The US Securities and Exchange Commission (SEC) has revised its stance on several cryptocurrencies in its lawsuit against the Binance crypto exchange.
On July 30, the SEC submitted a new filing to amend its previous complaint regarding the classification of certain tokens as securities.
Initially, the SEC sued Binance, claiming that multiple tokens, including Solana (SOL), BNB, Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), COTI, and Binance USD (BUSD), should be considered securities.
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The list is part of a larger set of approximately 61 tokens that the SEC labeled as securities in June 2023, which meant that the regulator had authority over an estimated $100 billion worth of assets in the crypto market.
The SEC’s decision to withdraw its request for a ruling on these tokens’ status as securities comes as US presidential candidates are courting the crypto community.
Speaking at the Bitcoin conference in Nashville, former President Donald Trump, who is running for office again, promised to remove Gary Gensler as SEC Chair and establish a “Bitcoin and Crypto Presidential Advisory Council” if elected. He stated:
The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry. I will appoint a new SEC chairman who believes that America should build the future, not block the future.
Similarly, Vice President and presidential candidate Kamala Harris is also indicating a shift in her stance on crypto. Advisors from her team have reached out to executives from major crypto firms to create a cooperative dialogue and improve relations between the Democratic Party and the crypto industry.
Thus, the SEC’s updated position on the classification of certain cryptocurrencies as securities reflects the changing political landscape in the US.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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