The Solana Foundation disagreed with the approach of the US Securities and Exchange Commission (SEC), which defines the native SOL token as a security.
https://twitter.com/SolanaFndn/status/1667578529612017666
The Polygon team also criticized the SEC’s decision to classify the MATIC coin as a security.
https://twitter.com/0xPolygonLabs/status/1667643925232852996
Representatives of the project noted that the “global community-oriented” network was developed and deployed outside the United States. According to them, MATIC was a necessary part of Polygon’s technology, which guaranteed the security of the protocol.
The regulator called MATIC and SOL, as well as a number of other tokens, securities in lawsuits against the Binance and Coinbase crypto exchanges.
According to CoinGecko, both assets are adjacent in terms of capitalization. The actions of the SEC have put strong pressure on the price of tokens – over the past week, SOL and MATIC have fallen in price by 29.5% and 28.5%, respectively.
Earlier, Hong Kong-based blockchain gaming operator Animoca Brands decided to focus on “more progressive jurisdictions” outside the US as the SEC called the SAND token an unregistered security.
Commission Chairman Gary Gensler stated that the crypto industry is full of fraud and resembles the securities market of the 1920s before regulation was introduced.
Source: Cryptocurrency
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