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SEC puts a pin in Solana securities allegation 📌

The U.S. regulator wants to amend its Binance lawsuit to shelve allegations against "third party crypto assets" including SOL, ADA, and MATIC.

Author

Stephen Graves
July 30, 2024

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📝 What you need to know

The U.S. Securities and Exchange Commission (SEC) wants to table its allegation that “third party crypto assets” including Solana, Cardano and Polygon are unregistered securities in its lawsuit against crypto exchange Binance, according to a new court filing.

But they aren't entirely out of the woods just yet. The judge overseeing the case may yet need to rule on whether SOL, ADA, MATIC and a handful of other tokens meet the threshold to be considered securities.

Last month, the judge granted a motion from Binance to dismiss charges tied to secondary sales of its BNB exchange token and Simple Earn program. But the judge said that other charges, including those against the exchange's U.S. arm, Binance.US, would proceed.

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“I'm not going to be promoting crypto—at most, in a joking way. If you see me pumping crypto, it's not me. I do think there's some merit in Bitcoin and maybe some of the other crypto, and I sort of have a soft spot for Dogecoin, because I just like dogs and memes.”

— Elon Musk, CEO, Tesla

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UNFK is gearing up for the next phase of its campaign with the release of its web app—and a meme competition directed at crypto’s favorite regulator, U.S. Securities and Exchange Commission (SEC) chair Gary Gensler, with up to $10,000 in SOL up for grabs.

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