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Solana Foundation Disagrees With SEC’s Claim Against SOL As A Security

Key Highlights: 

  • The SEC has classified SOL as a security, which the Solana Foundation has tweeted is incorrect.
  • In its legal action against Binance, the regulator referred to Solana’s native token as a security.

Recently, the SEC has been making waves in the crypto world. FUD has undoubtedly spread throughout the crypto community as a result of the SEC’s audacious decision to sue Binance and Coinbase; in addition, the SEC asserted that certain cryptos, such as Solana and others, are securities.

The Solana Foundation, nevertheless, rejected the assertion. To express their dissatisfaction, the team posted on Twitter.

A “security” includes an “investment contract” as well as other financial instruments like stocks, bonds, and transferable shares, according to SEC regulations.

The regulator advises that in relation to digital assets, each crypto should be assessed to determine whether it comprises any products that meet the definition of “security” as per federal securities regulations.

In order to obtain legal certainty in the area of digital currencies, the Foundation stated in this statement its willingness to engage in dialogue with decision-makers.

Dissident Opinion

The Solana Foundation joined alongside Polygon Lab’s disagreement.

According to the Polygon blockchain’s development and growth team, MATIC was “developed outside the U.S., deployed outside the U.S., and focused to this day on the global community that supports the network.” Additionally, it states that “MATIC was an essential component of the Polygon technology from the start, ensuring that the network would be secure—and is still secure today.”

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