The SEC has announced plans to amend its complaint against Binance, particularly regarding the classification of 'Third Party Crypto Asset Securities'.

This intention to amend was disclosed in a joint status report filed on July 30, 2024, which informed the defendants, including Binance, Binance.US, and founder Changpeng Zhao.

The amendment aims to address the classification of these tokens without requiring a court determination at this stage, alleviating the need for the court to rule on the sufficiency of allegations related to the ten tokens involved.

Previously, the SEC had classified at least 68 tokens as securities, impacting a market valued at over $100 billion, but this retraction could change that landscape.

The SEC's potential decision to drop charges against these third-party tokens was revealed in a court filing, suggesting a shift in its enforcement approach.

The crypto community has interpreted the SEC's filing as an indication that tokens like Solana and Cardano may not be securities and are being unfairly targeted.

Despite this perceived bullish news for cryptocurrencies like Solana and Cardano, market reactions have been muted, with Solana's price dropping by 5.5% and Cardano's by 4.5% in the past 24 hours.

In light of the uncertainty introduced by the SEC's lawsuits against Binance and Coinbase, Robinhood has removed support for ADA, MATIC, and SOL.

This change in the SEC's stance comes amid increasing pro-crypto political support in the U.S., particularly from presidential candidates.

A recent federal court ruling stated that secondary sales of digital assets, including Binance's BNB, do not qualify as securities, posing a setback for the SEC's case.

The SEC's ongoing legal actions against crypto firms, including Binance and Coinbase, highlight its campaign asserting that many cryptocurrencies qualify as 'unregistered securities' under U.S. law.

Ripple CEO Brad Garlinghouse criticized the SEC's actions as 'hypocrisy', emphasizing inconsistencies in its regulatory approach.