Share this article
Solana Foundation: SOL Is 'Not a Security'
The native token of the Solana blockchain, SOL, was alleged to be an unregistered security in this week’s SEC lawsuits against crypto exchanges Binance.US and Coinbase.
Updated Aug 25, 2023, 3:54 p.m. Published Jun 8, 2023, 9:04 p.m. 1 min read
The Solana Foundation is disputing the U.S. Security and Exchange Commission’s (SEC) classification of its SOL token as an unregistered security.
Earlier this week, the SEC filed lawsuits against crypto exchanges Binance.US and Coinbase, which charged the exchanges with trading crypto asset securities, including SOL.
“The Solana Foundation strongly believes that SOL is not a security,” the Solana Foundation told CoinDesk in a statement. “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.”
At Solana’s Thursday hacker house event in New York City, New York it appeared the Solana community wasn’t overly concerned with the chain’s regulatory nuisances.
“I don’t think any of the developers give a shit,” a developer told CoinDesk at the hacker house on Thursday. “SOL being a security doesn’t really affect anyone building on top of Solana.”
In its Binance.US and Coinbase lawsuits, the SEC also identified tokens issued by foundations and companies or tied to protocols , Polygon (MATIC), Sandbox (SAND), Filecoin , Axie Infinity (AXS), Chiliz (CHZ), , Internet Computer (ICP), , Voyager (VGX), Dash (DASH) and as securities.
Update (June 9, 15:57 UTC): Clarifies sub headline.
More For You
Japan's ruling Liberal Democratic Party said the country should create a legal framework for trading crypto ETFs in a proposal to the finance minister.
What to know:
- Japan should create a legal framework for trading cryptocurrency ETFs, the ruling Liberal Democratic Party said.
- A party panel also said the state should promote usage of yen-based stablecoins.
- Japan would be joining other major markets such as the U.S. and Hong Kong in offering ETFs as a way to...
Top Stories
