No Evidence SEC Has Reclassified SOL as Non-Security, Says Variant Fund’s CLO
The United States Securities and Exchange Commission (SEC) has not definitively classified Solana (SOL) as a non-security, despite retracting its request for a court ruling on the matter as part of its ongoing lawsuit against Binance.
In a recent post on X, Jake Chervinsky, Chief Legal Officer at crypto-focused venture capital firm Variant Fund, noted that there “is no reason to think SEC has decided SOL is a non-security.”
“That they don’t want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy,” he added.
There is no reason to think SEC has decided SOL is a non-security.
That they don't want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy.
Note the SEC still calls these tokens securities in the other exchange cases.
— Jake Chervinsky (@jchervinsky) July 30, 2024
Chervinsky’s remarks came in response to the SEC’s latest court filing, which sought to amend its complaint regarding “Third Party Crypto Asset Securities.”
The SEC’s updated stance indicated that it no longer seeks a judicial determination on whether the tokens listed in the lawsuit, including Solana, are securities.
Supporting Chervinsky’s perspective, Miles Jennings, General Counsel and Head of Decentralization at a16z Crypto, and Justin Slaughter, Policy Director at Paradigm, also expressed their views on the matter.
Slaughter cautioned against overinterpreting the SEC’s recent filing, stating that it does not signify a definitive decision on Solana’s security status.
A lot of people are overreading this filing. The SEC is not saying that it will not longer take the position that Solana and the other tokens are not securities, but merely that
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