The Solana (SOL) token is one of the biggest losers on the crypto market with a price drop of around 30% in the last seven days. After the US Securities and Exchange Commission (SEC) declared the Solana token as well as numerous other altcoins as securities in its lawsuits against Coinbase and Binance US, the SOL price plummeted. In a worst-case scenario, the SEC could sue Solana Foundation in the same way it did Ripple Labs in December 2020. Thus, the bottom of the SOL price’s slump might not be reached yet, if the SEC really takes this step and thus causes more investors to panic sell. Solana Community And Developers Oppose The SEC The Solana Foundation has now responded to the SEC’s classification of its SOL token as an unregistered security. In a statement, it said, “The Solana Foundation strongly believes that SOL is not a security,” adding “SOL is the native token to the Solana blockchain, a robust, open-source, community-based software project that relies on decentralized user and developer engagement to expand and evolve.” W ..
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