Polygon Labs has responded to US SEC claims that MATIC is an unregistered security.
Response Polyon Labs
Polygon Labs has responded to the US SEC’s allegations. After stating that the cryptocurrency was developed outside of the United States (US), deployed outside the US, and targeted to the global community that supports the network to this day, Polygon Labs claimed that MATIC has been a necessary tool from day 1 was part of Polygon’s technology. Thanks to MATIC, the network would be and remain safe, says Polygon Labs.
The Polygon blockchain development team indicated that its actions were not specifically aimed at the US. The team actually made sure that MATIC was available to a larger group of people.
The price of MATIC is up 3.32% in the last 24 hours.
SEC considers multiple currencies as securities
Polygon Lab’s comments follow the removal of MATIC from fintech trading app Robinhood, which also no longer supports Solana’s SOL and Cardano’s ADA. This was due to actions by the SEC, which suddenly labels certain cryptocurrencies as securities.
In the SEC’s lawsuit against Binance, the world’s largest crypto exchange, the SEC considered 11 other crypto coins besides MATIC as securities.
These are Binance USD, BNB, Solana’s SOL, Cardano’s ADA, Filecoin’s FIL, Cosmos Hub’s ATOM, The Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS and Coti’s COTI. It is not yet known what the outcome of these lawsuits will be.