The SEC considers SOL a security

Regardless of the future treatment, the SEC has already recognized Solana and other altcoins as securities in various court cases.

In its case against Coinbase, the SEC said Solana was one of many tokens offered as an investment contract and collateral in both past and ongoing sales.

As one example of the securities being offered and sold, the regulator highlighted a simple contract for future Solana Labs tokens (SAFT) worth $23 million. He also cited SOL as collateral in cases against Binance and Kraken.

However, the SEC did not bring enforcement proceedings directly against Solana Labs or its related parties.