Solana Hard Fork to Stave Off SEC? Devs Say It's Not Happening

“I work on the largest Solana project, with more than 10 developers, and nobody is discussing a hard fork” said Matías Kudelski, a cyber security researcher who audits Solana's code.

Timeline of Solana

The Switzerland-based Solana (SOL) developer is objecting to the U.S. Securities and Exchange Commission's (SEC) allegation that the 11th-largest crypto asset by market cap is a security. The Solana Foundation says that it disputes the claims made by the SEC in a lawsuit filed against crypto exchange Binance last week.

Solana (SOL) made headlines recently after being labeled as a “security” by the US Securities and Exchange Commission (SEC). As a result, SOL is facing challenges in its price movement.

In response to the recent lawsuits brought forth by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, the Solana Foundation has raised its objections to the classification of its native token, SOL, as a security. SOL, introduced in March 2020, serves as a utility token within the Solana blockchain ecosystem.

The Solana Foundation has publicly objected to the United States Securities and Exchange Commission's (SEC) recent classification of its native cryptocurrency, Solana (SOL), as a security.

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.

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.