Web3 Foundation, the entity in charge of Pokadot’s development, laid out the reasons why DOT is not a security and why it believes the SEC should acquiesce.
Back in 2017, the SEC released Report 21A, better known as the DAO Report. In it, the agency laid out the reasons why the tokens of most DAOs, Polkadot included, should be considered securities.
The paper, however, stated that there were steps development teams could take in order to make their projects not function as securities, should this be desired. In the view of the Web3 Foundation , DOT does not match theSoftware, Not Securities The 14-tweet thread published yesterday by W3F reads that DOT was never intended to function as a security but as a Layer-1 blockchain, ergo software meant for other companies to build on, according to Chief Legal Officer Daniel Schoenberger.
“When contemplating the launch of the Polkadot network, there was no intention to issue a security. We always thought of DOT as vertical agnostic & use-case agnostic coordinating software.” Nevertheless, DOT’s development team concedes that the project could have seemed to be intended for financial use primarily and reiterates that they have taken steps to remedy this view.‘s native token DOT is, and always has been, co-ordinating software. Following W3F’s announcement on DOT morphing into a non-security, read the thread below to learn how DOT was able to morph, what Polkadot is, and the primary goals of the network.
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