The SEC claimed that Binance had listed 10 tokens, including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI, as securities, citing them as examples of the exchange’s violation of federal securities laws by acting as a broker, dealer, and clearinghouse. Binance, in response, argued in its motion to dismiss that these tokens did not meet the criteria of the Howey Test and therefore could not be considered securities.
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