Especially the ICO trend, which exploded in late 2016, has become an important source of funding for many cryptocurrency projects. Solana, one of the projects adapting to this trend, also launched a 2018 ICO and met with its first buyers at $0.22. But a class action lawsuit filed in California Federal Court accuses key players in the Solana ecosystem of illegally profiting from an unregistered security, SOL.
Solana (SOL) Accused of Being an Unregistered Securities
Specifically in the US, any assets must be reported to the SEC and identified, so that they are not illegal. This security tension, which is usually experienced between Ripple and the SEC, can also be experienced for many other projects. A lawsuit most recently filed by California resident Mark Young accuses Solana Labs of illegally profiting from an unregistered security, SOL.
Additionally, the lawsuit includes names like Solana Foundation, Solana’s Anatoly Yakovenko, crypto VC giant Multicoin Capital, Multicoin’s Kyle Samani and trading desk FalconX.
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