Solana Foundation Firmly Asserts SOL Is Not a Security Amidst SEC Charges

The Solana Foundation has strongly contested the SEC’s claim that SOL is a security.

The Solana Foundation, which is based in Switzerland, strongly disagrees with the recent assertion made by the U.S. Securities and Exchange Commission (SEC) that SOL, the 11th largest cryptocurrency in terms of market capitalization, should be categorised as a security.

The Solana Foundation has publicly challenged the accusations made by the regulatory body in response to the recent lawsuit filed by the SEC against Binance.

The foundation disagrees strongly with the SEC’s categorization of SOL as a security. We highly value our collaboration with policymakers as they help us establish clear regulations that provide legal clarity to the numerous entrepreneurs in the United States who are actively contributing to the digital assets sector.

Other developers are also pushing back against the SEC’s recent actions in the cryptocurrency industry, not just the Solana Foundation.

Polygon Labs, the company responsible for creating the blockchain-scaling tool Polygon (MATIC), seems to be withdrawing from the U.S. market. This decision is due to the SEC’s classification of MATIC as a crypto asset security.

Polygon Labs stated that they are proud of the rich history of the Polygon network, which was developed and deployed outside of the United States. They are dedicated to serving the global community that supports its growth. Since its inception, MATIC has been an essential element of Polygon’s technology, ensuring the network’s continued security. We made sure to carefully make MATIC accessible to a wide range of users, and we did not have any intention of specifically targeting the United States.

Polygon Labs recognises the non-U.S. market as the largest in the world and values the diligent efforts made globally to advance this technology. This includes the important contributions of regulators and policymakers in all aspects of the industry.

Apart from Solana and Polygon, the SEC has identified ten other cryptocurrency assets as securities.

The defendants have been promoting the trading of crypto assets on the Binance Platforms as investment contracts, which they classify as securities, ever since their launch.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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