US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security

In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, Binance.US and co-founder Changpeng Zhao, the US SEC has decided to amend its complaint regarding third-party crypto asset securities.

No Need For Court Ruling On Crypto Asset Securities: US SEC

In the joint status response filed in the US District Court for the District of Columbia on July 30, both the SEC informed the defendants that it wants to amend its complaint, including concerning the third-party crypto asset securities, as filed earlier in opposition to Binance’ motion to dismiss.

The US SEC asserts there is no need for the court to issue a ruling to prove the allegations on those crypto tokens at this time. The move comes after the court’s order that BNB is not a security and minute order on July 9. The BUSD secondary sales are not securities.

Furthermore, the parties met and conferred and have agreed to a proposed schedule for briefing on a motion to amend and related pleadings. The deadlines for motion to amend and related pleadings are within 30 days.

This provided partial relief for crypto assets including Solana (SOL), Cardano (ADA), and Polygon (MATIC) that were mentioned in the SEC complaint. Other tokens alleged as securities by the SEC include FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

SEC And Binance Have Competing Proposals on Discovery

Binance reveals the US SEC’s proposed amendment to the complaint was not disclosed to defendants until 11:53 PM ET on July 29. It suggests that they intend amendments beyond the claims concerning the third-party tokens.

Defendants claim the SEC added new language falsely stating that the parties agreed to commence with discovery after the SEC files a proposed amended complaint.

“Defendants were unwilling to agree to the commencement of discovery, claiming they cannot agree to the commencement of discovery without reviewing the SEC’s proposed amended complaint.”

Meanwhile, a notice is filed by Jeremy M. Christiansen to appear as counsel in the crucial lawsuit on behalf of Binance Holdings.

Also Read: Mt. Gox Prepares to Move the Rest of 80.5K Bitcoins, BTC Under Pressure

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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