The United States Securities and Exchange Commission (SEC) has retracted its request for a judicial determination on the status of certain tokens named in its lawsuit against cryptocurrency exchange Binance as securities.

On July 30, the SEC filed a response to the court’s minute order from July 9, 2024. In this submission, the SEC expressed its intention to revise its complaint regarding the “Third Party Crypto Asset Securities” delineated in its opposition to Binance’s motion to dismiss.

According to the SEC, this amendment negates the necessity for a judicial ruling on the allegations concerning these tokens at this juncture. Consequently, the regulatory body no longer seeks a court decision on whether the implicated tokens qualify as securities.

Read more: SEC Signals Potential Withdrawal of Third-Party Token Allegations in Binance Litigation

Tokens in Question

In its legal action against Binance, the SEC had categorized several tokens as securities. This list includes BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Coti (COTI).

These tokens are part of a broader list that the SEC has identified as securities. In June 2023, the SEC asserted that at least 68 tokens fell under this classification, impacting over $100 billion worth of cryptocurrencies in the market.

Evolving Perspectives on Cryptocurrency in the U.S.

The SEC’s decision to withdraw its request for a ruling comes amidst efforts by presidential candidates to garner support from pro-crypto voters in the U.S.

On July 27, former President Donald Trump vowed to end the regulatory crackdown on cryptocurrencies as part of his electoral campaign. At the Bitcoin 2024 conference in Nashville, Tennessee, Trump proclaimed that the U.S. would become the “crypto capital of the planet.”

The Republican candidate also stated his intention to dismiss SEC Chair Gary Gensler on his first day in office and to establish a presidential advisory council focused on crypto and Bitcoin. Trump emphasized his commitment to appointing a new chairman to facilitate the growth of the industry rather than stifling it.

Conversely, views on cryptocurrency are also shifting within the Democratic Party. On July 27, Democratic members of the U.S. House of Representatives penned a letter urging the party to adopt a progressive stance towards blockchain and digital assets.

In response, advisers to presidential candidate and incumbent Vice President Kamala Harris reached out to crypto companies to mend the party’s relationship with the crypto industry.