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The United States securities regulator hasn’t necessarily let Solana off the hook as a security despite retracting its request for a court to decide on the matter as part of its Binance lawsuit on July 30.
“There is no reason to think SEC has decided SOL is a non-security,” <a href="https://x.com/jchervinsky/status/1818295226311606448" target="_blank" rel="noopener noreferrer nofollow">said</a> Jake Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund in a July 30 X post.
Chervinsky’s post refers to the latest response from the Securities and Exchange Commission, seeking to amend its complaint regarding the “Third Party Crypto Asset Securities.” Essentially telling the court it is <a href="https://cointelegraph.com/news/sec-drops-ruling-request-security-token-claims-binance-lawsuit" rel="noopener noreferrer nofollow">no longer asking</a> to determine whether the tokens listed in the lawsuit are securities or not.
While Chervinsky didn’t expand on what that “litigation tactic” may be, he <a href="https://x.com/jchervinsky/status/1818295226311606448" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> that the SEC still refers to the same tokens as securities in other <a href="https://cointelegraph.com/news/us-sec-crypto-exchange-coinbase-complaints-appeals-court" rel="noopener noreferrer nofollow">crypto exchange lawsuits,</a> including its one with Coinbase.
In separate posts, Miles Jennings, general counsel and head of decentralization at a16z Crypto, and Justin Slaughter, policy director at Paradigm,&nbsp;<a href="https://x.com/milesjennings/status/1818343679079465159" target="_blank" rel="noopener noreferrer nofollow">appeared</a>&nbsp;to agree.
Slaughter <a href="https://x.com/JBSDC/status/1818291109669286086" target="_blank" rel="noopener noreferrer nofollow">argued</a> that many are “overreading this filing” and that it doesn’t mean the SEC has decided that Solana and other tokens are not securities.
Jennings explained that Judge Amy Berman Jackson had set such a high bar to establish the <a href="https://cointelegraph.com/news/what-are-the-howey-test-and-its-implications-for-cryptocurrency" rel="noopener noreferrer nofollow">Howey test</a> in the Binance case that it wasn’t worth the SEC’s time and effort to prove these tokens are securities.
Judge Katherine Polk Failla in the Coinbase lawsuit seems more “inclined” to agree with the SEC’s position — therefore, it isn’t worth making the same request made in the Binance lawsuit.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/ff3c3956-773b-452e-a5d0-98f4af655348.png" alt="SEC likely still believes SOL is a security, say crypto execs">
 <figcaption style="text-align: center;">Source: Miles Jennings
 </figcaption>
</figure>
Jennings says he isn’t convinced that the SEC has mounted a strong enough case to establish the connection between <a href="https://cointelegraph.com/news/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security" rel="noopener noreferrer nofollow">token sales on secondary markets</a> and the managerial efforts of token issuers.
Related:<a href="https://cointelegraph.com/news/artists-sue-sec-over-confusing-nft-security-status" rel="noopener noreferrer nofollow"> Artists sue SEC over confusing security status of NFTs</a>
“Obviously, I’m speculating about their political motive, but that speculation is informed by information I’m privy to about the SEC’s behavior behind closed doors,” he added.
<h2 id="which-tokens-are-affected">Which tokens are affected?</h2>
In its suit against Binance, the SEC<a href="https://cointelegraph.com/news/sec-labels-61-cryptocurrencies-securities-after-binance-suit" rel="noopener noreferrer nofollow"> claimed several tokens</a> were securities.
The list includes Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>), BNB (<a href="https://cointelegraph.com/binance-coin-price-index" rel="noopener noreferrer nofollow">BNB</a>), Cardano (<a href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow">ADA</a>), Polygon (<a href="https://cointelegraph.com/polygon-price-index" rel="noopener noreferrer nofollow">MATIC</a>), Sandbox (<a href="https://cointelegraph.com/the-sandbox-sand-price-index" rel="noopener noreferrer nofollow">SAND</a>), Decentraland (<a href="https://cointelegraph.com/decentraland-mana-price-index" rel="noopener noreferrer nofollow">MANA</a>) and Axie Infinity (<a href="https://cointelegraph.com/axie-infinity-axs-price-index" rel="noopener noreferrer nofollow">AXS</a>).
The SEC has at one point,&nbsp;<a href="https://cointelegraph.com/news/sec-labels-61-cryptocurrencies-securities-after-binance-suit" rel="noopener noreferrer nofollow">claimed at least 68 tokens</a> are securities, affecting more than $100 billion worth of cryptocurrencies in the market.
Magazine:<a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/" rel="noopener noreferrer nofollow"> THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

SEC likely still believes SOL is a security, say crypto execs

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