Solana Foundation 'disagrees' with SEC's claim SOL is a security

The Solana Foundation explicitly "disagrees" with the United States Securities and Exchange Commission's characterization of Solana's native coin, SOL, as a security.

The U.S. securities regulator called SOL and 11 other cryptocurrencies securities in its high-profile lawsuit against the world's largest crypto exchange, Binance, on June 5.

Though the Solana Foundation categorically disagrees with SOL being called a security, the non-profit organization dedicated to stewarding the Solana network claims it "welcomes 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. building in the digital assets space."

SOL is trading flat on the day after a weekly decline of more than 26%.

The price of SOL is down more than 26% over the past week. Source: TradingView

Dissenting opinions

The Solana Foundation's disagreement comes alongside Polygon Lab's.

The development and growth team for the Polygon blockchain stated that MATIC was "developed outside the U.S., deployed outside the U.S. and focused to this day on the global community that supports the network." It also says "MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be secure — and remains so to this day."

As The Block reported on June 9, fintech trading app Robinhood will remove support for SOL and Polygon's MATIC — as well as Cardano's ADA — on June 27.