September 21, 2023

The Solana Foundation rejected the classification of the SOL token as a security

The Solana Foundation rejected the classification of the SOL token as a security

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Representatives of the non-profit organization Solana Foundation challenged the opinion of the Securities Commission andUS exchanges (SEC) that the SOL token should be treated as a security. Previously, SOL, along with other cryptocurrencies, was included in SEC lawsuits against crypto exchanges Binance and Coinbase. In an interview with CoinDesk, the Solana Foundation team stated that they "strongly believe that SOL is not a security."

According to representatives of the fund, SOL isthe native token of Solana, an open source blockchain with reliable operation and a decentralized model of interaction between users and developers involved in development.

At the Solana event in New York, it appeared that the Solana community was not overly concerned about regulatory issues.

“I don't think any of the developers care about that. The fact that SOL can be a security does not affect anyone who develops on Solana,” one developer told CoinDesk.

What events preceded?On June 6, the SEC filed a lawsuit against Coinbase for offering unregistered securities. The SEC has classified several PoS tokens offered by the exchange as securities, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO. A day earlier, a similar lawsuit was filed against Binance.

At the same time, on June 8, the American division, Binance. US, announced the delisting of ten assets and the cessation of over-the-counter trading.

Representatives of Coinbase, on the contrary, opposed the SEC decision and refused to delist the tokens specified in the lawsuit.