Defying SEC: Solana, Cardano, and Polygon Disagree with 'Security' Label
In an ongoing battle against the Securities and Exchange Commission (SEC), Solana, Cardano, and Polygon have united forces to challenge the classification of their cryptocurrencies as securities.
This comes as lawsuits unfold against major exchanges Binance and Coinbase, these prominent projects are pushing back, seeking regulatory clarity that fosters innovation while safeguarding consumer interests.
Our token is non-security, and we urge regulators to collaborate for clear regulations that strike a balance between innovation and consumer protection," stated a spokesperson from the Solana Foundation
Defying the SEC's assertions, Solana (SOL), Polygon (MATIC), and Cardano (ADA) have boldly challenged the recent classification of their cryptocurrencies as securities.
The SEC included these tokens, among others, as examples of allegedly non-compliant assets traded on major crypto exchanges, leading to lawsuits against Binance and Coinbase. Notably, their prices have recorded stark drops.
With a combined market capitalization exceeding $21 billion, these tokens hold significant industry standing, rivaling even Ethereum (ETH).
In response to the SEC's claims, Cardano and Solana, supported by their respective organizations, staunchly defended the regulatory status of their tokens.
Input Output Global (IOG), the firm behind Cardano, maintains that ADA has never been considered a security under U.S. law.
IOG expresses confidence in its continued operations and welcomes a collaborative approach with regulators to foster innovation while protecting consumers' interests.
Similarly, the Switzerland-based Solana Foundation voiced its disagreement with characterizing Solana as a security on Twitter.
The foundation also emphasized its
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