{"id":20585,"date":"2023-06-09T15:13:39","date_gmt":"2023-06-09T19:13:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sol-is-not-a-security-insists-solana-foundation-amid-sec-lawsuits\/"},"modified":"2023-06-09T15:13:41","modified_gmt":"2023-06-09T19:13:41","slug":"sol-is-not-a-security-insists-solana-foundation-amid-sec-lawsuits","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20585","title":{"rendered":"SOL is &#8216;Not a Security&#8217;, Insists Solana Foundation Amid SEC Lawsuits"},"content":{"rendered":"<div>\n<p>The Solana network\u2019s native token SOL is \u201cnot a security,\u201d despite the Securities and Exchange Commission (SEC) claiming otherwise, the Solana Foundation has said.<\/p>\n<p>Commenting on the regulatory status of its token to CoinDesk on Thursday, the Solana Foundation made it clear that it still sees Solana as sufficiently decentralized for its native token to not be considered a security for regulatory purposes.<\/p>\n<p>\u201cThe Solana Foundation strongly believes that SOL is not a security,\u201d it said in a statement, while adding:<\/p>\n<blockquote>\n<p>\u201cSOL is the native token to the Solana blockchain, a robust, open-source, community-based software project that relies on decentralized user and developer engagement to expand and evolve.\u201d<\/p>\n<\/blockquote>\n<p>Notably, the same CoinDesk article also quoted an unnamed developer working at Solana\u2019s Hacker House in New York City as saying:<\/p>\n<blockquote>\n<p>\u201cI don\u2019t think any of the developers give a shit.\u201d<\/p>\n<\/blockquote>\n<p>The developer also appeared to admit that SOL could be a security, but pointed out that it doesn\u2019t necessarily matter.<\/p>\n<p>\u201cSOL being a security doesn\u2019t really affect anyone building on top of Solana,\u201d he said.<\/p>\n<p>Solana\u2019s SOL token was among the 13 tokens that the SEC in its lawsuit against Coinbase said are being \u201coffered and sold as investment contracts, and thus as securities.\u201d<\/p>\n<p>The other tokens named in the lawsuit as securities were ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.<\/p>\n<p>The price of SOL fell heavily as news of the lawsuit broke on Tuesday, but has since stabilized in the $18 to $19 range.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sol-not-security-insists-solana-foundation-amid-sec-lawsuits.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Solana network\u2019s native token SOL is \u201cnot a security,\u201d despite the Securities and Exchange Commission (SEC) claiming otherwise, the Solana Foundation has said. Commenting on the regulatory status of its token to CoinDesk on Thursday, the Solana Foundation made it clear that it still sees Solana as sufficiently decentralized for its native token to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-20585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SOL is &#039;Not a Security&#039;, Insists Solana Foundation Amid SEC Lawsuits | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Solana network\u2019s native token SOL is \u201cnot a security,\u201d despite the Securities and Exchange Commission (SEC) claiming otherwise, the Solana 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