Last week, a list of securities by the SEC was in the press. Accordingly, altcoin MATIC and SOL were on this list. Now there is an important development. Both altcoin developers made a statement. Let’s look at the details.
Solana wants to work with editors
Earlier this week, the SEC took legal action against crypto exchanges Binance and Coinbase, accusing them of violating federal securities law and facilitating the trading of crypto-security assets such as MATIC and SOL. In response, the Solana Foundation states that it disagrees with the SEC. However, it says it will “welcome the continued involvement of policymakers as constructive partners in regulation to provide legal clarity on these issues for the thousands of entrepreneurs operating in the digital assets space across the United States.” The statement resonated with many members of his community, who agreed that the regulator had misclassified it. In addition, the foundation added:
“The Solana founding community is the strongest in the industry. Accordingly, it continues to create extraordinary projects and products. Solana Foundation aims to create the best blockchain for a decentralized future. Accordingly, it remains committed to the builders in the long run.”
Meanwhile, it should be noted that altcoin SOL has increased by more than 4% in the last 24 hours. SOL is currently at $15.47. However, its price dropped more than 20% in the seven-day metric after Robinhood delisted it and several whales abandoned it.
MATIC-focused Polygon Labs says it’s not targeting the US market
Polygon Labs, on the other hand, makes MATIC available to a wide audience. He further stated that the digital presence ensures that it does not target the United States. The MATIC team recognizes that the non-US market is the largest in the world. On the other hand, he thanks global stakeholders, including regulators and policy makers, for their contributions. The Polygon growth team also highlighted the importance of MATIC within its ecosystem. The explanation was as follows.
“We are proud of the history of the Polygon network, developed outside the US, deployed outside the US, and focused on the global community that has supported the network to date. MATIC has been a necessary part of Polygon technology from day one. It also ensured that the network was secure. It continues to be so to this day.”
cryptocoin.com Looking at it as a whole, MATIC was one of many digital assets labeled as securities by the SEC. But the cryptocurrency presents a somewhat rebounded outlook. It has risen over 3% in the last 24 hours to $0.6048 at the time of writing.
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