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Solana's Vision Amid Regulatory Murmurs: Raj Gokal Speaks Out

Solana co-founder, Raj Gokal, remains unfazed by Robinhood's SOL delisting amid regulatory concerns. Terming such platforms as mere 'crypto tourists', he emphasizes the need for regulatory clarity in the U.S. Despite challenges, Gokal sees hope as giants like Coinbase continue to support crypto.

August 4, 2023 by Illustrious

Solana co-founder, Raj Gokal, in a recent interaction with CNBC, laid out his composed stance on Robinhood and similar platforms' decisions to delist SOL in the wake of regulatory ambiguities. "For many of these platforms, crypto is just a short stop - mere tourists," Gokal noted. This remark came as a reaction to the ongoing efforts to introduce clarity to the U.S. crypto landscape.

A rewind to June recalls the moment when Robinhood, boasting a mammoth user base nearing 23 million, opted to delist SOL. Alongside other crypto assets, SOL was tagged as securities by the United States Securities and Exchange Commission (SEC) in legal encounters with giants, Coinbase and Binance. While Gokal refrained from passing any comments on the ongoing litigation, he made it clear that such delistings were hardly a blip on Solana Foundation's radar.

"Look, it's hardly surprising when U.S.-centric enterprises, which are on the fringes of the crypto world, choose to step back from assets like SOL," Gokal commented. "We've seen this play out repeatedly. Entities with minuscule crypto operations often tend to pull back when faced with heat. Robinhood, for all its might, had just a tiny footprint in crypto."

The narrative, however, isn't entirely grim. Highlighting the silver lining in the current regulatory showdown, Gokal emphasized, "What's truly heartening is the stance of the big players. The Coinbases and Binances of the world, who command the lion's share of trading volume, remain unswayed. They aren’t curbing access for users, and that's precisely the spirit we anticipate going forward."

A Cry for Clarity

Gokal, a stalwart in the decentralized world, remains optimistic about a bright horizon for the U.S. crypto domain. "There's an unmistakable momentum building up," he remarked, pointing to the increasing push towards establishing crystal-clear guidelines for crypto operations.

"All we've ever sought is clarity," he expressed, the conviction evident in his voice. "This cloud of uncertainty, this regulatory limbo, has shackled our industry for far too long. But now, we seem to be standing at a pivotal juncture, with the hope of Congress shedding light."

In his concluding remarks, Gokal didn't shy away from commending those advocating for crypto. U.S. Congressmen Patrick McHenry, Ritchie Torres, and their ilk earned his praises for their tireless efforts. Not to forget, he had words of admiration for Coinbase – a platform he believes is setting the right precedents in these uncertain times.

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