CandleFocus SEC’s Mango settlement reiterates its case that SOL is a security
2024-09-30
Author: Content Editor
The SEC has settled its case with Mango Markets, a Solana-based DeFi platform, over claims of trafficking in unregistered securities. As part of the settlement, Mango DAO and the Blockworks Foundation will pay nearly $700,000 in penalties and destroy their MNGO tokens. The SEC's argument that SOL is a security was also highlighted in the settlement, claiming that Solana Labs and the Solana Foundation worked to increase value and demand for SOL. This reiterates the SEC's argument in its 2023 complaint against Coinbase. The potential classification of SOL as a security could impact its trading on crypto platforms and limit its availability to US investors.
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