Switzerland-based Solana (SOL) developer is objecting to the U.S. Securities and Exchange Commission’s (SEC) claim that the 11th largest crypto asset by market capitalization is a security.
Solana Foundation say that it disputes the SEC’s claims in a lawsuit filed last week against crypto exchange Binance.
“The Solana Foundation disagrees with the characterization of SOL as a certainty. We welcome the continued commitment of policymakers as constructive regulatory partners to achieve legal clarity on these issues for the thousands of entrepreneurs in the US building the digital asset space.
The Solana Foundation isn’t the only developer reacting to the SEC’s latest offensive on the crypto space.
Polygon Labs, the developer of the blockchain scaling solution Polygon (MATIC), appears to be take distance itself from the US market after the SEC included the altcoin in its list of crypto assets.
“We are proud of the history of the Polygon network – developed outside the US, deployed outside the US and to this day focused 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. Given our focus on network security, we made sure that MATIC was available to a wide range of people, but only with actions that were never aimed at the US.
The non-US market is the largest in the world, and we are grateful for all the thoughtful work being done globally on all aspects of this technology, including by regulators and policy makers.
We are confident in the actions we have taken in the past and how focused we are on building the future.”
In addition to Solana and Polygon, the SEC has also listed ten other crypto assets that it considers securities.
“Since the launch of the Binance platforms, Defendants have made crypto-assets available for trading on them that are offered and sold as investment contracts, and thus as securities.
This includes, but is not limited to, [Binance Coin] BNB, BUSD and the units of each of the crypto asset securities further described below – with trading symbols [Solana] SOL, [Cardano] ADA, [Polygon] MATIC, [Filecoin] FIL, [Cosmos] ATOM, [The Sandbox] SAND, [Decentraland] MANA, [Algorand] ALGO, [Axie Infinity] AXS, and [COTI] COTI (collectively, the “Crypto Asset Securities”).”
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