Solana Foundation ‘disagrees’ with SEC’s claim that SOL is a security
The Solana Foundation explicitly “disagrees” with the United States Securities and Exchange Commission’s characterization of Solana’s native coin, SOL, as a security.
The U.S. securities regulator called SOL and 11 other cryptocurrencies securities in its high-profile lawsuit against the world’s largest crypto exchange, Binance, on June 5.
Though the Solana Foundation categorically disagrees with SOL being called a security, the non-profit organization dedicated to stewarding the Solana network claims it “welcomes the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. building in the digital assets space.”
SOL is trading flat on the day after a weekly decline of more than 26%.
The price of SOL is down more than 26% over the past week. Source: TradingView
As The Block reported on June 9, fintech trading app Robinhood will remove support for SOL — as well as Polygon’s MATIC and Cardano’s ADA — on June 27.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam James
