SEC Relents on Allegations Against Solana, Cardano, and Polygon in Binance Lawsuit 🚫
If you hold SOL, ADA, or MATIC, you can breathe a bit easier—the SEC has decided to pause its claim that these tokens are unregistered securities in the ongoing legal battle with Binance. The regulator seeks to modify its lawsuit to exclude allegations against these “third party crypto assets.” However, the situation is not completely resolved yet for these tokens.
What Does the SEC’s Amendment Mean for You? 🤔
– The SEC’s decision to amend the lawsuit does not equate to dropping the unregistered security accusations against SOL, ADA, and MATIC.
– This update simply postpones a judgment on the validity of these claims for now, according to the recent court filing.
– While this development offers temporary relief, the court may still need to rule on whether these tokens meet the criteria for being classified as securities in the future.
Other Tokens Under SEC Scrutiny 🔍
– In its initial complaint, the SEC also implicated FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as unregistered securities alongside SOL, ADA, and MATIC.
– The lawsuit, filed against Binance and its CEO in June 2023, included multiple charges ranging from funds mismanagement to alleged violations of U.S. securities laws.
Legal Maneuvers and Ongoing Disputes 🤼♂️
– A recent court ruling dismissed certain allegations related to Binance’s BNB token sales but allowed other charges, including those against Binance.US, to proceed.
– Binance.US emphasized its commitment to compliance with the limited regulatory guidance available to the crypto industry.
– The legal battle continues as both parties debate the timeline for evidence disclosure and discovery proceedings.
Hot Take: What to Expect Next? 🌶️
As the SEC and Binance engage in negotiations over discovery processes and evidence sharing, the fate of tokens like SOL, ADA, and MATIC remains uncertain. Stay tuned for further developments in this high-stakes legal showdown.
Sources:
– [SEC Court Filing](https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.253.0.pdf)
– [SEC Original Complaint](https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf)
– [Binance Statement on Twitter](https://x.com/BinanceUS/status/1807905912231022593)
– [Binance.US Twitter Update](https://twitter.com/BinanceUS/status/1807905912231022593?ref_src=twsrc%5Etfw)
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