Solana Foundation: SOL Is 'Not a Security'

The native token of the Solana blockchain, SOL, was alleged to be an unregistered security in this week’s SEC lawsuits against crypto exchanges Binance.US and Coinbase.

AccessTimeIconJun 8, 2023 at 9:04 p.m. UTC
Updated Aug 25, 2023 at 3:54 p.m. UTC

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

Earlier this week, the SEC filed lawsuits against crypto exchanges Binance.US and Coinbase, which charged the exchanges with trading crypto asset securities, including SOL.

“The Solana Foundation strongly believes that SOL is not a security,” the Solana Foundation told CoinDesk in a statement. “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.”

At Solana’s Thursday hacker house event in New York City, New York it appeared the Solana community wasn’t overly concerned with the chain’s regulatory nuisances.

“I don’t think any of the developers give a shit,” a developer told CoinDesk at the hacker house on Thursday. “SOL being a security doesn’t really affect anyone building on top of Solana.”

In its Binance.US and Coinbase lawsuits, the SEC also identified tokens issued by foundations and companies or tied to protocols Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities.

Update (June 9, 15:57 UTC): Clarifies sub headline.

Edited by Stephen Alpher.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tracy Wang

Tracy was the deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about