"DOT Is Not A Security": Web 3 Foundation Claims

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Web 3 Foundation has claimed that United States Securities and Exchange Commission should no longer treat token as a security

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The fund raising entity also argued that SEC should not consider the DOT token a security under its regulatory purview.

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"The Polkadot blockchain’s native digital asset (DOT) has morphed and is no longer a security,'' Web 3 Chief Legal Officer Daniel Schoenberger said in a blog post.

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Schoenberger said the claim was consistent with the views it had shared with the SEC following discussions it began in November 2019.

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The Web3 Foundation that funds development of Polkadot said it shared this theory many times with the SEC on DOT not qualifying as a security.

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Polkadot developers said it has decentralized sufficiently to no longer be considered a security.

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The current market cap for DOT is just under $8 billion.

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