"It's a shame Solana, the SEC is also obsessed with labeling all crypto securities."
The Solana Foundation has finally expressed its disapproval of the Securities and Exchange Commission (SEC) of the United States (US) which recently defined several other cryptocurrencies including SOL as securities.
Nevertheless, Yayasan Solana welcomes the involvement of policymakers as partners who can provide clarity on digital asset laws but not act aggressively to destroy the crypto market.
The Solana Foundation that wants to reassure its community also revealed its mission to continue creating the best blockchain in the future and other initiatives that can further develop its ecosystem.
In addition to SOL, the SEC which also labeled Cardano (ADA), Polygon (MATIC) and Filecoin (FILE) as securities after suing Binance and Coinbase last week means that it could cause investors to have a negative view of the digital asset.
Although the message was intended to calm its community, the SOL Foundation's move to reassure them was found to be somewhat late as the effects of the SEC's aggressive action had already been felt.
Plus investors are increasingly concerned that there will be more crypto exchanges delisting SOL and other affected digital assets until the security status is redefined, where Robinhood is now reportedly ending support for SOL, ADA and Polygon (MATIC) on June 27, 2023.
As of this writing, the price of SOL plunged by 1.18% to $15.24 in the last 24 hours with a market capitalization of $6 billion and recorded a 29.39% decline over the last week.
