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The SEC has decided not to request a court ruling on the status of SOL, ADA, MATIC, and other tokens as securities in its case against Binance, marking a significant shift in its regulatory approach.
SEC Revises Complaint
It has been announced that the US Securities and Exchange Commission (SEC) will not be requesting a court ruling regarding the status of the tokens that were mentioned in its case against Binance, a cryptocurrency exchange, as securities.
Following the court's minute order from July 9, 2024, the SEC responded on July 30, 2024. While opposing Binance's move to dismiss, the SEC stated its intention to revise its complaint with respect to the "Third Party Crypto Asset Securities" as specified in the filing.
So, "issue a ruling as to the sufficiency of the allegations as to those tokens at this time" is no longer necessary, says the SEC. As a result, the government agency is no longer requesting a ruling from the court on the status of the impacted tokens as securities.
Several tokens were alleged by the SEC to be securities in their lawsuit against Binance. Solana, Cardano, Binance USD (BUSD), The Sandbox, Decentraland, Axie Infinity, Cosmos, Polygon, and Coti (COTI) are all on the list.
Impact on Market Value
Per Cointelegraph, there is a longer list of tokens that the SEC considers securities, and these are just one of them. More than sixty-eight tokens were deemed securities by the SEC in June 2023, impacting over one hundred billion dollars' worth of market value of cryptocurrencies.
In response to presidential contenders' efforts to sway crypto-supporting Americans, the SEC has decided to back down from its original request for a ruling.
During his campaign for president on July 27, former US president Donald Trump promised to put an end to the war on cryptocurrency. Trump declared America will become the "crypto capital of the planet" during the 2024 Bitcoin conference in Nashville, Tennessee.
On his first day in office, the Republican presidential candidate promised to establish a council to advise him on cryptocurrency and Bitcoin and replace SEC Chair Gary Gensler. "Build the future, not block the future." That's what Trump stated when he announced his plans to select a new chairman.
Political Influence on Crypto Regulation
Oppositional perspectives on cryptocurrency are also starting to change. A group of House Democrats issued a letter to their party's leadership on July 27 urging them to adopt a "forward-looking approach" to blockchain technology and digital assets.
Advisors to Vice President Kamala Harris, who is running for president, responded to the letter by reaching out to cryptocurrency businesses in an effort to mend the party's relationship with the sector.
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