Solana Foundation: SOL is 'Not a Security'

The Solana Foundation is disputing the U.S. Security and Exchange Commission’s (SEC) classification of its SOL token arsenic 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.

“The Solana Foundation powerfully believes that SOL is not a security,” the Solana Foundation told CoinDesk successful a statement. “SOL is the autochthonal token to the Solana blockchain, a robust, open-source, community-based bundle task that relies connected decentralized idiosyncratic and developer engagement to grow and evolve.”

At Solana’s Thursday hacker location lawsuit successful New York City, it appeared the Solana assemblage wasn’t overly acrophobic with the chain’s regulatory nuisances.

“I don’t deliberation immoderate of the developers springiness a shit,” a developer told CoinDesk astatine Solana’s New York City Hacker House connected Thursday. “SOL being a information doesn’t truly impact anyone gathering connected apical of Solana.”

In its Binance.US and Coinbase lawsuits, the SEC besides identified tokens issued by foundations and companies oregon tied to protocols Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) arsenic securities.