Solana

Security

Status

<ul>
 <li>SEC amends its complaint against Binance, potentially altering the securities status of Solana and other tokens.</li>
 <li>A shift by the SEC could boost crypto ETFs tied to altcoins like Solana, with firms VanEck and 21Shares planning U.S. Solana ETFs.</li>
 <li>The U.S. District Court previously ruled BNB isn’t a security, providing a potential legal precedent for other cryptocurrencies like Solana.</li>
</ul>
The Securities and Exchange Commission (<a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>) is restructuring its legal approach to Binance. This could alter the landscape for Solana (SOL) and other cryptocurrencies.&nbsp;
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 SEC TO AMEND BINANCE COMPLAINT: POTENTIAL IMPACT ON SOLANA (SOL)? – The U.S. Securities and Exchange Commission (SEC) is amending its complaint against Binance, Binance US, and former CEO Changpeng Zhao. Key Points: – The SEC aims to redefine "third-party crypto asset… <a href="https://t.co/HhUc0Hy8fC" rel="noopener noreferrer nofollow">https://t.co/HhUc0Hy8fC</a> <a href="https://t.co/bmZQvf61kc" rel="noopener noreferrer nofollow">pic.twitter.com/bmZQvf61kc</a>— BSCN (@BSCNews) <a href="https://twitter.com/BSCNews/status/1818187404714377380?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
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The SEC is seeking to redefine parameters for what constitutes ‘third-party crypto asset securities’ in the <a href="https://cryptonewsland.com/binance-wins-key-court-battle-judge-dismisses-several-sec-charges-narrowing-legal-focus/" target="_blank" rel="noopener noreferrer nofollow">ongoing litigation</a> against Binance, Binance US and the exchange’s former CEO Changpeng Zhao.
The initial lawsuit by the SEC labeled ten cryptocurrencies, including SOL as securities. This re-evaluation could signal a shift in regulatory perspective. However, the SEC has not yet fully retreated from its original securities classification. The parties involved reached a consensus on a timeline for the amended complaint and subsequent legal proceedings. However, there is a divide over whether to begin discovery before finalizing amendment details.
A turn by the SEC to no longer consider SOL and similar tokens as securities might trigger the market. This is especially the case when it comes to crypto ETFs that operate outside of the Ethereum ecosystem and has been demonstrated by the <a href="https://cryptonewsland.com/cboe-seeks-sec-approval-for-first/" target="_blank" rel="noopener noreferrer nofollow">recent filings</a> by investment firms VanEck and 21Shares.
The District Court’s <a href="https://cryptonewsland.com/binance-secures-partial-victory-in-sec-lawsuit-discovery-phase-ends/" target="_blank" rel="noopener noreferrer nofollow">prior decision</a> which determined BNB is not security, has already set a precedent that could favor cryptocurrencies like SOL. This suggests that not all digital assets will be subject to stringent securities regulations. ... 
The post <a href="https://cryptonewsland.com/sec-revisits-binance-case-solanas-security-status-hangs-in-the-balance-can-sol-set-a-new-ath-soon/" rel="noopener noreferrer nofollow">SEC Revisits Binance Case, Solana’s Security Status Hangs in the Balance, Can SOL Set a New ATH Soon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

SEC Revisits Binance Case, Solana’s Security Status Hangs in the Balance, Can SOL Set a New ATH Soon?

Crypto News Land

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