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

Highlights

US SEC has decided to amend its complaint in Binance lawsuit regarding third-party crypto asset securities.
There is no need for the court to issue a ruling to prove the allegations on crypto such as Solana at this time.
The move comes after the court’s recent order that BNB is not a 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. The agency will alter the complaint regarding third-party crypto asset securities such as Solana, Cardano, and Polygon, claiming that the court doesn’t need to prove their security status currently.

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, 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 earlier that BNB is not a security and minute order on July 9. Moreover, 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 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 agency 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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