The Solana Foundation and Polygon Labs are among the latest entities to push back against the U.S. Securities and Exchange Commission’s (SEC) classification of their respective tokens as securities.
Both organizations have expressed their disagreement with the regulatory body’s assessment, emphasizing their commitment to operating outside the scope of U.S. markets.
The Solana Foundation, which oversees the development of the Solana blockchain, expressed its willingness to cooperate with regulators to bring clarity to the emerging industry.
Despite its disagreement with the SEC’s classification of SOL, the native cryptocurrency of the Solana network, as a security, the foundation welcomed engagement with policymakers to achieve legal clarity for entrepreneurs operating in the digital asset space.
The SEC has filed lawsuits against Binance and Coinbase, accusing the exchanges of facilitating the trading of unregistered crypto asset securities, including Solana (SOL) and Polygon (MATIC)
However, according to the Solana Foundation, SOL’s use within the network makes it more akin to a utility token than security.