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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Solana Community Discusses Fork Due To SEC As Price Tanks

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Solana SOL

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The Solana (SOL) token is one of the biggest losers on the crypto market with a price drop of around 30% in the last seven days. After the US Securities and Exchange Commission (SEC) declared the Solana token as well as numerous other altcoins as securities in its lawsuits against Coinbase and Binance US, the SOL price plummeted.

In a worst-case scenario, the SEC could sue Solana Foundation in the same way it did Ripple Labs in December 2020. Thus, the bottom of the SOL price’s slump might not be reached yet, if the SEC really takes this step and thus causes more investors to panic sell.

Solana Community And Developers Oppose The SEC

The Solana Foundation has now responded to the SEC’s classification of its SOL token as an unregistered security. In a statement, it said, “The Solana Foundation strongly believes that SOL is not a security,” adding “SOL is the native token to the Solana blockchain, a robust, open-source, community-based software project that relies on decentralized user and developer engagement to expand and evolve.”

While one developer at a recent event dismissed the SEC’s legal action, stating that developers “give a shit” about what the SEC thinks, there is a part of the community that is already thinking about possible ways to solve the SEC issue.

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The founder of Degen Picks launched a poll within the Solana community on whether the blockchain should fork to avoid the regulatory issues with the SEC. A total of 2,050 people participated in the poll, 39.9% answered “yup” while 24.2% answered “stfu” (shut the fuck up).

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

cc @SOLBigBrain

Your reaction?

— Caps² (@capsjpeg) June 10, 2023

Surprisingly, the idea is supported by Abracadabra founder @HGEABC. Via Twitter, he responded to the poll, writing, “Bold but not a bad idea actually. Community fork Solana will get rid of SEC issue. No bankruptcy will dump on you for next 3 years continuously. ETH is a fork of ETC and doing well. Blink twice if you agree.”

A user then asked the Abracadabra founder if he could get Solana Labs co-founder Anatoly Yakovenko and his team to work on the fork. The Abracadabra founder speculated that they “probably will” if they are sued by the SEC. “Then work on the fork save their own problem too.” Remarkably, the Solana Foundation has not yet responded to the poll.

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Overall, however, there are mixed opinions in the community about the fork. It’s also worth noting that proponents don’t have a specific plan for a fork yet.

Nevertheless, according to the founder of Degen Picks, a fork could not only solve the SEC problem, but also FTX bankruptcy. A copy of the Solana chain could be given a new set of rules and parameters. The FTX wallets could be blacklisted and not receive the new token.

SOL Price Keeps Falling

At press time, the SOL price was trading at $15.15. The 1-day chart shows the dicey situation for the SOL price. The bulls need to defend the $12.82 level at all costs to prevent a fall to the December 2022 low at $8.02.

To the upside, the $16.00 level is the key resistance for now. With an RSI of 26.2, SOL is in oversold territory and could initiate a recovery.

Solana SOL price
SOL price keeps falling, 1-day chart | Source: SOLUSD on TradingView.com
Featured image from Analytics Insight, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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