Solana Foundation: “SOL Is Not a Security”

The Solana Foundation opposed the US Securities and Exchange Commission’s (SEC) designation of the SOL token as an unregistered security. Earlier this week, the SEC sued Coinbase and Binance.US for allegedly trading crypto securities. Among the specified assets was SOL. Solana Foundation, the developer of the token, told CoinDesk:

We consider SOL not a security. SOL is the native token of the Solana network, an open source blockchain based on decentralized user and developer interactions to grow and evolve.

At Solana’s event in New York City on Thursday, community members didn’t seem to mind the troubles from regulators. One developer attending the event said:

I don’t think the developers care at all. The fact that SOL is a security does not affect anyone working on the Solana network.

The tokens defined as securities by the SEC are as follows:

Cardano (ADA),
Polygon (MATIC),
Sandbox (SAND),
Filecoin (FIL),
Axie Infinity (AXS),
Chiliz (CHZ),
Flow (FLOW),
Internet Computer (ICP),
Near (NEAR),
Voyager (VGX),
Dash (DASH),
Nexo (NEXO).