- They do not agree that the asset is a security
- And they stressed that they are not the defendants of the lawsuit
- The court will not affect the work of the team in any way.
Sebastien Borje, co-founder and COO of The Sandbox commented the latest news of the crypto market. This refers to the SEC lawsuits against the two largest crypto exchanges Binance and Coinbase. The regulator called a number of tokens securities. And banned the trading and staking of such coins, since they were not registered with the commission.
The SEC black list includes, among others, the SAND token. Sebastian Borge examined the role of this court case. He began by saying that the Sandbox team itself is not the subject of the proceedings. Therefore, the lawsuit will not affect the daily tasks of the company.
As for the SAND token, Borje does not agree that it can be considered a security.
“We do not agree with the characterization that was given in this lawsuit. Among other things, we do not support the qualification of SAND as a security.”
Despite regulatory harassment, Borje stressed the importance of the US market to The Sandbox. Approximately one third of the users of the metaverse are residents of this country. The businessman added that the important mission of the project is the concept of a decentralized gaming world, where customers can actually own their assets and change the game content. They will continue this mission.
Today it became known that Coinbase, contrary to the SEC, will not close staking with “prohibited” coins.