/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
The Securities and Exchange Commission alleged that some of the largest altcoins, such as ADA, MATIC, and SOL, are unregistered securities.
Most properties dropped in value soon after the charges were dropped. Now, however, organizations across the blockchain and token spectrum have published official statements to refute the SEC’s claims.
polygon reacts
MATIC traded at $0.9 last week, just days after the SEC sued Binance and Coinbase alleging the asset was an unregistered security. First, MATIC fell to $0.8 along with the rest of the market. However, the situation took a turn for the worse on Friday when it fell almost 40% in a single day to a multi-month low of $0.5.
Amidst the damaging fall in prices, Labs decided to respond to the allegations. The organization said that the Polygon blockchain was “developed outside the US, deployed outside the US, and focused on the global community that supports the network to this day.”
“MATIC was an essential part of Polygon technology from day one, ensuring that the network would be secure – and remains so to this day. Given our focus on network security, we made sure that MATIC was accessible to a wide group of individuals available to the US, but only with actions that do not target the US at any given time.” – reads the statement.
Solana also disagrees
Given that the performance of SOL was quite similar to that of MATIC, it was also alleged to be an unregistered security. It was at $22 last Sunday, came back just under $20 during the week, and then fell over 30% on Friday and Saturday.
The Solana Foundation, like the team behind Cardano, has denied the SEC’s claims. The statement explained that SF looks forward to working with global regulators to establish a clear legislative framework but “disagrees with the characterization of SOL as a security.”
The Solana Foundation disagrees with the characterization of SOL as a security. We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs in the US building …
– Solana Foundation (@SolanaFndn) June 10, 2023
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
