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The web3 foundation, which supports the polkadot protocol, has again argued that its native token point () is not a security. Within a Twitter feed, the foundation has focused on its efforts to comply with United States securities legislation, and advice on securities and trading fees for digital assets, and said point had succeeded in "morphed" and is a software, no safety.
The Web3 Foundation took a sample of a Twitter Space in December where Angela Dalton, identified as a foundation consultant, describes how the representatives accepted the invitation from the SEC to "come and speak to us." Subsequently, the foundation claimed:
“The Foundation made sure the SEC's full vision of token morphing was addressed, […] as well as taking steps to manage the distribution of the DOT token so that no individual holds a large percentage of the network, turning down purchases from VCs interested solely in investment purposes, and promoting the tech but not the token.”
“The Foundation is confident DOT has morphed and is not a security. It's a program," concluded the foundation. Polkadot is a multichain protocol that had 66 blockchains operating on it and its Kusama parachain network as of October 2022. The web3 foundation was established by Gavin Wood, an ethereum co-founder, and published the polkadot white paper in 2016. Polkadot completed its launch in December 2021 when it rolled out parachains, according to a Medium post.
1/ @Polkadot's native token DOT is, and always has been, co-ordinating software. After the announcement of w3f about becoming unsafe, Read the thread below to know how the point could have changed, what a coward, and the network's principal objectives. pic.twitter.com/sAnU56GnIh
— Web3 Foundation (@Web3foundation) January 26, 2023
“Our experience was a positive one," says the foundation in its article. “The SEC has welcomed meetings with the Web3 Foundation, and there has been a spirit of open communication and dialogue.”
Related: Staking on Polkadot, explained
The Web3 Foundation first declared DOT a non-security in November. His position appears to have been unconfirmed by the dry. The foundation’s argument echoes key points in the SEC case against Ripple. “Morphing” is a concept put forward in a speech delivered by former SEC official William Hinman at the Yahoo Finance All Markets Summit in June 2018.
