US SEC Amends Binance Lawsuit, No Ruling Needed to Classify Solana as Security

• The U.S. SEC has decided to amend its complaint in the Binance lawsuit regarding the status of third-party crypto asset securities.
• This amendment means there is no court ruling required to address the allegations against cryptos like Solana at this moment.
• This decision comes on the heels of a recent court order that declared BNB is not a security.

The U.S. SEC has revised its complaint in the Binance lawsuit, omitting the need for a court ruling on certain crypto asset securities like Solana, following a recent decision that BNB is not considered a security.

SEC Amends Complaint in Binance Lawsuit

The latest development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Binance involves an amendment to the SEC’s complaint. Originally, the complaint included allegations that certain third-party crypto assets were securities. However, the SEC has now informed the court that it seeks to revise its complaint, indicating that a court ruling to verify these tokens as securities is unnecessary at this point.

Implications of Recent Court Rulings

This strategic decision by the SEC follows a series of recent court orders. Notably, the court ruled that BNB and secondary sales of BUSD are not securities. This order has provided some level of relief for other crypto assets named in the SEC’s initial complaint, such as Solana (SOL), Cardano (ADA), and Polygon (MATIC). These assets, for the time being, do not require a judicial determination of their status as securities.

Scheduling and Legal Proceedings

The parties involved have agreed upon a proposed schedule for the briefing on the motion to amend and other related pleadings. The deadlines for filing these motions and pleadings are set within the next 30 days. This agreement reflects a coordinated effort to address and streamline the legal processes involved.

Conclusion

In conclusion, the SEC’s decision to amend its complaint without requiring a court ruling on certain crypto assets signifies a significant legal maneuver in its case against Binance. With recent court orders providing temporary relief for some tokens, the focus now shifts to the upcoming deadlines for the proposed schedule of briefings. This case continues to evolve, and the crypto community will be keenly observing the developments for their potential impact.