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<p>The United States Securities and Exchange Commission (SEC) has not explicitly declared&nbsp;<a href="https://www.thecoinrepublic.com/2024/02/23/solana-price-prediction-is-sol-looking-for-a-bounce-toward-120/" rel="noopener noreferrer nofollow">Solana</a>&nbsp;(SOL) a non-security. The SEC withdrew the demand for a court judgment in its lawsuit against&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/31/sec-plans-to-amend-binance-lawsuit-potential-impact-on-sol/" rel="noopener noreferrer nofollow">Binance</a>. Legal scholars have noted that the SEC’s position on Solana is still not clear.</p>
<p>Jake Chervinsky, the Chief Legal Officer at Variant Fund, also shared his thoughts on this matter. He mentioned that there is no reason to believe that the SEC does not consider Solana a security. Chervinsky thinks that the SEC’s decision is a litigation strategy rather than a policy change.</p>
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   <p lang="en" dir="ltr">There is no reason to think SEC has decided SOL is a non-security.<br><br>That they don't want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy.<br><br>Note the SEC still calls these tokens securities in the other exchange cases.</p>— Jake Chervinsky (@jchervinsky) <a href="https://twitter.com/jchervinsky/status/1818295226311606448?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
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<p>The latest court filing by the SEC aimed at modifying the complaint concerning “Third Party Crypto Asset Securities.” In the new position, the SEC no longer wants the court to make a decision on the tokens mentioned in the lawsuit, including Solana and other cryptocurrencies.</p>
<h2 class="wp-block-heading" id="h-legal-experts-say-sec-s-solana-stance-unclear"><strong>Legal Experts Say SEC’s Solana Stance Unclear</strong></h2>
<p>Miles Jennings, General Counsel at a16z Crypto, and Justin Slaughter, Policy Director at Paradigm, added their thoughts. They concurred with Chervinsky’s view on the SEC’s recent filing. Jennings noted that Judge Amy Berman Jackson’s high standard for the&nbsp;<a href="https://www.thecoinrepublic.com/2024/04/27/crypto-market-vs-sec-lawsuit-john-deaton-batting-for-coinbase/" rel="noopener noreferrer nofollow">Howey test</a>&nbsp;played a role in the SEC’s decision-making.</p>
<p>Jennings, however, questioned the SEC’s political agendas given his insider position. Slaughter also noted that the SEC’s recent action should not be overemphasized. He pointed out that the filing does not mean that Solana is fully safe or that there is a final word on Solana’s security.</p>
<p>The SEC sued Binance and accused it of selling securities, which included Solana, Binance Coin (BNB), and&nbsp;<a href="https://www.thecoinrepublic.com/2024/05/12/cardano-price-prediction-is-ada-ready-for-further-selloff/" rel="noopener noreferrer nofollow">Cardano</a>(ADA). At least 68 tokens have been deemed securities by the SEC at different times, thus affecting over $100 billion of cryptocurrencies in circulation.</p>
<h2 class="wp-block-heading" id="h-coalition-of-states-opposes-sec-s-crypto-actions"><strong>Coalition of States Opposes SEC’s Crypto Actions</strong></h2>
<p>A group of seven United States of America states, headed by the Iowa Attorney General Brenna Bird, has sued the SEC for regulating cryptocurrencies. The coalition comprises Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma states. It claims that the SEC’s actions limit innovation and are outside its jurisdiction.</p>
<p>The states filed an amicus brief against the SEC’s regulation attempts. They consider the SEC’s actions as an attempt to seize power and weaken the cryptocurrency sector. The coalition was formed to advocate for protecting the industry’s development and progress.</p>
<p>SEC Commissioner&nbsp;<a href="https://www.thecoinrepublic.com/2024/04/04/the-crypto-mom-hester-peirce-criticized-sec-for-crypto-regulation/" rel="noopener noreferrer nofollow">Hester Peirce</a>&nbsp;accused the agency of relying on enforcement to regulate the market. Peirce, known to hold a positive view towards cryptocurrencies, was well aware of the pressure on industry participants. According to her, this would help the industry concentrate on construction rather than the legal aspects of property.</p>
<h2 class="wp-block-heading" id="h-regulatory-body-closes-hiro-systems-investigation"><strong>Regulatory Body Closes Hiro Systems Investigation</strong></h2>
<p>The SEC recently ended a three-year probe into Hiro Systems and declined to bring an enforcement action against the company. This comes after the SEC recently closed another case involving stablecoin issuer&nbsp;<a href="https://www.thecoinrepublic.com/2023/01/23/paxos-collaborates-with-makerdao/" rel="noopener noreferrer nofollow">Paxos</a>.</p>
<p>The above findings draw from situations where the SEC declined to act against the cryptocurrency companies. The actions of the regulatory body define certain stages in the development of the institution’s relation to the crypto sphere. This could imply that there is a possibility that there has been a change or a halt in the use of forceful measures.</p>
<p>Nevertheless, the SEC’s general perception of cryptocurrencies, including Solana, is still rather vague. Legal professionals are still observing the SEC’s actions and strategies and its future moves. The current and future state of cryptocurrency regulation in the United States is hard to predict and has important consequences for the sector.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/31/secs-stance-on-solana-remains-ambiguous-how-will-sol-be-impacted/" rel="noopener noreferrer nofollow">SEC’s Stance on Solana Remains Ambiguous, How Will SOL be Impacted?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

SEC’s Stance on Solana Remains Ambiguous, How Will SOL be Impacted?

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