<p>In the ongoing legal battle between the U.S. SEC and Binance, the regulatory body has filed a motion to modify its original complaint. This move comes as a response to a recent district <a href="https://coinpedia.org/news/kraken-fights-back-demands-jury-trial-in-secs-crypto-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">court ruling that denied crypto exchange Kraken’s</a> attempt to dismiss similar allegations. Meanwhile, the SEC’s latest filing drops a bombshell, revealing that ten major crypto tokens, including Solana and Cardano, are not considered securities.</p>  
<h2 class="wp-block-heading" id="h-sec-admits-mistake-on-crypto-asset-securities">SEC Admits Mistake on Crypto Asset Securities</h2>  
<p>The SEC has <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.273.0.pdf" target="_blank" rel="noopener noreferrer nofollow">recently filed a request to modify</a> its original complaint against Binance, Binance.US, and co-founder Changpeng Zhao. This updated filing reveals a major shift in the SEC’s stance, recognizing that some tokens—including Solana (SOL), Cardano (ADA), and Polygon (MATIC)—are not securities on their own.</p>  
<p>This change comes in response to a recent court decision in the Kraken case, where the SEC's broad definitions faced significant judicial pushback. The updated complaint aims to correct earlier misunderstandings and align with the court’s findings.</p>  
<p>The newly filed documents include a redlined version of the proposed amended complaint, showing exactly what has been changed. The SEC has also included the court order from the Kraken case to provide context and clarity on its revised position.</p>  
<p>By acknowledging these corrections, the SEC is working to refine its approach and reduce confusion about the regulatory status of these ten tokens.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-coinbase-clo-response-to-sec-s-new-filing">Coinbase CLO Response to SEC’s New Filing</h2>  
<p>Paul Grewal, Chief Legal Officer at Coinbase, <a href="https://x.com/iampaulgrewal/status/1834448124074754554" target="_blank" rel="noopener noreferrer nofollow">quickly responded</a> to the SEC’s filing on X, pointing out an important note in the updated complaint. Grewal highlighted that the SEC has now acknowledged it may have confused by calling certain tokens securities. This marks a significant shift in the SEC’s position.</p>  
<p>Ripple’s Chief Legal Officer, Stuart Alderoty, also commented, noting that while Ethereum (ETH) seems to have avoided the SEC’s scrutiny, the ten tokens still face regulatory challenges.</p>  
<p>However, the SEC continues to allege that these assets are sold as investment contracts and will pursue regulatory enforcement against them.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/s_alderoty/status/1834464168399044842
 </div>
</figure>  
<h3 class="wp-block-heading" id="h-what-s-next-for-binance">What’s Next for Binance?</h3>  
<p>Binance is expected to respond to the SEC’s request by October 11. The amended complaint and the SEC’s evolving stance highlight the regulator’s ongoing efforts to assert control over the crypto industry.&nbsp;</p>  
<p>Also Check Out: <a href="https://coinpedia.org/news/big-win-for-crypto-sec-admits-error-on-digital-asset-classification/" target="_blank" rel="noopener noreferrer nofollow">Big Win for Crypto? SEC Admits Error on Digital Asset Classification</a></p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 13, 2024

Injective Launches World’s ‘First Ever’ Tokenized Index for BlackRock's BUIDL Fund

ETH Transactions Free from SEC’s Clutches? Coinbase CLO Raises Intrigue!

Grayscale Rides With XRP

Coinpedia Fintech News

Is XRP Price on the Verge of a 300% Breakout? Symmetrical Triangle Suggests Big Move

5 Etherscan API Alternatives Unlocking Ethereum Data Insights for Developers

Join our free newsletter for daily crypto updates!