SEC Amends Currency Security Litigation to Deem Solana No Longer a Security

SEC Modifies Complaints Against Coin, Binance.US and CZ for Third-Party Crypto Asset Securities in Latest Legal Developments. Stay tuned for updates on key initiatives in the ongoing legal battle in the U.S. over the regulation and classification of digital assets.

• SEC: No Court Ruling Needed on Crypto Asset Securities
• SEC and Coin Competing Proposals on Discovery

SEC: No Court Ruling Needed on Crypto Asset Securities

Critically, the SEC has indicated that there is no immediate need for the court to issue a ruling to prove the allegations against these crypto tokens. This is a significant development as it suggests that the SEC may be reassessing its position on the classification of certain crypto assets as securities.

The move comes on the heels of a recent court order that the Coin native token BNB is not a security and a minute order issued on July 9th. The

In view of these developments, the parties concerned have agreed to the proposed timetable for notification of motions to amend complaints and related pleadings. The deadline for the process is set at 30 days to provide a degree of certainty and clarity for all parties involved.

This news provides partial relief for crypto assets such as Solana (SOL), Cardano (ADA) and Polygon (MATIC), which were mentioned in the SEC complaint. However, it is worth noting that other tokens including FIL, ATOM, SAND, MANA, ALGO, AXS and COTI are still alleged to be securities by the SEC.

SEC and Coin Competing Proposals on Discovery

The dispute centered on discovery, with Coin arguing that they could not agree to initiate discovery without first interviewing and analyzing the full scope of the SEC’s proposed amended complaint. This position was resisted by the SEC, which claimed that the parties had agreed to move forward with discovery regardless of how the complaint was amended.

The appointment of Jeremy M. Christiansen as counsel in the case has given CoinSafe a boost in the midst of an ongoing legal dispute. With his expertise and experience, Christiansen will play a key role in defending Coin’s interests and ensuring that its rights are protected throughout the legal process.