The U.S. Securities and Exchange Commission (SEC) has modified its lawsuit against Binance, a leading global crypto exchange.
Notably, the SEC has removed Solana's (SOL) classification as a security. This change is part of an action initially filed in June 2023.
Previously, the SEC had classified several digital assets traded on Binance, including Solana, as securities. This classification would have subjected them to stringent regulatory scrutiny.
The decision to exclude Solana from this designation may signal a shift in the regulatory approach toward certain cryptocurrencies. It could clarify Solana's status, which has been in a gray area between utility and security.
Despite the positive legal news, Solana's market response has been muted.
The cryptocurrency is currently trading around $182, reflecting a 5.51% decline over the past 24 hours. Community members have expressed optimism, with some setting ambitious price targets.
The SEC's revised approach may influence the regulatory framework for crypto assets beyond just Binance and Solana.
This case could shape how digital assets are viewed and regulated globally.
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