United

DeFi

Axie Infinity

Drops

<div class="intro-text">
 The United States Securities and Exchange Commission (SEC) has withdrawn its request for a court to rule on whether certain tokens, mentioned in its lawsuit against Binance, should be classified as securities.&nbsp;
</div>
In a <a style="color: #0000ff;" href="https://www.courtlistener.com/docket/67474542/253/securities-and-exchange-commission-v-binance-holdings-limited/" rel="noopener noreferrer nofollow">filing submitted on July 30</a>, the SEC responded to the court’s minute order by seeking to amend its complaint related to “Third Party Crypto Asset Securities.” The agency stated that this amendment negates the need for a judicial ruling on the classification of these tokens at this time.
According to the SEC, this amendment eliminates the need for the court to rule on the adequacy of the allegations regarding these tokens at this time. Consequently, the agency is no longer seeking a court decision on whether the tokens in question are considered securities.
In its original lawsuit, the SEC had <a href="https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf" rel="noopener noreferrer nofollow">argued that several tokens,</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), were securities. The SEC’s broader stance, asserted in June 2023, <a style="color: #0000ff;" href="https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf" rel="noopener noreferrer nofollow">identified at least 68 tokens</a> as securities, impacting over $100 billion worth of cryptocurrencies in the market.&nbsp;
The recent filing suggests a shift in the SEC’s approach, as it no longer seeks immediate judicial determination on these tokens’ status.
The SEC’s retraction of its request for a ruling follows a challenge from Iowa’s Attorney General, Brenna Bird. <a href="https://defi-planet.com/2024/07/iowa-state-attorney-general-challenges-u-s-secs-authority-over-crypto-regulation-in-new-court-document/" rel="noopener noreferrer nofollow">On July 22, 2024, Bird, supported by attorneys general from Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, filed an amicus brief asserting that the SEC is overstepping its regulatory authority in the cryptocurrency sector.</a> The brief argues that the SEC’s enforcement actions are stifling innovation and could undermine state laws designed to protect consumers. It raises constitutional concerns under the Major Questions Doctrine and federalism, contending that regulation of the cryptocurrency industry requires explicit congressional authorization, which they argue the SEC lacks. Additionally, the brief claims that the SEC’s approach violates the Administrative Procedure Act (APA) by regulating through enforcement rather than a proper legislative framework.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/07/u-s-sec-drops-claims-that-sol-ada-and-matic-are-securities-in-binance-lawsuit/" rel="noopener noreferrer nofollow">U.S. SEC Drops Claims That SOL, ADA, and MATIC Are Securities in Binance Lawsuit</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

U.S. SEC Drops Claims That SOL, ADA, and MATIC Are Securities in Binance Lawsuit

DeFi Planet

31 Tem 2024 tarihli diğer yazılar

M2 ADGM Announces a New, Secure and Seamless UAE Bank Account Integration for UAE Residents to Bu...

Crypto Market Stabilizes with Key Supports

SEC Keeps Solana Security Status Unclear, Here’s What Experts Say

Andrew Left Pleads Not Guilty to Fraud Amidst Crypto Market Manipulation Charges

Toncoin (TON) Price Eyes $10 Amid Bullish Recovery In Crypto Market?

The PoLink Chrome extension is live now.

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!