The United States Securities and Exchange Commission (SEC) has requested to modify its original complaint against Binance, which could delay a crucial decision on whether certain cryptocurrencies are considered securities under the country's laws.
On July 30, the SEC informed the cryptocurrency platform of its intention to request permission to amend its complaint, including the part in which it alleges that some cryptocurrencies, such as Solana (SOL), Cardano (ADA) and Polygon (MATIC ), are considered securities under US law.
The SEC filed several charges against the cryptocurrency platform and its founder and former CEO, Changpeng Zhao, arguing that it had violated securities laws by trading certain crypto assets that met the Howey test and therefore should be considered values or “securities”.
However, in a recent document filed jointly with Binance in the District of Columbia Court, the SEC has indicated its intention to amend the complaint, which would “prevent the need for the Court to issue a ruling on the sufficiency of the allegations regarding those tokens at this time.” ».
SEC drops charges in strategic move
Although the SEC has not provided details on the reasons behind this request for modification in the lawsuit against Binance, some analysts suggest that it could be a strategy to strengthen its case. By deferring the classification of these tokens as securities, the SEC could be seeking more time to gather evidence and build stronger arguments to support its lawsuit.
However, on the other hand, this decision could also indicate a possible change in the SEC's approach towards cryptocurrency regulation. Rather than seeking a generalized definition of “value,” the agency could be choosing to evaluate each token individually, based on the specific circumstances of its offering and sale.
Podcast host Tony Edward argued on X that the US securities regulator could be capitulating on its aggressive approach to cryptocurrencies. “The SEC was being disingenuous by throwing random tokens into lawsuits against exchanges without stating why those tokens were securities,” said Edward.
Optimism in the cryptocurrency market
The SEC's decision to postpone the classification of these tokens as securities has generated a wave of optimism in the cryptocurrency market. Although the lack of regulatory clarity remains an obstacle to the widespread adoption of cryptocurrencies in the United States, this strategic move by the SEC could have significant implications for the future of the crypto industry in the country.
This news also seems to be positive for Ripple, which has been facing charges from the SEC since 2020. Experts have noted that the XRP and blockchain payment solutions company could be close to a victorious end in its legal battle with the securities regulator, considering that this week Judge Analisa Torres could issue her final ruling on said lawsuit.
