A senior member of the Polkadot (DOT) development team has informed the U.S. Securities and Exchange Commission (SEC) that the connectivity blockchain’s native token is no longer a security.
Daniel Schoenberger, the Web3 Foundation’s chief legal officer, informs the SEC in a recent blog post that DOT has converted from security into software and is no longer subject to the regulatory agency’s authority.
Consistent with the opinions expressed by the SEC staff, we are glad to report that DOT, the native digital asset of the Polkadot network, has transformed. Current offers and sales of DOT are not securities transactions, and DOT is not a security, in our opinion. It’s just software.”
Schoenberger states that although DOT might have initially been deemed a security, the people behind it did all possible to transform it, including communicating with the SEC.
The CEO continues by stating that the SEC was communicative and receptive, prompting the Web3 Foundation to provide answers to any concerns the regulatory agency may have had about the DOT’s change.
“Our experience has been overwhelmingly wonderful. There has been an atmosphere of open communication and conversation between the SEC and the Web3 Foundation during sessions. These regular conversations have helped us get a better understanding of the SEC’s issues and create strategies to address them.”
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