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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
“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 , , Sandbox (SAND), Filecoin , Axie Infinity (AXS), , , , , Voyager (VGX), Dash and as securities.
Update (June 9, 15:57 UTC): Clarifies sub headline.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto exchange WhiteBIT flagged by Russia as 'undesirable' over support for Ukraine military
WhiteBIT has actively supported Ukraine's war effort, donating $11 million to military initiatives and processing over $160 million in donations.
What to know:
- Russia banned Ukrainian crypto exchange WhiteBIT, making any interaction with the company a criminal offense within Russian borders.
- WhiteBIT has actively supported Ukraine's war effort, donating $11 million to military initiatives and processing over $160 million in donations.
- The exchange has continued to grow, expanding to 8 million users and entering the U.S. market despite Russian pressure.
Top Stories
