Solana Foundation Responds to Security Classification of Native Token, SOL, and Initiates Regulatory Engagement

In a recent official statement on June 10, the Solana Foundation has addressed the classification of its native token, SOL, as a security. The foundation expressed surprise over the mention of the token by the U.S. regulator, emphasizing its commitment to building exceptional blockchain products.

Timeline of Solana

Some industry analysts predict that an intensifying crypto crackdown could cost Democrats the upcoming 2024 elections in the U.S. The Gemini founders believe the current administration's actions could dissuade young people from voting for the blue party.

The Solana (SOL) token is one of the biggest losers on the crypto market with a price drop of around 30% in the last seven days. After the US Securities and Exchange Commission (SEC) declared the Solana token as well as numerous other altcoins as securities in its lawsuits against Coinbase and Binance US, the SOL price plummeted.

The Solana Foundation has recently stated on Twitter addressing the U.S. Securities and Exchange Commission's (SEC) classification of its native token, Solana (SOL), as a security. The foundation expressed disagreement with the characterization of SOL and emphasized its commitment to engaging with policymakers to achieve legal clarity in the digital assets space.

The Solana Foundation has finally broken its silence with respect to the recent classification of Solana (SOL) alongside other cryptocurrencies as an investment contract by the United States Securities and Exchange Commission (SEC). In the recent address the firm shared on Twitter, it said it disagrees with the market regulator.

Challenging recent accusations from the U.S. Securities and Exchange Commission (SEC), the Solana Foundation has moved to refute the labeling of its native SOL token as a security.

Ethereum (ETH) competitor Solana (SOL) witnessed an explosion in on-chain activity last month, according to the crypto data firm Nansen. Nansen notes that Solana's monthly active address count surged by 86% in May, reaching a total of 9.5 million addresses, which ranks third among all chains.

Introduction Welcome to our comprehensive price analysis report for Solana (SOL) as of June 10, 2023. This report is based on price data, technical indicators, and moving average data sourced from Binance at 06:30 AM UTC. We delve into the intricate dynamics of SOL's price, volume, and key technical indicators.

Introduction Welcome to our comprehensive price analysis report for Solana (SOL) as of June 9, 2023. This report is based on price data, technical indicators, and moving average data sourced from Binance at 11:26:31 UTC. We delve into the intricate dynamics of SOL's price, volume, and key technical indicators.

Solana moved towards the $20.00 mark on Friday, despite reports confirming that Robinhood was set to delist the token from its platform. In addition to solana, cardano and polygon were also removed. XRP also trended higher in today's session. Solana (SOL) Solana (SOL) moved close to the $20.

On-chain analytics firm Nansen highlighted remarkable growth in active addresses for the cryptocurrency market in May. Nansen says that May was an incredible month for growth in crypto.