SEC to Withdraw Demand for Solana and Other Assets to Be Recognized as Securities

The U.S. Securities and Exchange Commission (SEC) intends to seek amendments to its initial lawsuit against Binance. The proposal could potentially affect the need for a court decision on whether assets like Solana are considered securities.

“The amendments will eliminate the need to render a verdict on the sufficiency of the allegations regarding these tokens at this time,” the motion states.

The SEC filed the statement on July 29 in response to a court order from July 9, which required representatives of the agency and the company to agree on a proposed schedule for further proceedings. This document must specify the deadlines for filing a motion to amend the complaint, the order states.

In June 2023, the regulator filed a lawsuit against the bitcoin exchange and its CEO Changpeng Zhao.

In addition to SOL, the Commission also classified the following assets as securities: BNB, BUSD, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, and AXS.

Earlier, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia partially dismissed the SEC’s lawsuit against Binance, but most of the allegations will be considered.

She granted the exchange’s motion to dismiss the agency’s claims regarding secondary sales of the BNB token, the offering of the BUSD stablecoin, and the Simple Earn product.

The consideration of the SEC’s allegations concerning the ICO and subsequent sales of BNB by the platform, the BNB Vault program, failure to register, and non-compliance with anti-fraud rules will continue. The same applies to the staking service on Binance.US.