In a blog post that was posted on the 4th of November, the Chief Legal Officer of Web3 Foundation, Daniel Schoenberger stated that the native token of Polkadot has transformed and was more of a software than just security.
The Chief Legal Officer also stated that the claim was completely consistent with the views that had been shared with the SEC after several discussions began in the November of 2019. The CLO stated that although the vision of the cryptocurrency had not been completely contemplated that the native token of this blockchain would be a security, they definitely understood that the views of the SEC were likely to be that the to-be-delivered token was more of a security when the delivery was supposed to be done. Also, whatever was needed to make DOT- the native token of the blockchain- to turn out as a non-security, the company was willing to do that.
Web3 Foundation Believes Dot Is Not A Security Anymore
Schoenberger also stated that the Web3 Foundation had been regularly meeting the fintech wing of the SEC- the FinHub, which was a part of Gary Ginsler’s long-standing offer to several crypto firms to come up and talk. According to the CLO, the team had created a workable theory of how the token morphing could actually be achieved for DOT- which was simply based on the concerns of the SEC and the US Federal Securities Laws.
Although the Web3 Foundation- which deals in fundraising- stated that it had been sharing this theory with the SEC that DOT didn’t necessarily qualify as a security- it wasn’t made clear if the federal regulator would be responding to the claims which did infringe on their purview.
