Solana Foundation disputes SEC’s claim of SOL as a security

Solana Foundation, a non-profit organization in Switzerland, expressed disagreement with the characterization of the United States Securities and Exchange Commission of the platform’s native token, SOL, as securities. The US regulator called Solana’s SOL, along with 11 other cryptocurrencies securities, in the high-profile lawsuit against the largest cryptocurrency exchange in the world, Binance, on 5th June. 

Solana Foundation disagrees with the statement where SEC called SOL tokens securities. However, the non-profit firm dedicated to the security, adoption, and decentralization of the Solana ecosystem claims that the platform welcomes the continuous engagement of its policymakers as innovative and constructive partners to get legal clarity on such issues for the hundreds of entrepreneurs across the United States and create space for digital assets. 

Solana tokens are trading flat after its weekly fall of over 26%. 

The disagreement of the Solana Foundation is not the first to take place. Polygon Lab also disagreed on the same. The builder community of the Solana Foundation is one of the strongest in the digital industry, and it continues to develop exceptional products and projects. 

The Solana Foundation remains fully committed to its developers, who consistently build the best blockchain network for the decentralized digital future.

The Salona Foundation offers a Grants Programme focusing on funding efforts to censor resistance on the network. Anyone on the permissionless network can assist in securing Solana Network as a validator. It encourages new and current validators to maintain superior quality operations through the Delegation Program’s incentive structure.

In the lawsuit against Binance, one of the largest crypto exchanges, the Securities and Exchange Commission explicitly called 12 tokens, including Solana’s SOL, securities. Binance USD, Polygon’s MATIC, BNB, Cardano’s ADA, Cosmos Hub’s ATOM, The Sandbox SAND, Filecoin’s FIL, Algorand’s ALGO, Coti’s COTI, Axie Infinity’s AXS, and Decentraland’s MANA, were among the 12 tokens that the leading regulator called securities.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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