Web3 Foundation makes bold claim to SEC: ‘DOT is not a security. It is merely software’
Web3 Foundation makes bold claim to SEC: ‘DOT is not a security. It is merely software’
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The entity supporting research and development of Polkadot, as well as overseeing fundraising efforts for the blockchain, has argued that the United States Securities and Exchange Commission should not consider the Polkadot (DOT) token a security under its regulatory purview.
In a Nov. 4 blog post, the Web3 Foundation Team’s chief legal officer Daniel Schoenberger said Polkadot’s native token had “morphed” and was “software” rather than a security. Schoenberger said the claim was “consistent with the views” it had shared with the SEC following discussions it began in November 2019.
