The SEC plans to amend complaint in the Binance case, which may impact the status of certain tokens like Solana’s SOL and Polygon’s MATIC. According to a recent court filing, the SEC intends to seek permission to revise its complaint, potentially removing the need for the court to rule on whether these tokens are unregistered securities at this time.
The dispute over crypto third party tokens gained attention during a July 9 hearing. In the Binance case, Binance’s attorneys interpreted a June 28 ruling by Judge Amy Berman Jackson as removing these tokens from the case. However, Judge Jackson clarified that this was not her intention.
The tokens in question include SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. The SEC had alleged these tokens were unregistered securities. The latest court filing reflects a joint response from both sides on how to proceed, suggesting the SEC might drop these allegations and amend complaint.
The defense is now requesting to see the amended complaint before moving forward with discovery. They argue that without a clear set of revised allegations, it is unreasonable for the SEC to expect them to agree to merits discovery for claims that may soon be amended.
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