SOL token in Light of SEC's Classification
Introdcution
On June 5th, the U.S. Securities and Exchange Commission (SEC) made an announcement classifying Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities. Additionally, the SEC charged Binance with mishandling user funds and providing false information to regulators. It is worth noting that the SEC referred to several cryptocurrencies, including SOL, as securities, which implies that Solana cannot be legally traded in the United States.
In response to these developments, the Solana Foundation issued a statement stating their disagreement with the classification of SOL as a security. They expressed their willingness to engage with policymakers and work together to establish regulatory clarity in order to support the thousands of entrepreneurs in the United States who are building within the digital assets space.
As expected, this incident had a significant impact on the Solana price and ecosystem. The following dashboard examines the effects of these incidents on the SOL price and analyzes which sector has been most affected.
Method
This dashboard aims to provide a comprehensive overview of the impact of the SEC announcement on SOL price, as well as analyze SOL transfers to and from CEXes and dApps. Additionally, we examine the influence of the SEC announcement on SOL swaps on the Solana network.
For this analysis, we utilized the Solana.core schema of Flipside data.
To capture broader trends, a two-month period was considered, with June 5th as the date marking the division between the time before and after the SEC announcement.
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References
More about the Author
Twitter: @SocioCrypto
Discord: SocioCrypto#1741
Flipside Profile: https://flipsidecrypto.xyz/SocioCrypto