Analysts Doubt The SEC Doesn’t See Solana As a Security Despite Binance Lawsuit Climb Down, Say It’s Playing Politics, Lawfare

Analysts are skeptical that the US Securities and Trade Fee (SEC) has let Solana off the hook after the regulator retracted its request for a court docket to categorise tokens together with SOL as securities. 

 “The reason right here is straightforward: Politics,” stated Basic counsel and head of decentralization at a16z Crypto, Miles Jennings, in a July 30 X publish. ”The SEC is opting to forego their unbounded authorized theories in entrance of a skeptical choose (Jackson), however will nonetheless pursue these claims in entrance of a choose that’s inclined to agree with them (Failla).”

Jennings stated such ”antics” are additional proof that the SEC’s enforcement actions are “about lawfare, not the rule of legislation.”

SEC Nonetheless Names SOL And Different Tokens As Securities In Coinbase Case

Jennings added that Decide Amy Berman Jackson setting a excessive bar to find out if the Howey take a look at was happy within the Binance case might have prompted the regulator to resolve it was not definitely worth the effort to show the tokens are securities.

The SEC remains to be referring to the identical tokens as securities in different crypto change lawsuits, although, together with the continued case with Coinbase.

Decide Katherine Polk Failla additionally appears extra “inclined” to agree with the SEC’s argument within the Coinbase lawsuit, Jennings stated.

No Affirmation That Solana Is A Non-Safety

Justin Slaughter, the coverage director at Paradigm, echoed an analogous sentiment to that of Jennings in a July 30 publish on X. He believes that a number of persons are “overreading” the SEC’s latest submitting. Slaughter went on to jot down that this growth doesn’t point out the SEC will not take into account Solana and different tokens as securities.

There is no such thing as a cause to assume SEC has determined SOL is a non-security.

That they do not need to do discovery on a dozen tokens within the Binance case seems to be a litigation tactic, not a change in coverage.

Observe the SEC nonetheless calls these tokens securities within the different change instances.

— Jake Chervinsky (@jchervinsky) July 30, 2024

Equally, Variant Fund’s chief authorized officer Jake Chervinsky wrote that there isn’t any cause to conclude that the “SEC has determined SOL is a non-security.”

He believes that the SEC’s choice has one thing to do with the company not eager to do discovery “on a dozen tokens within the Binance case,” referring to the company’s choice as a “litigation tactic.”

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