On Wednesday, the future of Solana may have been clouded by United States Southern District of New York’s Judge Katherine Polk Failla with her decision against Coinbase’s motion to dismiss. The ruling enables the Securities and Exchange Commission (SEC) to advance its case against the crypto exchange giant. The case centers on allegations that Coinbase has been operating as an unregistered exchange, broker, and clearing agency, and its Staking Program constitutes the unregistered offer and sale of securities.
Solana (SOL) Is A Security: Judge Failla
The implications of this ruling extend far beyond Coinbase, striking a chord, particularly with the Solana community. The judge’s mention of SOL (and Chilliz (CHZ)) in the context of the lawsuit highlights the SEC’s position that both crypto assets are securities. Notably, the agency only has to prove that at least one of the 13 named tokens is a security, and Judge Failla specifically chose SOL (and CHZ) as an example
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