The United States Securities and Exchange Commission (SEC) is gradually becoming lenient towards cryptocurrencies. In a new development, the Commission decided to amend its securities complaint in the Binance lawsuit regarding third-party digital assets like Solana (SOL).
Solana, Cardano and MATIC Not Securities In Binance Lawsuit
Precisely, the regulator does not need the US District Court for the District of Columbia to prove that Solana is a security in the Binance lawsuit. The SEC initially filed this complaint with the court in opposition to the crypto exchange’s motion to dismiss. The sudden change of mind came after the court ruled that BNB is not a security on July 9. The BUSD secondary sales are also not securities, according to the court’s ruling.
The regulator sued Binance and Changpeng ‘CZ’ Zhao, who is now serving a four-month jail term. They faced charges for offering unregistered securities including Filecoin (FIL), Algorand (ALGO), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS) and COTI (COTI).
So far, Binance and SEC have agreed to a proposed schedule for filing a motion to amend in addition to other related pleadings. Noteworthy, this action has a deadline within the next 30 days. Apart from Solana, the partial relief for crypto assets include also included coins like Cardano (ADA), and Polygon (MATIC).
SEC Had a Change of Mind
It is worth noting that after the SEC made a positive move on Ethereum ETFs, which equally surprised the crypto ecosystem. This is another proof the regulator is showing leniency towards the sector. First, the regulator permanently pulled down its probe into Ethereum 2.0. This means the regulator will not file any lawsuit claiming the sales of ETH at any time constitute a securities offering.
Similarly, the Commission terminated the three-years long investigation into the Stacks (STX) and Hiro System, which is associated with the blockchain. All these moves suggest a total pivot on the part of the SEC.
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