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The US Securities and Exchange Commission (SEC) has recently amended its complaint in the lawsuit against Binance, delivering significantly bullish news for Solana (SOL) and Cardano (ADA).<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c401ea7045ad4740a2b9529d468dc9e1.png" />This amendment involves a key change in the classification of ten cryptocurrencies, including Solana and Cardano. Initially, these cryptocurrencies were classified as securities in the SEC’s extensive legal action against Binance and its former CEO, Changpeng Zhao. This adjustment could have positive implications for Solana and Cardano, <a href="https://cryptosheadlines.com/potential-impact-chinese-coins-as-key-players-in-the-crypto-market/" rel="noopener noreferrer nofollow">potentially impacting their market</a> positions and investor sentiment.<h3 id="background-of-sec-lawsuit-against-binance">Background of SEC Lawsuit Against Binance</h3>The original complaint, filed on June 5, 2023, by the SEC, targeted Binance and its US affiliate, BAM Trading Services Inc. The charges focused on allegations that these entities operated without the required registrations to function as national securities exchanges, broker-dealers, and clearing agencies.According to the SEC, this lack of registration allowed <a href="https://cryptosheadlines.com/binance-adds-doge-tusd-trading-pair-to-its-platform/" rel="noopener noreferrer nofollow">Binance to run an unregulated trading platform</a>, which exposed US investors to significant risks and allegedly misled them about the security and regulatory oversight of their investments.<h3 id="sec-amends-binance-lawsuit-affecting-crypto-classification">SEC Amends Binance Lawsuit, Affecting Crypto Classification</h3>On July 30, the SEC filed an amendment to its complaint concerning “Crypto Asset Securities,” which adjusts the immediate need for the court to rule on the sufficiency of allegations related to certain tokens. This update aims to address the concerns raised in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss, thereby removing the necessity for the court to assess these allegations at this time.The amended complaint notes, “The SEC informed Defendants that it intends to seek leave to amend its Complaint, specifically regarding the ‘Third Party Crypto Asset Securities’ as defined in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss, Dkt. No. 172.” This change eliminates the need for immediate court review of the allegations concerning these tokens.<a href="https://cryptosheadlines.com/hamster-kombat-fixing-account-issues-amid-server-and-database-problems/" rel="noopener noreferrer nofollow">Also Read: Hamster Kombat: Fixing Account Issues Amid Server and Database Problems</a>Initially, the <a href="https://cryptosheadlines.com/sec-designates-61-cryptocurrencies-as-securities-in-binance-lawsuit/" rel="noopener noreferrer nofollow">SEC had designated ten cryptocurrencies as securities</a>, including Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI (COTI).<h3 id="market-reaction-to-sec-s-crypto-classification-amendment">Market Reaction to SEC’s Crypto Classification Amendment</h3>Despite the SEC’s recent decision to amend its classification of certain cryptocurrencies, the market has shown minimal reaction. As of now, Solana’s price has dropped by 5.5%, and Cardano has decreased by 4.5% over the past 24 hours. Other cryptocurrencies initially labeled as securities by the SEC have similarly experienced no significant changes in their market values. This muted response aligns with the broader market sentiment, which has been impacted by negative news about Bitcoin, particularly the potential US government sale of up to 29,800 BTC.DeFi^2 (&#64;DefiSquared), a leading crypto trader on Bybit, commented on X, noting that the market seems to have underreacted to what could be a significant development. They highlighted potential short-term effects, such as an imminent Robinhood re-listing, and long-term benefits, including improved <a href="https://cryptosheadlines.com/prospects-of-ethereum-etf-approval-impact-on-prices/" rel="noopener noreferrer nofollow">prospects for new ETF approvals</a>.Additionally, the Cboe has formally requested the SEC’s approval for a Solana-based ETF, through filings submitted by asset managers VanEck and 21Shares. This request, made in early July, aims to list these <a href="https://cryptosheadlines.com/xrp-advocates-regulatory-skill-aligns-with-expected-ethereum-etf-approval/" rel="noopener noreferrer nofollow">ETFs contingent on regulatory approval</a>.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

SEC Lawsuit Amendment Boosts Solana and Cardano

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