Altcoins Score Major Win Against SEC!

The SEC is dropping major tokens such as Solana, ADA, and MATIC from the Binance lawsuit.

Jul 30, 2024

GM Thinkers 💡

The SEC is Capitulating and Altcoins Are Getting Wins!

Altcoin season - how to recognize and earn

The crypto community has received encouraging news as the SEC backs down on claiming that Solana (SOL), Cardano (ADA), Polygon (MATIC), and other tokens are securities in the ongoing Binance lawsuit.

In a recent court filing, the SEC announced its intention to amend its complaint against Binance, particularly concerning the "Third Party Crypto Asset Securities." This move suggests that the Judge may not need to determine whether ten tokens, including Solana and Matic, are unregistered securities.

As I have consistently argued, the SEC's approach of lumping random tokens into exchange lawsuits without providing specific reasons for labeling them as securities has been disingenuous. They frequently cite "facts and circumstances" but fail to afford each named token due process.

Specifically for Solana, this could great be news for a SOL ETF approval! Matthew Sigel, Van Eck’s head of digital asset research, tweeted “May be bullish for SOL ETF prospects”.

This development follows the SEC dropping its cases against Stacks STX, BUSD, and its investigation into Ethereum. The SEC's three-year investigation into Hiro Systems, the developer of Bitcoin’s Stacks layer-2 blockchain, has concluded. Additionally, on July 9, the SEC informed Paxos that its investigation into the Binance USD stablecoin (BUSD) had ended without any recommendation for enforcement action.

The crypto industry is gaining ground, with the SEC and Gary Gensler facing setbacks both in the courts and in public opinion.

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📰 Latest Crypto News:

Goldman Sachs CEO David Solomon on CNBC this morning said "Bitcoin has a legitimate case as a store of value." This statement comes just weeks after news of Goldman's head of digital assets saying the 150-year old banking giant was launching three Tokenization projects.
NFT startup Mintify raises $3.4 million in additional funding - source
Web3 AI firm Hyperbolic raises $7 million in seed funding - source
Web3 restaurant app Blackbird launches new payments platform Blackbird Pay - source

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