Community Proposes Fork of SOL After SEC Classification as Security
In response to the negative outlook following Solana’s (SOL) classification as a security by the SEC, the community is proposing a fork of the coin.
Community Proposes Fork of SOL After SEC Classification as Security
Recently, a proposal appeared on Twitter suggesting forking Solana (SOL) into a new project after the U.S. Securities and Exchange Commission (SEC) classified it as an unregistered security.
OK hear me out. It's time to fork $SOL. SEC dissapears, FTX bankruptcy can dump on themselves. $BTC and $ETH both did it.
— Caps (@capsjpeg) June 10, 2023
cc @SOLBigBrain
Your reaction?
The proposal has garnered support from Abracadabra’s fund founder, HGEABC, who stated:
“It’s not a bad idea at all. Forking SOL could help avoid troubles with the SEC. ETH is a fork of ETC and it's still doing well.”
OK hear me out. It's time to fork $SOL. SEC dissapears, FTX bankruptcy can dump on themselves. $BTC and $ETH both did it.
— Caps (@capsjpeg) June 10, 2023
cc @SOLBigBrain
Your reaction?
Additionally, the proposal has received 40% support out of 2,050 votes on Twitter. Comments even suggest brainstorming new names for Solana.
However, this remains a proposal to address the current situation, with no concrete plans yet put forward.
As reported by Coin68, the U.S. trading app Robinhood announced it will delist SOL due to associated risks, further fueling negative sentiment around the coin. The token's price has reacted sharply, dropping significantly in recent days.
Currently, SOL is priced at $15.20, up from $12.80 on June 10, which was its lowest point since February 2023.
4-hour Chart of SOL/USDT on Binance as of 11:20 AM, June 12, 2023
