</a>) are unregistered securities.
The <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> filed a <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.253.0.pdf" target="_blank" rel="noopener noreferrer nofollow">joint status report</a> in the U.S. District Court for the District of Columbia, dated July 29, that reveals plans to amend its complaint against crypto exchange giant <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, including changes to “third party crypto asset securities.” This move could offer temporary relief to the aforementioned assets, which have been under intense scrutiny and faced delistings from trading platforms due to the case and implied regulatory uncertainty.
According to the joint response, the SEC and Binance have agreed on a schedule for briefing the motion to amend and related pleadings, with the SEC’s motion to amend due within 30 days of the court’s scheduling order. For now, investors in SOL, ADA and MATIC can breathe a tentative sigh of relief, although the judge may still need to rule on whether these tokens should be deemed securities in the U.S.
You might also like: <a href="https://crypto.news/solana-cardano-mentioned-widely-in-secs-lawsuit-against-kraken/" rel="noopener noreferrer nofollow"> Solana, Cardano mentioned widely in SEC’s lawsuit against Kraken </a>
Despite the news, SOL is down over 5% on the day, while ADA and MATIC saw 24-hour losses of around 4% and -1% respectively, according to data from <a href="https://crypto.news/market-cap/" target="_blank" rel="noopener noreferrer nofollow">crypto.news.</a>
In June 2023, the SEC filed&nbsp;<a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/" target="_blank" rel="noopener noreferrer nofollow">lawsuits</a>&nbsp;against Binance and <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>, accusing the exchanges of facilitating the trading of unregistered securities. In the <a href="https://crypto.news/coinbase-seeks-appeal-sec-case-crypto-classification/" target="_blank" rel="noopener noreferrer nofollow">lawsuits</a>, both of which have yet to be resolved, the financial watchdog stated that other tokens such as Dash (<a target="_blank" rel="noopener noreferrer nofollow">DASH</a>), Filecoin (<a target="_blank" rel="noopener noreferrer nofollow">FIL</a>), and NEAR Protocol (<a target="_blank" rel="noopener noreferrer nofollow">NEAR</a>) should be classified as securities as well.
Following the SEC’s claims, the Solana Foundation and Polygon Labs publicly <a href="https://crypto.news/solana-polygon-challenge-us-secs-classification-of-sol-and-matic-as-securities/" target="_blank" rel="noopener noreferrer nofollow">disagreed</a> with the SEC’s assessment, emphasizing their commitment to operating outside of U.S. markets. Despite their stance, platforms like Robinhood and Revolut proceeded to <a href="https://crypto.news/robinhood-to-cut-support-for-cardano-polygon-and-solana/" target="_blank" rel="noopener noreferrer nofollow">delist</a> the tokens targeted by the SEC.
Read more: <a href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/" rel="noopener noreferrer nofollow"> Goodbye, Gary: Donald Trump vows to fire SEC chief if elected </a>

SEC pauses securities allegations against Solana, Cardano and Polygon in Binance lawsuit

crypto.news

Other articles published on Jul 30, 2024

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