The United States securities regulator hasn't necessarily let Solana off the hook as a security

The United States securities regulator hasn’t necessarily let Solana off the hook as a security despite retracting its request for a court to decide

The United States securities regulator may still classify Solana as a security, despite retracting its request for a court to rule on the matter in its Binance lawsuit on July 30.

“There is no reason to think SEC has decided SOL is a non-security,” said Jake Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund in a July 30 X post.

Chervinsky’s post pertains to the latest response from the Securities and Exchange Commission, seeking to amend its complaint regarding the “Third Party Crypto Asset Securities.” In essence, the regulator is telling the court that it is no longer asking to determine whether the tokens listed in the lawsuit are securities or not.

While Chervinsky didn’t elaborate on what that “litigation tactic” may be, he highlighted that the SEC still refers to the same tokens as securities in other crypto exchange lawsuits, including its one with Coinbase.

In separate posts, Miles Jennings, general counsel and head of decentralization at a16z Crypto, and Justin Slaughter, policy director at Paradigm, seemed to agree.

Slaughter argued that many are “overreading this filing” and that it doesn’t mean the SEC has decided that Solana and other tokens are not securities.

Jennings explained that Judge Amy Berman Jackson had set such a high bar to establish the Howey test in the Binance case that it wasn’t worth the SEC’s time and effort to prove these tokens are securities.

Walau bagaimanapun, Hakim Katherine Polk Failla dalam tuntutan mahkamah Coinbase nampaknya lebih "cenderung" bersetuju dengan pendirian SEC — oleh itu, ia tidak berbaloi untuk membuat permintaan yang sama yang dibuat dalam tuntutan mahkamah Binance.

Jennings menambah bahawa dia tidak yakin SEC telah membuat kes yang cukup kukuh untuk mewujudkan hubungan antara jualan token di pasaran sekunder dan usaha pengurusan pengeluar token.

“Jelas sekali, saya membuat spekulasi tentang motif politik mereka, tetapi spekulasi itu dimaklumkan oleh maklumat yang saya tahu tentang kelakuan SEC di sebalik pintu tertutup,” katanya.

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“Saya rasa orang ramai membaca fail ini secara berlebihan,” kata Slaughter. “Ia tidak bermakna SEC telah memutuskan bahawa SOL dan token lain bukan sekuriti. Malah, SEC terus mendakwa bahawa banyak token adalah sekuriti dalam pemfailan lain (cth., Coinbase).”

Token manakah yang terjejas? Dalam samannya terhadap Binance, SEC mendakwa beberapa token adalah sekuriti. Senarai itu termasuk Solana SOL $183 , BNB BNB $587 , Cardano ADA $0.40 , Polygon MATIC $0.5164 , Sandbox SAND $0.33 , Decentraland MANA $0.33 dan Axie Infinity AXS $5.91 .

SOL

$183

BNB

$587

ADA

$0.40

MATIC

$0.5164

PASIR

$0.33

MANA

$0.33

AXS

$5.91

SEC telah, pada satu ketika, mendakwa sekurang-kurangnya 68 token adalah sekuriti, menjejaskan lebih daripada $100 bilion nilai mata wang kripto dalam pasaran.

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