Photo credit: Joshua Roberts via Bloomberg

The Securities and Exchange Commission (SEC) has informed Binance and its associated entities that it intends to amend its complaint, potentially altering the classification of several cryptocurrencies previously identified as securities.

The SEC outlined its plan to include “Third Party Crypto Asset Securities” as part of its amended complaint, a court document filed on July 30 shows. This step aims to address issues raised in the SEC’s comprehensive response to Binance’s request to dismiss the case, potentially influencing the classification of several cryptocurrencies such as Solana (SOL), Cardano (ADA), Polygon (MATIC), Filcoin (FIL), Cosmos (ATOM), Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), and Coti (COTI).

The SEC and Binance have agreed on a proposed schedule for briefing on the motion to amend and related pleadings. However, they disagree on when discovery should commence. The SEC proposes starting the information-gathering process on claims that have already survived a motion to dismiss, citing the court’s June 28 memorandum and order which allowed certain counts to proceed. At the same time, Binance argues it should be delayed until after the SEC’s amended complaint is reviewed.

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The SEC sued Binance and its then-CEO Changpeng Zhao over unregistered offers and sales of tokens classified as securities in June 2023. The lawsuit set a precedent, with several trading platforms like Robinhood delisting ADA, MATIC, and SOL — three tokens that were named as securities in the SEC’s Binance lawsuit.

Coinbase also faces similar charges from the SEC. In May this year, the securities regulator scored a win in its lawsuit against Coinbase, with a judge ruling that the SEC’s claims that the exchange engaged in unregistered sales of securities could be heard by a jury at trial.

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