SOL is not a security, according to Solana Foundation.

The Solana Foundation is challenging the classification of its SOL token as an unregistered security by the U.S. Security and Exchange Commission (SEC).

The SEC recently filed lawsuits against Binance.US and blockchain, accusing them of trading Crypto Asset Securities, including SOL.

The Solana Foundation released a statement to CoinDesk stating that they strongly believe that SOL is not a security. They describe SOL as the native token to the Solana blockchain, which is an open-source software project that relies on decentralized user and developer engagement to expand and evolve.

During the Solana community event in New York City, attendees did not seem concerned with the regulatory issues surrounding the chain. According to a developer, “SOL being a security doesn’t really affect anyone building on top of Solana.”

In addition to SOL, the SEC also identified tokens associated with Cardano, Polygon, Sandbox, Filecoin, Axie Infinity, Chiliz, Flow, Internet Computer, Near, Voyager, Dash, and Nexo as securities in the lawsuits against Binance.US and blockchain.

This article was edited by Stephen Alpher.