Vitalik Buterin regretted Solana and other projects affected by the SEC
Date: 2023-07-01 Author: Karina Ziganova Categories: BUSINESS
Ethereum founder Vitalik Buterin is concerned about the approach of the US authorities to regulating the crypto industry. He said that he felt sorry for the affected projects.
In his opinion, the real competition in the cryptocurrency market is not between different blockchains. It takes place in a centralized world that asserts its dominance.
"I'm sorry that Solana and other projects have suffered from this. They don't deserve it, and if Ethereum wins as a result due to the fact that all other blockchains will be forced out of exchanges, this is not the fairest way to win," he tweeted.
Buterin called for a fair solution to the situation in the United States. This suggests that Ethereum alternatives will not be affected by the policy change in the long run.
Securities according to the SEC
In a lawsuit against the Binance cryptocurrency exchange, the SEC called 12 tokens securities, in particular, Polygon (MATIC), Cardano (ADA) and Solana (SOL). If these tokens are recognized as securities, then the platforms offering them will face stringent regulatory requirements.
Solana rejected the regulator's attacks, saying that SOL does not fall under the definition of a security. Polygon Labs said that although MATIC is available to a wide range of Americans, the United States is not the target market for the project. The team also highlighted the important role that the token plays in the ecosystem.
Delisting of tokens from the "black list"
Many platforms have begun delisting the tokens mentioned in the SEC lawsuit. American broker Robinhood got rid of MATIC, ADA and SOL, explaining this by revaluing its portfolio of cryptocurrencies. On June 27, the broker sold all the remaining tokens at the market rate, and redirected the money received from the sale to users' accounts.
Institutional crypto platform Bakkt has also delisted SOL, MATIC, and ADA. The platform has stopped trading tokens that can be considered securities, based on the Commission's lawsuit. Prior to that, Bakkt delisted 70% of tokens, explaining this by changing its focus to the B2B (business-to-business) sector.
