Wed, December 25

Solana Foundation Dismisses U.S SEC’s Claim of SOL Being a Security

SOL Price Analysis: SOL Ascending Channel Breakout Shows Potential Bullish Rally Ahead Tradingview
  • The company expressed its disagreement with the market regulator in a recent post.
  • The Solana Foundation’s attempt to reassure its members came somewhat late.

After being silent for some time, the Solana Foundation has commented on the SEC’s recent decision to classify Solana (SOL) and other cryptocurrencies as securities. The company expressed its disagreement with the market regulator in a recent post it tweeted.

The Solana Foundation issued a statement saying it appreciates lawmakers’ efforts to work together as “constructive partners.” On regulation to clarify the law for the thousands of American businesses working to develop the digital assets market.

Moreover, the organization said that its developer’s community is the best in the digital currency sector, with a solid determination to create groundbreaking innovations.

Calming Investors 

The Solana Foundation’s letter is meant to comfort its members. But it also emphasizes the organization’s commitment to helping “those building for the long-haul to continue to create the best blockchain for a decentralised future.”

Furthermore, in its recent lawsuit against Binance and Coinbase, the SEC included SOL as a security. Along with Cardano (ADA), Polygon (MATIC), and Filecoin (FIL), among others. Although there seems to be no legal action taken against the Solana Foundation at this time. The accreditation may cause investors to lose faith in the SOL token.

The Solana Foundation’s attempt to reassure its members came somewhat late, despite the message’s stated goal of calming tensions. The effects of the SEC’s crackdown are already being felt.

Moreover, recently it was revealed that cryptocurrency exchange Robinhood Markets Inc. will stop supporting Solano, Cardano, and Polygon by the end of the month. This change has had a significant influence on SOL. And the bulk of other cryptocurrencies, contributing to the current negative trend.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.

Floating Icon