Krutika Adani
The US agency stepped back with Binance on Solana's status, but might still believe that $SOL and others are securities.
Jake Chervinsky, the Chief Legal Officer at Variant Fund says that, "There is no reason to think the SEC has decided SOL is a non-security."
The withdrawal was likely a move to focus on the ongoing case with Coinbase, rather than a total shift in stance.
The agency's approach to the subject has been challenging for the industry, especially with the ETF approvals.
Other major institutions like BlackRock doubt the odds of a Solana ETF coming soon, due to a lack of investor interest and these uncertainties.
Samara Cohen, the company's CIO says that BlackRock has "looked at what meets the bar in terms of regulation and interest," and the bottom line is that "Solana doesn't."