Sec Pulls Back In Binance Case: Which Altcoins Were Excluded From The Investigation?

The SEC has withdrawn its request to classify tokens like Solana, Cardano, Polygon, and others as securities.

The U.S. Securities and Exchange Commission (SEC) has retracted its request to classify certain altcoins as securities in its lawsuit against Binance.

In a response filed on July 30, the SEC stated its intention to revise the complaint concerning "Third-Party Crypto Asset Securities." This move came in response to related motions from Binance.

SEC Pulls Back in Binance Lawsuit: Which Altcoins Are Unaffected?

The U.S. Securities and Exchange Commission (SEC) has withdrawn its request to classify certain altcoins as securities in its lawsuit against Binance. This move eliminates the need to "determine the adequacy of claims regarding the specified tokens" and indicates that the SEC no longer seeks a court ruling on whether these tokens are securities.

Which Altcoins Are Affected? The SEC had alleged that tokens such as BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Coti (COTI) were securities in its case against Binance. In June 2023, the SEC had claimed that 68 tokens, with a combined market value exceeding $100 billion, were securities.

Changing Views on Crypto in the U.S. The SEC's decision to retract its claims reflects efforts by presidential candidates to appeal to pro-crypto voters. On July 27, former President Donald Trump promised to end the war on crypto as part of his campaign, declaring that the U.S. would become the "crypto capital of the world." He also announced plans to remove SEC Chair Gary Gensler and establish a crypto advisory council.

On the other side of the political spectrum, views on crypto are also shifting. On July 27, Democratic members of the U.S. House of Representatives signed a letter urging the party to adopt a "forward-looking approach" to blockchain and digital assets. In response, advisors to Vice President Kamala Harris have started reaching out to crypto companies to repair the party’s relationships with the crypto industry.

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