The Web3 Foundation, which supports the Polkadot protocol, has again presented its argument that its native DOT (DOT) token is not a security. In a Twitter thread, the foundation emphasized its efforts to comply with U.S. securities laws, as well as Securities and Exchange Commission guidance on digital assets, and declared that DOT had successfully “morphed” and is software, not a security. 

The Web3 Foundation reposted an excerpt from a December Twitter Space where Angela Dalton, identified as an adviser to the foundation, described how representatives accepted the SEC’s invitation to “come in and talk to us.” Subsequently, the foundation claimed:

“The Foundation made sure the SEC's full vision of token morphing was addressed, […] as well as taking steps to manage the distribution of the DOT token so that no individual holds a large percentage of the network, turning down purchases from VCs interested solely in investment purposes, and promoting the tech but not the token.”