After speculation this summer that the U.S. Securities and Exchange Commission (SEC) might wind down its war on altcoins like Solana, the financial regulator has now signaled that it fully intends to proceed with claims that selling the token constitutes an illegal, unregistered security offering. 

In an amended complaint submitted this week in its suit against Binance, the SEC took steps to remove controversial language describing tokens as “crypto asset securities”—but kept, and even elaborated on, arguments that crypto exchanges violated the law by allowing customers to buy and sell SOL. 

“The Solana Foundation described the announcement of trading with U.S.-based exchanges as an opportunity to increase the value of SOL and its ‘ecosystem,’” the SEC’s lawyers wrote this week in new language added to the Binance complaint. 

“The information Solana Labs and the Solana Foundation publicly disseminated has led SOL holders, including those who have purchased SOL on the Binance Platforms, to view SOL as an investment in, and reasonably to expect to profit from, Solana Labs’ and the Solana Foundation’s efforts to grow

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Author: Sander Lutz