No products in the cart.
- Latest
- Trending
ADVERTISEMENT
The chief executive of the development team behind Polkadot (DOT) has claimed to the U.S. Securities and Exchange Commission (SEC) that native tokens on interoperable blockchains no longer count as security.
In a new blog post, Web3 Foundation Chief Legal Officer Daniel Schoenberger said: To tell The SEC, which DOT has converted from security to software, is no longer under the jurisdiction of regulators.
Over the years, we have seen how token morphing works for increasingly decentralized projects like Polkadot and for digital assets other than those originally offered and sold for fundraising purposes. We have developed what we believe to be a workable theory of what can be achieved, which by itself has no security-like properties, and we have shared this theory many times with the SEC. rice field
Consistent with the views shared with the SEC staff, we are pleased to announce that DOT, the native digital asset on the Polkadot blockchain, has transformed. In our view, DOT’s current offers and sales are not securities and DOT is not a security. It’s just software.
Schoenberger said the DOT may have been initially considered a security, but the team behind it made sure they did everything they could to change the DOT, including discussions with the SEC. says.
Whatever it took to make DOT, the native token of the Polkadot blockchain, unsecured, or unsecured, we were happy to do so. I made it [Strategic Hub for Innovation and Financial Technology] Get more staff with the offer to “Come to us and talk to us”.
The executives went on to say that the SEC has been open and proactive in its communications, leading the Web3 Foundation to create a solution to problems regulators may have had about transforming the DOT.
Our experience has been positive. The SEC has welcomed our meetings with the Web3 Foundation and there has been a spirit of open communication and dialogue. We were able to better understand them and develop solutions to address them.
Don’t miss a beat subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitter, Facebook When telegram
Surf The Daily Hodl Mix
 
Featured Image: Shutterstock/Vector-3D
