SEC Thinks Solana is a Security

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The US Securities and Exchange Commission has not explicitly classified Solana as a non-security, despite retracting its request for a court decision on the matter as part of its lawsuit against Binance on July 30.

According to Jake Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund, the regulator’s latest response, which seeks to amend its complaint regarding “Third Party Crypto Asset Securities,” does not necessarily indicate that the SEC has determined that the tokens in question are not securities.

Chervinsky’s remarks came in a July 30 post on X, in response to the agency’s decision not to pursue the issue of whether the tokens listed in the Binance lawsuit are securities.

While Chervinsky did not elaborate on the reason for the SEC’s decision, he pointed out that the regulator has referred to the same tokens as securities in other crypto exchange lawsuits, including the one against Coinbase.