(Kitco News) – The cryptocurrency ecosystem received some positive news on the regulation front as a recent filing by the U.S. Securities and Exchange Commission (SEC) shows the regulator is looking to amend its complaint regarding the “Third Party Crypto Asset Securities” defined in its opposition to Binance’s motion to dismiss.
“The SEC informed Defendants that it intends 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, Dkt. No. 172, obviating the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time,” the filing said.
The amendment means the SEC is no longer asking the courts to decide on whether the tokens named in a lawsuit against the Binance cryptocurrency exchange are deemed securities.
The tokens in question, which the SEC labeled as securities in its original filing, include BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Coti (COTI).
While these tokens were specifically mentioned in the lawsuit against Binance, the regulator has, through various rulings and lawsuits, identified a total of 68 cryptocurrencies they consider to be securities.
Some of the other notable names on the list include XRP, Algorand (ALGO), Telegram’s Gram (TON), Tron (TRX), BitTorrent (BTT), Chiliz (CHZ), Flow (FLOW) Internet Computer (ICP), and Near (NEAR).
It’s unclear why the SEC has sought to amend the filings, but the move comes as political pressure on the regulator regarding cryptocurrencies is on the rise amid a pro-crypto pivot by Republican presidential candidate Donald Trump and Independent candidate Robert F. Kennedy Jr.
On Saturday, Trump vowed to end the “Democrats war on crypto” during his speech at the Bitcoin 2024 conference, and said he wants the U.S. to become the “crypto capital of the planet.”
Trump also promised to fire SEC Chair Gary Gensler on his first day in office and replace him with someone more friendly to the digital asset ecosystem that will help America “build the future, not block the future.” He also said he would appoint a crypto and Bitcoin presidential advisory council to help craft the government's new crypto approach.
And it's not just Republicans and Independents that have recognized the shifting landscape as 14 Democrats from the U.S. House Representatives and 14 congressional candidates sent a letter to Jamie Harrison, Chair of the Democratic National Committee (DNC), on Saturday urging the DNC to adopt a pro-crypto posture.
“We, representing a range of Democratic officials, candidates for the House, and members of Congress, write to urge you to take a forward-looking approach to digital assets and blockchain technology,” the letter said. “This area holds immense potential for American innovation, economic growth, and financial inclusion.”
“The current financial system has left Americans behind,” the signatories added. “Digital assets and blockchain technology are not merely financial instruments but represent a revolutionary shift that can enhance transparency, reduce fraud, and create a more inclusive financial system. We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy.”
