Solana Foundation Addresses Accusations About SOL Being A Security

It has been revealed the fact that the Solana Foundation is eventually addressing accusations that claim that SOL is a security. Check out the latest reports about this below.

The Switzerland-based Solana (SOL) developer is objecting to the U.S. Securities and Exchange Commission’s (SEC) allegation that the 11th-largest crypto asset by market cap is a security.

The Solana Foundation made sure to highlight the fact that it disputes the claims made by the SEC in a lawsuit filed against crypto exchange Binance last week.

“The Solana Foundation disagrees with the characterization of SOL as a security. 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 US building in the digital assets space.”

It is also important to note the fact that the foundation is not the only developer reacting to the SEC’s latest offensive on the crypto space.

As the online publication the Daily Hodl notes, Polygon Labs, the developer of the blockchain-scaling solution Polygon (MATIC), appears to be distancing itself from the US market after the SEC included the altcoin in its list of crypto asset securities.

“We are proud of the history of the Polygon network – developed outside the US, deployed outside the US, and focused to this day on the global community that supports the network. MATIC was a necessary part of the Polygon technology from day one, ensuring that the network would be secure – and remains so to this day.”

Solana in the news

XRP and Solana have outpaced Bitcoin and Ethereum in recent market trends, which could lead to a bullish breakout, as ZyCrypto reveals. XRP’s surge of 11% is attributed to positive reports on its case with the SEC and increased user activity. Solana, despite going through a downturn in its NFT sector, has gained 4% and shows a promising outlook.

Bitcoin and Ethereum have recorded slight gains amidst the rise of altcoins. However, Solana’s NFT market has gone through a decline, while Bitcoin-based NFTs, which are known as Ordinals, have seen significant growth and displaced previous leaders in the NFT space.

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