SEC Hints at Delaying Altcoin Classification in Several Altcoin Cases

The U.S. Securities and Exchange Commission (SEC) has signaled in a filing related to its case against the major cryptocurrency exchange Binance that it may delay classifying "altcoins" as unregistered securities, at least for the time being. The filing, made on Tuesday, indicates that the regulator notified Binance of its intention to "seek leave to amend its Complaint, including with respect to the 'Third Party Crypto Asset Securities' as defined in the SEC's Omnibus Opposition to Defendants' Motion to Dismiss."

The SEC expressed its desire to revise its lawsuit against Binance, particularly concerning altcoins – digital tokens other than Bitcoin and Ethereum – so that the court won't need to make a ruling "as to the sufficiency of the allegations as to those tokens at this time."

In its June 2023 lawsuit, the SEC asserted that tokens like Solana ($SOL), Cardano ($ADA), and Polygon ($MATIC) should have been classified as unregistered securities. Following the SEC's recent stance on altcoins, the crypto community on X has been celebrating, with some users speculating that a $SOL exchange-traded fund (ETF) could become a reality in the future, especially since Bitcoin and Ethereum ETFs have already been launched.

However, not everyone is pleased. One user criticized the SEC for its seemingly inconsistent approach toward altcoins. Meanwhile, Tyler Winklevoss, co-founder of the Gemini crypto exchange and custodial platform, thanked Republican presidential nominee Donald Trump, suggesting that his support for the crypto industry may have influenced the SEC's latest move.