Austin Federa, the senior manager of Solana Foundation, told the resources about the current situation of the project during the ETH Denver event. Federa announced that the New York Financial Services Department, a US state organization, has created major obstacles in front of many attempts designing projects through Solana. Austin Federa also said that the news of the projects faced with “ruthless” rules in the European Union.
“New York FDS has not yet approved Solana. We are making great efforts to keep up with the arrangements, but the institution has no intention of licensing us.”
Solana manager, after the regulatory pressure, also touched upon the network outages. Federa, the team’s software engineers working in the team “a clear problem” can not do, he said. The restart of the Solana network caused significant slowdowns in block production.
“Most of the problem covers the version 1.14. We have worked on testnet for months before the maintenance process. We noticed that our testnet infrastructure is not as robust as it should be.”
Austin Federa finally touched on the targets. Solana Foundation manager emphasized that within a few months they want to quickly travel the path of networks such as Ethereum. However, according to Federa, the bear market greatly affects the risk capital funds flowing into projects.