EddieJayonCrypto
28 Mar 24
The future of Solana was clouded by Judge Katherine Polk Failla's ruling against Coinbase, allowing the SEC to advance its case against the crypto exchange giant. This decision extended to Solana, indicating that the SEC considers both SOL and Chilliz as securities. Bill Morgan, a pro-XRP lawyer, co...
The future of Solana was clouded by Judge Katherine Polk Failla's ruling against Coinbase, allowing the SEC to advance its case against the crypto exchange giant. This decision extended to Solana, indicating that the SEC considers both SOL and Chilliz as securities. Bill Morgan, a pro-XRP lawyer, commented on the ruling, highlighting the potential reclassification risks facing Solana. Additionally, Judge Failla's detailed examination of SOL's operational history and fundraising efforts framed the context for its potential classification as a security. The SEC has previously called Solana a security in the Binance lawsuit, but has not taken any action against Solana Labs to date. In response to the ruling, Solana's price dropped 5.7%, although it managed to recover most of its losses.
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