The Solana Foundation remained quiet for days after the Securities and Exchange Commission said that SOL, the native token on the Solana blockchain, was an unregistered security in lawsuits against Binance and Coinbase.
But on Thursday, the Foundation finally fought back against the SEC’s allegations.
“The Solana Foundation strongly believes that SOL is not a security,” a spokesperson said in a statement to Fortune. “We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. building in the digital assets space.”
Amira Valliani, the foundation’s head of policy, similarly argued against the SEC’s claims during a panel entitled “WTF is going on crypto policy” at the Solana NYC Hacker House, an event for developers and investors.
“Now, I just want to address the elephant in the room,” she said almost 10 minutes into the panel. “SOL is not a security.”
The comments from the Solana Foundation come three days after the SEC named SOL and 12 other tokens—including Cardano’s ADA, Polygon’s MATIC, and Binance’s BNB—as unregistered securities in its two blockbuster lawsuits against Binance and Coinbase, two of the top crypto exchanges in the world.
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