The SEC likely still believes Solana (SOL-USD) is a security, crypto execs reveal. On July 30, the US securities regulator pulled its request to classify Solana in its Binance lawsuit, leaving many puzzled.
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SEC’s Changing Tactics
“There is no reason to think SEC has decided SOL is a non-security,” said Jake Chervinsky, chief legal officer at Variant Fund, in a post on X. HAe pointed out the SEC’s shift in its latest court filing, which no longer seeks a verdict on whether these tokens are securities. This tweak has led some to think the SEC is softening its stance, but crypto insiders argue otherwise.
Overreading the Filing?
Miles Jennings from a16z Crypto and Justin Slaughter from Paradigm agree that people are overinterpreting the SEC’s filing. Slaughter mentioned, “It doesn’t mean the SEC has decided that Solana and other tokens are not securities.” Jennings highlighted that the SEC faces a high bar to prove these tokens as securities under the Howey test, especially in the Binance case.
What’s Next for Crypto?
In the broader context, the SEC still refers to these tokens as securities in other lawsuits, including one against Coinbase (COIN). This mixed messaging keeps the crypto community on its toes. For now, Solana, BNB (BNB-USD), and others remain under scrutiny.
What Is the Price of SOL?
At the time of writing, Solana is sitting at $183.32.
