- A prominent developer within the Solana ecosystem debunks rumors about a potential hard fork amidst ongoing SEC scrutiny.
- Solana community remains divided over the possible benefits and drawbacks of a hard fork, highlighting the example of Ethereum’s successful split.
The crypto realm has been abuzz with chatter about a potential hard fork for Solana, a fourth-generation blockchain noted for its enhanced scalability. However, Matías Kudelski, a leading developer and cybersecurity expert, who has audited Solana’s code and is part of a significant project deployed on Solana, has shared that neither the Solana Foundation nor most of the platform’s developers favor such a move.
On June 14, Kudelski confirmed that a hard fork is not a topic of active discussion among the developer community. Despite some discourse within the larger Solana community about the prospect, the Solana Foundation and most of its developers remain unswayed.
This information surfaces against the backdrop of the United States Securities and Exchange Commission (SEC) deeming Solana’s native token, SOL, and several others, such as Cardano’s ADA and Algorand’s ALGO, as examples of unregistered securities. These accusations formed part of the SEC’s legal actions against Binance and Coinbase, accusing them of operating unregistered exchanges.
In the U.S, an unregistered crypto asset, as the regulator alleges SOL to be, refers to an asset sold publicly without SEC registration. Such an asset, if it passes the Howey Test (a four-part test determining whether a transaction qualifies as an “investment contract”), is considered a security and requires SEC registration before its public sale, such as via an initial coin offering (ICO).
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Non-adherence to SEC’s securities registration requirements could entail civil and criminal repercussions, a situation the Solana community hopes to avoid.
However, the Solana community appears divided over the potential benefits and drawbacks of a hard fork. Some point to the Ethereum and Ethereum Classic fork as an example where a hard fork permitted reversal of stolen funds, enabling the Ethereum chain to flourish. Additionally, they argue that a fork could loosen the grip of Alameda Research, associated with the now-bankrupt FTX, which holds 8.2% of the total SOL supply.
Meanwhile, skeptics believe a hard fork might undermine Solana’s security and create divisions within the community. They also maintain that a hard fork wouldn’t shield the blockchain from future regulatory scrutiny. As the SEC’s war rages on, the fate of Solana hangs in the balance.
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