Web3 Foundation: DOT is "coordinating software" rather than a security, and will not compete with Layer 1 blockchains like Ethereum and Bitcoin

2023-01-27 14:20:26

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ChainCatcher news, the Web3 Foundation supporting the Polkadot protocol stated on social media that the native token DOT is "coordinating software" rather than a "security product." The foundation also emphasized its commitment to comply with U.S. securities laws and the guidance from the U.S. Securities and Exchange Commission regarding digital assets, as well as addressing the complete vision for token transformation, and will take measures to manage the distribution of DOT tokens to ensure that the network is not controlled by a small number of entities.

In addition, the Web3 Foundation stated that Polkadot will not compete with Layer 1 blockchains such as Ethereum and Bitcoin. As of now, the number of projects and teams in the Polkadot ecosystem has exceeded 550. (Source link)

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DOT securities Web3 Foundation

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