The multiple initiatives of the Securities and Exchange Commission (SEC) have caused panic to blow through the crypto community in recent weeks. Solana’s SOL has been cited as one of the assets whose trading poses a problem… But the Solana community is confident, and believes that the blockchain is not in danger.
Solana, one of the indirect targets of the SEC
The American financial policeman notably accuses Binance and Coinbase of having sold “securities”, that is to say transferable securities. These assets evolve in a certain regulatory blur, and they fall under the supervision of the SEC. In its complaint against Binance, the institution thus estimated that several major cryptocurrencies were “securities” : BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI.
In response to these accusations, Binance.US temporarily halted its fiat withdrawals, while Coinbase instead claimed that its operations were not changing. For their part, the indirectly affected cryptocurrency communities have also commented on the actions of the SEC. And for Solana, the accusations of the American financial policeman are absurd.
The Solana Foundation thus affirmed in a press release that the SOL was in no way a security:
“The Solana Foundation strongly believes that the SOL is not a “security”. SOL is the native token of the Solana blockchain, which itself is a robust, open-source, community-based software project based on decentralized user and developer engagement.»
Interviewed by our colleagues at CoinDesk, a Solana developer present at a New York event this weekend summed it up even more neatly:
“I don’t think any developer cares. Whether SOL is a security or not doesn’t really affect people building on Solana.»
👉 To go further, discover our guide – Solana (SOL), an atypical blockchain with big ambitions
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The interest of the decentralization of cryptocurrencies
Because it must be remembered that the attacks of the SEC target centralized entities, which act on American territory. And while Gary Gensler’s campaign of course has an effect on the ecosystem as a whole, it will ultimately only have a limited reach. Blockchains, by their nature, cannot be stopped by the American financial policeman, which only has real reach on centralized platforms.
That said, the actions of the SEC have an effect on cryptocurrency prices, as they cause panic among investors. Binance’s native cryptocurrency, BNB, thus lost -15% over the week. And the SOL also takes the hit, even if its blockchain is not directly affected:
SOL’s price has fallen sharply since the SEC announcement
It is likely that the SEC campaign will have a positive effect on the decentralization of cryptocurrencies, from a geographical point of view. We could indeed witness an exodus of companiesand the creation of important new poles of influence beyond the United States.
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Source: CoinDesk
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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