![]() “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. “The Solana Foundation strongly believes that SOL is not a security,” a spokesperson said in a statement to Fortune. After remaining quiet for days after both suits were filed, it responded to the SEC’s allegations. ![]() The Solana Foundation, the legal entity that Yakovenko and Gokal launched to promote the cryptocurrency, strenuously disagrees with the SEC. ![]() To make its case, the agency needs to first prove that both companies effectively operated as securities exchanges, which is why it’s arguing in both lawsuits that SOL and more than 12 other tokens, including Polygon’s MATIC and Cardano’s ADA, are unregistered securities. securities exchanges need to register with the SEC, and because Binance and Coinbase failed to register, they broke the law. The core of the SEC’s lawsuits boils down to the following: U.S. And, he added, it’s “potentially an existential threat” for the Solana ecosystem. “It’s a black mark on their forehead,” Arthur Jakoby, a former SEC prosecutor who now cochairs the securities litigation and enforcement team at Herrick, Feinstein LLP, told Fortune. Solana weathered the fall of Bankman-Fried, but despite developers’ continued belief in the blockchain, the pall of future litigation hangs over the cryptocurrency. And Robinhood, a stock-trading app that also lets users buy and sell cryptocurrencies, said it will delist SOL from its platform come the end of June. Its market cap, the second largest among tokens deemed securities by the SEC, has dropped from near $8.5 billion to about $6 billion. Since then, the price of SOL dropped from about $22 to $15-nearly 30% as of Monday evening.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |