The community that revolves around Solana (SOL) is proposing the fork of the network, as a solution to all the problems that arose after learning that the altcoin was mentioned in the lawsuit filed by the Securities and Exchange Commission (SEC) of to Binance in the United States.
SOL is one of the 12 altcoins that appear in the document presented, on Monday, June 5, by the US agency to sue Binance.US.
In itself, the SEC accuses the exchange of multiple financial crimes, including the “violation of federal laws when illegally make offers and sales of unregistered securities to US investors.”
Five days after the SEC’s lawsuit became known, the development team of Solana Labs disagreed with SOL being considered a securitybut the regulator presents solid arguments, as CriptoNoticias points out in a previous publication.
Now the community has begun to raise escape routes to get rid of the problems that have arisen since the SEC mentioned SOL in its complaint document.
The network fork is one of the proposals raised, in fact, the user who identifies himself as capsjpeg performed a poll on Twitter with this approach. And in it, the community is in favor with 40% of the votes.
In any case, it is worth noting that a survey on a user’s account is probably not enough to reflect the sentiment of the majority of SOL owners, many of whom do not reside in the United States.
Will a hard fork save Solana from SEC scrutiny?
In any case, the approach of a bifurcation to get rid of the problems, which arose after the SEC’s lawsuit, leads one to think that the community suspects that SOL would have everything to lose if they are accused by the regulator.
So far, many owners of this altcoin they prefer to fork the network, rename the project, define new rules, and register it in another jurisdiction. This before defending SOL in court with a group of lawyers.
Indeed, Solami is the name with which many agree to assign a new token created by dividing the Solana network. This is how it proves another survey launched on Twitter in hopes of pulsing opinion in the Solana community.
Now, the bifurcation gains strength because several members of the community believe that in this way “no bankruptcy will be unloaded on you for the next 3 years continuously”, as it is points another user.
So far, all the altcoins designated by the SEC have not stopped bleeding and in the specific case of SOL, its price has plummeted 30% in the last week. And at the time of writing this note, it is trading in the order of 15 dollars on the main trading platforms, according to CoinMarketCap.
The Ethereum fork is also mentioned as an example, although someone else answers the question that no one seems to be asking within the community, which is “would splitting the network indeed save Solana from SEC scrutiny?”
“If the fork is just to circumvent the SEC, it will attract immediate scrutiny and it will be disastrous, not a good idea,” adds Twitter user MarzzNyc.