Token

Solana

United

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 <li><strong>The SEC plans to amend its lawsuit to better address the classification and regulation of third-party crypto-asset securities, potentially impacting the handling of 12 major tokens including BNB, Solana, and others.</strong></li>
 <li><strong>Following a favorable ruling for Binance US on certain tokens, the SEC and defendants are now outlining their next steps, with proceedings expected to extend over several months.</strong></li>
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<h2 id="sec-to-bolster-crypto-token-lawsuit-with-revised-claims">SEC to Bolster Crypto Token Lawsuit with Revised Claims</h2>
<p>The landscape of cryptocurrency regulation in the United States is poised for a significant transformation as the Securities and Exchange Commission (SEC) gears up to refine its legal stance against a swath of major digital tokens. The impending adjustments to the SEC’s lawsuit, including a focus on tokens like <a href="https://www.ethnews.com/tequila-token-to-launch-on-solana-blockchain-at-1700-utc-on-july-30-2024/" rel="noopener noreferrer nofollow">Solana</a> and those traded by Binance US, underscore a strategic shift designed to enhance the clarity and enforceability of crypto regulations.</p>
<p>At the heart of this legal maneuvering is the SEC’s intention to request permission to amend its complaint <a href="https://www.ethnews.com/artificial-intelligence-spots-solana-killer-altcoins-set-for-3500-surge-heres-why/" rel="noopener noreferrer nofollow">to incorporate</a> provisions related to “third-party crypto-asset securities.” This legal category pertains to securities based on crypto assets that are issued and managed by entities other than the asset holders themselves. The proposed adjustments are likely to relieve courts from having to decide the validity of claims related to these tokens at this stage, thereby streamlining the legal process.</p>
<p>Currently, the specifics of these amendments remain under wraps. Initially, the SEC’s complaint had asserted that, in addition to BNB and Binance USD (BUSD)—two of the tokens offered by <a href="https://www.ethnews.com/recent-developments-in-binance-usd-busd-after-sec-decision/" rel="noopener noreferrer nofollow">Binance</a>—other prominent tokens such as Cosmos (ATOM), Solana (SOL), and Polygon (MATIC) should be classified as securities.</p>
<h2 id="response-and-legal-strategy">Response and Legal Strategy</h2>
<p>The response from the defendants, which includes Binance Holdings Limited and its U.S. entities, hinges on viewing the revised complaint before agreeing to any disclosure procedures. This stance <a href="https://www.ethnews.com/crypto-trader-known-for-predicting-solanas-10x-rise-says-cybro-zro-and-jup-could-climb-up-to-3500-after-ethereum-price-levels-out/" rel="noopener noreferrer nofollow">sets</a> the stage for a meticulous legal battle, where each party’s submissions will likely influence the regulatory framework surrounding cryptocurrencies in the U.S.</p>
<p>The procedural timeline involves the SEC submitting an amended complaint, <a href="https://www.ethnews.com/why-binance-coin-bnb-holders-are-switching-to-rollblock-rblk-for-higher-returns/" rel="noopener noreferrer nofollow">followed by</a> a response from the defendants either acknowledging or contesting the allegations. The SEC will then counter-support its amended petition, leading to a series of replies and objections from the defendants. This iterative process is expected to span approximately five to six months, culminating in a final response from the SEC to address any objections raised.</p>
<h2 id="recent-judicial-developments">Recent Judicial Developments</h2>
<p>Complicating the narrative, a recent ruling on July 11 by Judge Amy Berman Jackson dismissed SEC claims against Binance US regarding the BUSD, Simple Earn, and secondary BNB sales, <a href="https://www.ethnews.com/solanas-path-to-etf-approval-market-predictions-and-expected-outcomes-for-crypto-investors/" rel="noopener noreferrer nofollow">suggesting</a> that the programmatic sale of these virtual currency tokens does not constitute a security. This decision has set a preliminary benchmark in the ongoing debate over the classification of digital currencies under U.S. securities law.</p>
<p>As stakeholders in the cryptocurrency and legal communities watch closely, the SEC’s strategy to amend its complaint could <a href="https://www.ethnews.com/binance-surpasses-200-million-users-5thscape-aims-for-1-this-june/" rel="noopener noreferrer nofollow">signal</a> a new phase in the regulatory oversight of digital assets, shaping the future interactions between financial law and innovative technologies.</p>
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<p>The post <a href="https://www.ethnews.com/sec-sharpens-case-against-crypto-tokens-including-solana-and-binance-in-the-u-s/" rel="noopener noreferrer nofollow">SEC Sharpens Case Against Crypto Tokens, Including Solana and Binance in the U.S.</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

SEC Sharpens Case Against Crypto Tokens, Including Solana and Binance in the U.S.

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