The Solana Foundation has expressed disagreement with the U.S. Security and Exchange Commission’s (SEC) classification of its SOL token as an unregistered security. In a statement to journalists, the Foundation said, “The Solana Foundation strongly believes that SOL is not a security. 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.”
At Solana’s Thursday hacker house event in New York City, a developer commented, “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.”
The SEC’s lawsuits against crypto exchanges Binance.US and Coinbase also identified tokens issued by foundations and companies or tied to protocols Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities.