![]() We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. The Solana Foundation disagrees with the characterization of SOL as a security. On Saturday, the Solana Foundation, a non-profit dedicated to Solana and based in Switzerland, delivered a similar message-albeit with less conviction. “Regulation through enforcement action does not provide either the clarity or certainty to which both the blockchain industry and consumers are entitled.” “This latest filing from the SEC demonstrates that we still have a long way to go,” IOG added. The SEC’s latest lawsuits will not impact the company’s operations “in any way,” IOG said, adding that the firm welcomes a collaborative approach with regulators that would preserve the possibility of innovation while protecting consumers. On June 6, the blockchain research and engineering firm that created Cardano, Input Output Global (IOG), said ADA has never been a security under U.S. Yet, as of this writing, they staged a partial comeback on Sunday-paring back a small portion of losses.Īmong the big three altcoins, Cardano was the first to have its regulatory status defended by a founding organization. Over the past seven days, the trio of tokens have tumbled around 30% each, according to CoinGecko. Combined, the three tokens have a market capitalization of over $21 billion-equal to around one-tenth of Ethereum’s total value. Solana, Polygon, and Cardano are among the lawsuits’ most recognizable tokens, placing within the industry’s top 20 by market capitalization, according to CoinGecko.
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