Daniel Schoenberger, chief legal officer of the Web3 Foundation, which funds the development of Polkadot, said in a blog post.
DOT, the native digital asset of the Polkadot blockchain, is no longer a security, it is software.
Schoenberger said the foundation, which has been working with the SEC for three years, has been looking for a way to allow digital assets initially offered as securities to be re-evaluated at a later date, saying, “The stakes are high, there is little room for error, whatever Whatever the DOT does, the native tokens of the Polkadot blockchain become or turn into non-securities, we are all willing to do that.”