CandleFocus No, the SEC Isn't Backing Off Solana—Here's the Latest
2024-10-18
Author: Content Editor
The U.S. Securities and Exchange Commission (SEC) has made it clear that it intends to proceed with claims that selling Solana (SOL) constitutes an illegal, unregistered security offering. In an amended complaint against Binance, the SEC removed controversial language but elaborated on arguments that crypto exchanges violated the law by allowing customers to trade SOL. The SEC argues that the Solana Foundation's public statements have led SOL holders to view it as an investment. Securities are defined as assets that create passive profits for investors through the active efforts of others. The SEC's aggressive stance on crypto projects and exchanges has become an election talking point, with Kamala Harris and Donald Trump both expressing intentions to protect the crypto industry if elected. Some observers believe that SEC lawsuits against crypto companies like Binance could be reconsidered depending on the outcome of the election.
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