Solana Foundation Stands Firm Against SEC’s Claim of SOL as a Security

Vignesh Karunanidhi
Solana (SOL) Price Prediction: November End 2023
Source: Solana

The SEC has been floating around in the cryptocurrency realm recently. The bold move by the SEC to file a lawsuit against Binance and Coinbase has definitely caused FUD in the crypto realm. The SEC also claimed that numerous cryptocurrencies, including Solana and others, are securities.

However, the statement was not accepted by the Solana Foundation. The team took to their Twitter account to show their disagreement.

Solana Foundation disagrees with SEC’s claim

The foundation mentioned in their tweet that they disagree with the characterization of SOL as a security. Additionally, they also mentioned that “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.”

Also read: US Senator Seizes Opportunity Amid SEC Lawsuits to Advocate for Crypto Regulations

Not just Solana, but Polygon Labs and Cardano’s Input Output also released statements disagreeing with the SEC’s characterization of their tokens as securities.

Solana is trading at $15.56, with a 1.35% gain in the last 24 hours. CoinMarketCap data also shows that SOL is down by almost 30% in the last seven days. This drop in price is mainly due to the SEC’s statement, which caused widespread FUD, causing the prices to drop.