The Web3 Foundation, which developed the Polkadot fund, said that DOT tokens should no longer be considered securities under US Securities and Exchange Commission regulations.
“The Polkadot blockchain DOT has changed and is no longer a securities,” Chief Legal Officer Daniel Schoenberger said in a statement.blog post “It’s software.”
Schoenberger said the Foundation had been working with the SEC for three years to find a path that could allow the proposed digital asset to be reevaluated at a later date.
“Whatever it takes to make the DOT, the original token of the Polkadot blockchain, is no longer a security, We are willing to do so.”
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