SEC Amends Binance Lawsuit, Excluding Solana from Security Classification

• The SEC has announced amendments to the Binance lawsuit.
• The proposed changes include Solana’s exclusion from the securities classification.
• Analysts view the development as a positive signal towards more regulatory clarity.

The SEC has amended its lawsuit against Binance, removing Solana from the list of cryptocurrencies it alleged were securities. This move follows a recent court ruling that determined secondary sales of Binance’s BNB token do not constitute securities.

On July 30, the SEC filed a joint status report in the U.S. District Court for the District of Columbia, announcing the amendments in the Binance lawsuit. The proposed changes focus on the third-party crypto asset securities mentioned in the original lawsuit.

The SEC’s latest submission follows Judge Amy Berman Jackson’s ruling on Binance’s BNB token. Echoing Judge Analisa Torres’ XRP ruling, Judge Jackson ruled that the secondary sale of the BNB token does not constitute security.

As per the filing, the SEC asserted that the court is not required to issue a ruling to substantiate the allegations on the tokens. The regulators added that the parties have met and agreed to a proposed schedule for briefing on a motion to formalize the related amendments.

Analysts expect that the agency’s decision to exclude Solana from the allegations will bring more clarity to the status of cryptocurrencies. The recent move also signals a potential shift in the regulatory environment in the U.S. There is also speculation that the SEC’s move could positively impact the plans on Solana exchange-traded funds (ETFs) launch.

An X user, Yelo, hinted at Solana’s potential surge to $1000, driven by the SEC’s decision. Yelo wrote, “Sol to $1k easily.”

Despite the positive sentiment, Solana (SOL) is currently experiencing a negative track, with a notable plummet of 5.28% in a day. However, the token has shown a massive surge of over 30% in the last month.