- The Solana Foundation refutes the SEC’s claim that SOL, its native token, is an unregistered security.
- The SEC lawsuit against crypto exchanges Binance.US and Coinbase includes SOL among other Crypto Asset Securities.
In the face of this week’s lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against crypto exchanges Binance.US and Coinbase, the Solana Foundation has made a bold statement. They staunchly oppose the SEC’s classification of their native token, SOL, as an unregistered security.
The SEC’s legal action, which alleges these platforms traded in Crypto Asset Securities, pointedly included SOL. This move has been directly confronted by the Solana Foundation in their official statement:
“The Solana Foundation strongly believes that SOL is not a security.”
They elaborated, stressing the decentralization and community-driven nature of the Solana blockchain project, of which SOL is an integral part.
“SOL is the native token to the Solana blockchain, a robust, open-source, community-based software project that relies on decentralized user and developer engagement to expand and evolve,”
the Foundation stated. This response underscores the belief that the categorization of blockchain tokens should consider the decentralized nature of blockchain projects.
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In spite of the looming regulatory issue, the atmosphere remained undisturbed at Solana’s recent New York City Hacker House event. From developers’ perspectives, the SEC’s stance on SOL seemed to make little difference. One developer pointed out,
“SOL being a security doesn’t really affect anyone building on top of Solana.”
This reflects a broader sentiment that token classification may not be as pivotal in the continued evolution of blockchain technology.
The SEC’s lawsuits against Binance.US and Coinbase also identified tokens issued by other platforms like Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH), and Nexo (NEXO) as securities. This event marks a critical juncture in the ongoing dialogue around blockchain token classification and its implications for the decentralized tech landscape.
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