The U.S. Securities and Exchange Commission (SEC) has taken a new step in its legal battle against Binance, Binance.US, and co-founder Changpeng Zhao.
The U.S. Securities and Exchange Commission (SEC) has filed a motion to revise its original complaint against Binance, Binance.US, and co-founder Changpeng Zhao.
This move comes after a court ruling denied Kraken’s effort to dismiss similar accusations.
The SEC has shifted its stance, now stating that ten major cryptocurrencies, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), aren’t considered securities.
The SEC initially filed a lawsuit against Binance in March, alleging that the company offered unregistered digital asset securities through the Binance Coin (BNB) Initial Coin Offering (ICO) in 2017.
The SEC also claimed that Binance.US, despite being a separate entity, was involved in the illegal activity.
Both Binance and Binance.US have denied the allegations.
In its revised complaint, the SEC acknowledged that tokens like Cardano and Solana aren’t automatically classified as securities.
This adjustment follows a court decision that rejected the SEC’s broad interpretation of crypto assets.
However, the regulator still insists that how these tokens are marketed could bring them under securities laws.
The court’s decision to push back on the SEC’s previous approach came after the Kraken case, where a similar broad classification was challenged.
In response, Binance has until Oct. 11 to address the SEC’s modified complaint.
Kraken Pushes Back, Demands Jury Trial
Kraken has filed for a jury trial on Sept. 12, escalating its defense against the SEC.
The crypto exchange argues that the SEC lacks the authority to regulate its platform because digital assets like Cardano and Solana are not securities.
Kraken’s legal filing claims that the SEC has overreached and lacks clarity in its regulatory approach.
However, the SEC continues to argue that the marketing of certain crypto assets could place them under U.S. securities law.
Ripple’s Chief Legal Officer, Stuart Alderoty, has highlighted the contradictions in the SEC’s shifting stance.
CoinBase CLO Paul Grewal also commented, noting that the regulator’s admission backs what the crypto industry has argued for years—that tokens themselves are not securities.
Cardano (ADA) and Solana (SOL) Bearish Despite SEC’s Shift
Cardano (ADA) and Solana (SOL) have remained bearish despite the SEC retracting its classification of these tokens as securities.
As of Sept. 12, Solana is trading at $132.62, marking a 1.66% decline over the past 24 hours.
Additionally, trading volume has dropped by 31.75%, with $1.35 billion changing hands.
Meanwhile, Cardano’s price has fallen by 1.38%, currently sitting at $0.3529.
At the same time, derivatives data shows a 48.97% decline in trading volume, now at $209.99 million, while open interest slid 2.77% to $187.13 million.
Cardano, meanwhile, saw a 1.38% drop, bringing its price to $0.3529.
Derivatives data showed a 48.97% drop in trading volume, now at $209.99 million, while open interest slid 2.77% to $187.13 million.
Above all, despite the regulatory shift, market conditions remain negative for both tokens, reflecting that other market factors might be at play.
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