Finally: Polkadot 's core token $DOT is not a security any longer. But what is it now? w/ RobinsonBurkey Web3foundation SECGov
Daniel Schoenberger, сhief legal officer of Web3 Foundation, a non-profit behind the development of Polkadot and Kusama platforms, shares a crucial update on the DOT token status.shared by the W3F main blog yesterday, Nov. 4, 2022, Schoenberger announced that Polkadot's token DOT has morphed and is not a security any longer.After 3 years of proactive engagement with the
, W3F announces a landmark step towards the achievement of Web 3.0, a decentralized, trustless, serverless internet.According to his statement, the representatives of W3F spent almost three years in discussions with the U.S. Securities and Exchange Commission . They were working to make the DOT status and usage compliant to all requirements of the Framework for"Investment Contract" Analysis of Digital Assets by SEC's Financial Hub.
Ideologically, this policy stress tested the proactive approach in the interaction between cryptocurrency projects and regulators in the U.S. Three years of talks between entrepreneurs and watchdogs pioneered this modus of conversation:As we saw it, the stakes were high, and the margin for error was slim. Whatever it took in order for DOT, the native token of the Polkadot blockchain to be — or to become — a non-security, we were willing to do it.
Over the last three years, the role and functionality of DOT have transformed, or"morphed." As such, by November 2022, the token is not a security any longer: it merely looks like"software." As covered by U.Today previously, the U.S. has the most severe laws when it comes to unregistered security offerings. Numerous cryptocurrency heavyweights, including
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