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- The organization publicly disagreed with the market regulator in a recent social media post.
- The Solana Foundation’s effort to reassure its community arrived somewhat late.
After a period of silence, the Solana Foundation addressed the U.S. Securities and Exchange Commission’s (SEC) recent decision to classify Solana (SOL) and other cryptocurrencies as securities. The foundation expressed its disagreement with the regulator in a recent tweet.
In a statement, the Solana Foundation noted its appreciation for lawmakers’ efforts to collaborate as “constructive partners” to clarify the legal framework for the thousands of American businesses developing the digital assets market.
Furthermore, the organization highlighted that its developer community is the strongest in the digital currency sector, demonstrating a solid determination to drive groundbreaking innovations.
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Calming Investors
The foundation’s communication aims to reassure its community while emphasizing the organization’s commitment to supporting “those building for the long-haul to continue to create the best blockchain for a decentralized future.”
Recently, in its lawsuit against Binance and Coinbase, the SEC included SOL as a security, alongside Cardano (ADA), Polygon (MATIC), and Filecoin (FIL), among others. Although no legal action has been taken against the Solana Foundation itself, this classification could cause investors to lose faith in the SOL token.
The Solana Foundation’s attempt to reassure its members came somewhat late, despite the message’s goal of calming tensions. The effects of the SEC’s regulatory crackdown are already being felt.
Additionally, it was recently revealed that cryptocurrency exchange Robinhood Markets Inc. will cease support for Solana, Cardano, and Polygon by the end of the month. This development has significantly impacted SOL and the broader cryptocurrency market, contributing to the current negative trend.
