Solana Foundation and Polygon refute SEC's classification of SOL as security.

The Solana Foundation has disagreed with the US Securities and Exchange Commission's classification of its native token, SOL, as a security. The SEC has labeled SOL as a security in lawsuits against crypto exchanges Binance and Coinbase. The classification subjects Solana and associated activities to a different set of regulations and compliant requirements. The Solana Foundation did private sales of tokens in the past years, which means that it sold securities for institutional investors and venture firms. However, legal experts argue that previous securities offers of SOL should not make the token a security now.