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Uncategorized

Solana Community Calls For Fork SOL To Stop SEC Allegations

June 12, 2023 - Around 3 mins mins to read

Key Points:

  • Solana’s community calls for a fork of SOL to remove the risks associated with SEC securities allegations.
  • Many of the community supports this idea, including the founder of Abracadabra HGEABC, but most of the community is still confused because the plan is unrealistic.
  • ETH’s ETC fork is also given as an example.
Since SOL was listed as a security by the SEC, there was a voice in the community about forking Solana to eliminate the SEC problems.
Solana Community Calls For Fork SOL To Stop SEC Allegations

Since receiving accusations of being unregistered security by the SEC, the price of the SOL token has continuously plummeted and recorded a 30% drop in the past 7 days. This prompted a discussion in the Solana community.

Solana Community Calls For Fork SOL To Stop SEC Allegations
Source: Coingecko

On June 10th, a heated discussion suggested that the SEC allegation was also the time when Solana should make a decision on a new fork to get rid of the legal risks. This idea was supported by founder Abracadabra HGEABC. Overall, the community has mixed opinions about the fork, and the supporters need a real fork plan.

In the discussion, ETH’s ETC fork was also given as an example. The person who started the discussion suggested that the fork was a copy of the chain but with a new set of rules and parameters.

“It’s a copy of the chain but with a set of new rules and parameters. For example, the FTX wallets could be blacklisted and not receive the new token. And since the token isn’t SOL you can rebrand with a new narrative and dodge the SEC potentially. ETH did this in 2017.”

Ethereum Classic is a hard fork of the Ethereum source platform, which occurred in 2016 following the Ethereum-based Decentralized Autonomous Organization (DAO) hack. The community split into two opposing factions. The same goes for the project.

When comparing Ethereum to Ethereum Classic, Ethereum positions it as an open-source, global platform for decentralized applications. It aims to gain wide acceptance and improve the network to serve growing users.

On the other hand, Ethereum Classic aims to provide a permissionless way to manage digital assets and allow money transfers using smart contracts, as Ethereum did in its early stages. Unlike the parent chain, the goal of ETC is to preserve the system in its old state without any significant changes.

Solana Community Calls For Fork SOL To Stop SEC Allegations

However, this opinion was not supported: “Eth did not do this in 2017, eth classic did this and that was the fork therefore the new token ETC, ETH remained unchanged.”

Previously, the Solana foundation also issued a statement disagreeing with the description of SOL as a security. They only welcome the continued engagement of policymakers as constructive partners on regulation to achieve regulatory clarity for these issues to the thousands of entrepreneurs across the US who are building in the digital asset space.

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

Foxy

Coincu News

Uncategorized

Solana Community Calls For Fork SOL To Stop SEC Allegations

Key Points:

  • Solana’s community calls for a fork of SOL to remove the risks associated with SEC securities allegations.
  • Many of the community supports this idea, including the founder of Abracadabra HGEABC, but most of the community is still confused because the plan is unrealistic.
  • ETH’s ETC fork is also given as an example.
Since SOL was listed as a security by the SEC, there was a voice in the community about forking Solana to eliminate the SEC problems.
Solana Community Calls For Fork SOL To Stop SEC Allegations

Since receiving accusations of being unregistered security by the SEC, the price of the SOL token has continuously plummeted and recorded a 30% drop in the past 7 days. This prompted a discussion in the Solana community.

Solana Community Calls For Fork SOL To Stop SEC Allegations
Source: Coingecko

On June 10th, a heated discussion suggested that the SEC allegation was also the time when Solana should make a decision on a new fork to get rid of the legal risks. This idea was supported by founder Abracadabra HGEABC. Overall, the community has mixed opinions about the fork, and the supporters need a real fork plan.

In the discussion, ETH’s ETC fork was also given as an example. The person who started the discussion suggested that the fork was a copy of the chain but with a new set of rules and parameters.

“It’s a copy of the chain but with a set of new rules and parameters. For example, the FTX wallets could be blacklisted and not receive the new token. And since the token isn’t SOL you can rebrand with a new narrative and dodge the SEC potentially. ETH did this in 2017.”

Ethereum Classic is a hard fork of the Ethereum source platform, which occurred in 2016 following the Ethereum-based Decentralized Autonomous Organization (DAO) hack. The community split into two opposing factions. The same goes for the project.

When comparing Ethereum to Ethereum Classic, Ethereum positions it as an open-source, global platform for decentralized applications. It aims to gain wide acceptance and improve the network to serve growing users.

On the other hand, Ethereum Classic aims to provide a permissionless way to manage digital assets and allow money transfers using smart contracts, as Ethereum did in its early stages. Unlike the parent chain, the goal of ETC is to preserve the system in its old state without any significant changes.

Solana Community Calls For Fork SOL To Stop SEC Allegations

However, this opinion was not supported: “Eth did not do this in 2017, eth classic did this and that was the fork therefore the new token ETC, ETH remained unchanged.”

Previously, the Solana foundation also issued a statement disagreeing with the description of SOL as a security. They only welcome the continued engagement of policymakers as constructive partners on regulation to achieve regulatory clarity for these issues to the thousands of entrepreneurs across the US who are building in the digital asset space.

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

Foxy

Coincu News

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