The Solana Foundation has responded to the US Securities and Exchange Commission’s (SEC) claims that SOL is an unregistered security. The regulator mentioned the digital asset in both lawsuits against Binance and Coinbase, classifying it as a security.
But the Solana Foundation has since refuted the SEC’s claims through the following statement:
The Solana Foundation strongly believes that SOL is not a security.
We welcome 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 Has Utility on the Solana Blockchain
In another statement, the Solana Foundation described SOL as having utility in the Solana ecosystem.
SOL 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.
The Solana community is, however, not concerned about the recent classification of SOL by the SEC. One developer told CoinDesk:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.I don’t think any of the developers give a shit. SOL being a security doesn’t really affect anyone building on top of Solana.