Web3 Foundation says Polkadot (Dot) is not a Security

The organisation behind “Web3 Foundation” announced that the Polkadot’ Dot coin is a software & not a security asset.

Polkadot is a popular crypto project, which was founded by Ethereum co-founder Gavin Wood. The Dot coin went live in mid of 2020. This crypto project focused on connecting blockchains — allowing value and data to be sent across previously incompatible networks (Bitcoin and Ethereum & other leading networks).

On 4 November, Web3 Foundation (W3F), an entity supporting the R&D of Polkadot, as well as overseeing fundraising efforts for the blockchain, announced via a blog post that Dot is software and can’t be considered Security.

Foundation stated that the team talked about this thing with the US Securities and Exchange Commission (SEC) over the last 3 years of the time frame.

      -----Cryptonews AD----->>>  

Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE

  <<<-----Cryptonews AD-----    

 

“After 3 years of proactive engagement with the @SECGov, W3F announces a landmark step towards the achievement of Web 3.0, a decentralized, trustless, serverless internet.”

Foundation also confirmed that the Polkadot team will work in those ways under which utility & offerings will remain in compliance with Federal securities laws.

W3F met regularly with the SEC and attempted to break new ground and comply with U.S. federal securities laws, with respect to the offer & sale, marketing & delivery to initial purchasers & treatment of retail purchasers, in line with public companies.https://t.co/sYv6J0ZG1k

— Web3 Foundation (@Web3foundation) November 4, 2022

It is worth noting that the foundation didn’t talk about Kusama, which is another crypto project from the W3F & Polkadot team. So probably it may create a panic situation for those retail investors who are not ready to face any kind of pain. An example of this case can be seen in a tweet of a user under the W3F Twitter thread.

it's over for ksm, all the liquidity will flow from ksm from dot, the main project

— Untitled (,) (@Untitled_hz) November 4, 2022

Dot coin

The dot coin is the native token of the Polkadot project and the current price of this coin is $7.09, which is 1.29% down over the last 24 hours of the global trade price.

Read also: Lebanon moving toward crypto adoption following the economic downturn

Web3 Foundation says Polkadot (Dot) is not a Security

 

https://bitcoinik.com/web3-foundation-says-polkadot-dot-is-not-a-security/feed/

https://bitcoinik.com/web3-foundation-says-polkadot-dot-is-not-a-security/feed/