TL;DR
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The SEC wants to amend certain parts of its case against Binance, specifically, the parts that allege a range of “third party crypto assets” (inc. Solana, Polygon and Cardano) are actually unregistered securities.
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Solana holders, rejoice!
The SEC might be about to drop its allegations that SOL is an unregistered security (alongside other cryptocurrencies like Polygon and Cardano).
The SEC wants to amend certain parts of its case against Binance, specifically, the parts that allege a range of “third party crypto assets” are actually unregistered securities.
Now, this doesn’t mean they’re dropping the allegations as a whole — just in this specific case.
Basically, they’re saying “we’re not going to fight this point here and now.”
Which could mean many things, the shortlist of which look like this:
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The SEC doesn’t feel like it can be proven in court at this time
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The SEC is worried that a judge will rule against them and set a legal precedence that says ‘these tokens are not securities’
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The SEC is quietly walking back its attack on crypto as a result of growing political pressure
Either way, its a short term win for crypto holders!
Let’s hope it translates into a definitive long term win some time soon 🤞
