- They do not agree that the asset is a security
- And stressed that they are not defendants in the lawsuit
- The court will have no effect on the team
Co-founder and COO of The Sandbox Sebastian Borger commented on recent crypto market news. These are the SEC lawsuits against the two largest cryptocurrency exchanges Binance and Coinbase. Regulator named a number of tokens as securities. And it banned the trading and staking of such coins because they were not registered with the commission.
The SEC blacklist includes the SAND token, among others.. Sebastian Borger reviewed the role of this court case. He began by saying that The Sandbox team itself was not the subject of the proceedings. So the lawsuit will not affect the company’s daily tasks.
As for the SAND token, Borge does not agree that it can be considered a security.
“We disagree with the characterization that has been given in this lawsuit. Including we do not support the qualification of SAND as a security.”
Despite regulatory harassment, Borger stressed the importance of the U.S. market to The Sandbox. Approximately one-third of the users of the metacommuniverse are residents of this country. The businessman added that an important mission of the project is the concept of a decentralized game world, where customers can actually own their assets and change game content. They will continue such a mission.
We learned today that Coinbase, contrary to the SEC, will not shut down staking “banned” coins.