Last week, the U.S. Securities and Exchange Commission (SEC) took aggressive regulatory action against Solana, labeling SOL token as a security in a lawsuit, which led to an intense debate on Crypto Twitter about the possibility of a hard fork. Interestingly, this fiery discussion seems not to have affected Solana developers or the Solana Foundation.
Matías Kudelski, a cybersecurity researcher who audits Solana’s code and works on the metaverse game Star Atlas, stated that no one in the Solana project discussed the potential hard fork. HGEABC, a pseudonymous shareholder of multiple NFT platforms, agreed that the fork is just an idea among the community rather than being seriously considered by developers or the foundation.
The debate on Twitter revolves around two main concerns. First, there is a significant worry that the recent SEC regulatory clampdown leaves Solana in uncharted territory. The SEC’s labeling of SOL as a security has already resulted in its delisting from Robinhood. Furthermore, exchanges like Coinbase and Binance, which are facing charges, could potentially delist SOL, affecting a substantial portion of its trading volume.
Secondly, there are concerns over the unclear relationship between Solana and the now-defunct crypto exchange FTX, which ties to the argument on whether the protocol should be forked. Those supporting the hard fork believe that removing Alameda Research’s locked tokens would make Solana more decentralized. Caps, the co-founder of degenpicksxyz, proposed the fork in a tweet, stating it would eliminate the SEC and FTX bankruptcy issues. His poll later revealed that nearly 40% of respondents supported his idea.
On the contrary, some individuals consider the fork idea “nonsense” and suggest focusing on other priorities. Bardy, a member of the Aurory DAO council, mentioned the challenges of taking a Solana fork seriously to remove specific account balances and create potential future forking instances.
Adding to the uncertainty, Solana’s co-founder Anatoly Yakovenko announced on Twitter that he would disconnect for the next 4-6 weeks, further intensifying the confusion around the hard fork. Bardy believes that forking without Yakovenko’s involvement would feel like undermining oneself.
As the debate continues, it remains to be seen whether the Solana community will reach consensus on the hard fork and its implications on the protocol’s future.
Source: Decrypt
