Solana Foundation Disagrees with SEC’s Classification of SOL as a Security
The Solana Foundation has taken to Twitter to express its disagreement with the recent classification of SOL, Solana’s native coin, as a security by the United States Securities and Exchange Commission (SEC). In its lawsuit against Binance, the world’s largest cryptocurrency exchange, the SEC categorized SOL and 11 other cryptocurrencies as securities.
The Solana Foundation is resolute in its opposition to SOL being labeled as a security. As a non-profit organization entrusted with overseeing the Solana network, it emphasizes its openness to collaborating with policymakers to establish clear regulations. This collaboration is seen as essential for providing legal clarity to the numerous entrepreneurs within the United States who are actively involved in the digital asset space.
Alongside the Solana Foundation, Polygon Labs also disagrees with the SEC’s characterization, as they similarly believe that their native cryptocurrency, MATIC, should not be classified as a security. Polygon Labs highlights that MATIC was developed and deployed outside of the United States, with a primary focus on the global community supporting the Polygon network. They assert that MATIC has played a crucial role in ensuring the security of the network since its inception and continues to do so.
In related news reported by The Block on June 9, the popular fintech trading app Robinhood has announced its plans to remove support for SOL, MATIC, and Cardano’s ADA from its platform, effective June 27.
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