Solana Community Discusses Fork Due To SEC As Price Tanks

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The Solana (SOL) token is among the greatest losers on the crypto market with a worth drop of round 30% within the final seven days. After the US Securities and Trade Fee (SEC) declared the Solana token in addition to quite a few different altcoins as securities in its lawsuits towards Coinbase and Binance US, the SOL worth plummeted.

In a worst-case state of affairs, the SEC might sue Solana Basis in the identical approach it did Ripple Labs in December 2020. Thus, the underside of the SOL worth’s stoop won’t be reached but, if the SEC actually takes this step and thus causes extra buyers to panic promote.

Solana Group And Builders Oppose The SEC

The Solana Basis has now responded to the SEC’s classification of its SOL token as an unregistered safety. In a press release, it stated, “The Solana Basis strongly believes that SOL is just not a safety,” including “SOL is the native token to the Solana blockchain, a sturdy, open-source, community-based software program venture that depends on decentralized person and developer engagement to broaden and evolve.”

Whereas one developer at a current occasion dismissed the SEC’s authorized motion, stating that builders “give a shit” about what the SEC thinks, there is part of the group that’s already serious about potential methods to resolve the SEC problem.

The founding father of Degen Picks launched a ballot inside the Solana group on whether or not the blockchain ought to fork to keep away from the regulatory points with the SEC. A complete of two,050 individuals participated within the ballot, 39.9% answered “yup” whereas 24.2% answered “stfu” (shut the fuck up).

OK hear me out. It’s time to fork $SOL. SEC dissapears, FTX chapter can dump on themselves. $BTC and $ETH each did it.

cc @SOLBigBrain

Your response?

— Caps² (@capsjpeg) June 10, 2023

Surprisingly, the concept is supported by Abracadabra founder @HGEABC. Through Twitter, he responded to the ballot, writing, “Daring however not a foul concept really. Group fork Solana will eliminate SEC problem. No chapter will dump on you for subsequent 3 years constantly. ETH is a fork of ETC and doing effectively. Blink twice when you agree.”

A person then requested the Abracadabra founder if he might get Solana Labs co-founder Anatoly Yakovenko and his group to work on the fork. The Abracadabra founder speculated that they “in all probability will” if they’re sued by the SEC. “Then work on the fork save their very own downside too.” Remarkably, the Solana Basis has not but responded to the ballot.

General, nevertheless, there are combined opinions locally in regards to the fork. It’s additionally price noting that proponents don’t have a particular plan for a fork but.

Nonetheless, in response to the founding father of Degen Picks, a fork couldn’t solely resolve the SEC downside, but in addition FTX chapter. A replica of the Solana chain may very well be given a brand new algorithm and parameters. The FTX wallets may very well be blacklisted and never obtain the brand new token.

SOL Worth Retains Falling

At press time, the SOL worth was buying and selling at $15.15. The 1-day chart reveals the dicey state of affairs for the SOL worth. The bulls have to defend the $12.82 stage in any respect prices to stop a fall to the December 2022 low at $8.02.

To the upside, the $16.00 stage is the important thing resistance for now. With an RSI of 26.2, SOL is in oversold territory and will provoke a restoration.