News

Solana Foundation Confirms SOL Token Is “Not A Security”!

Key Points:

  • The Solana Foundation disputes SEC’s classification of SOL token as unregistered security.
  • At Solana’s Thursday hacker house event in NYC, the Solana community wasn’t overly concerned with the chain’s regulatory nuisances.
  • The SEC also identified tokens issued by foundations and companies or tied to protocols 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.
Solana Foundation is currently embroiled in a dispute with the U.S. Security and Exchange Commission (SEC) over the classification of its SOL token.

The SEC has labeled the token as an unregistered security, a designation that the Solana Foundation vehemently disagrees with. In fact, the Solana Foundation has released a statement expressing its strong belief that SOL is not a security but rather the native token of the Solana blockchain. The Solana blockchain is an open-source, decentralized software project that relies on community-based user and developer engagement to enhance and evolve the platform.

Interestingly, the SEC recently filed lawsuits against two prominent crypto exchanges, Binance.US and Coinbase, charging them with trading Crypto Asset Securities, including SOL. The Solana Foundation is continuing to challenge this classification and has made it clear that it is not willing to accept the SEC’s position without a fight.

Despite the regulatory challenges, the Solana community appears to be largely unfazed. At a recent hacker house event in New York City, developers expressed little concern about the regulatory hurdles facing the Solana blockchain. “I don’t think any of the developers give a shit,” remarked one developer. “SOL being a security doesn’t really affect anyone building on top of Solana.”

SEC’s lawsuits against Binance.US and Coinbase have also identified tokens from a number of other companies and foundations as securities. These include 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 the regulatory landscape continues to evolve, it remains to be seen how these developments will impact the broader crypto ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

1 hour ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

3 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

6 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

7 hours ago

Sheetz Crypto Payments Now Accepted at Over 750 US Locations

Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…

7 hours ago

Zhu Su Wife Sells Singapore Mansion for $38 Million

Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…

8 hours ago

This website uses cookies.