The Solana Foundation has made its disagreement with the United States Securities and Exchange Commission (SEC) clear regarding the categorization of SOL, the native cryptocurrency of Solana.
In a recent lawsuit filed against Binance, the world’s largest crypto exchange, the SEC included SOL and 11 other cryptocurrencies under the security label on June 5.
The Solana Foundation firmly refutes the characterization of SOL as a security, emphasizing its commitment to fostering the Solana network. The non-profit organization asserts that it welcomes policymakers’ involvement as collaborative partners in establishing regulatory clarity for many entrepreneurs in the United States actively participating in the digital assets sector.
Following a weekly decline of over 26%, SOL is currently experiencing a stable trading period, exhibiting no significant fluctuations.
The Solana Foundation’s opposition is echoed by Polygon Labs, the development and growth team responsible for the Polygon blockchain. Polygon Labs emphasizes that MATIC, their native token, was developed and deployed outside the United States, focusing on the global community supporting the network. They assert that MATIC has always played a crucial role in ensuring the network’s security and continues to do so.
Financial technology trading app Robinhood has recently announced its decision to remove support for SOL, MATIC, and Cardano’s ADA starting from June 27, as reported by The Block on June 9.