Analysts at consulting giant Motley Fool have pointed to altcoin projects that are reshaping themselves amid increasing regulatory pressure. New Blockchain developments were the factors that led analysts to bullish expectation…
These 2 altcoins are making serious changes after SEC lawsuits
Throughout June, even the biggest names in the crypto industry struggled to build positive momentum. During the weeks when SEC litigation was voluminous, only certain projects chose to take concrete action to overcome the challenges. Cardano (ADA) and Polygon (MATIC) are among the projects that attract attention with new announcements at this point…
Polygon (MATIC) quickly changed its architecture after SEC lawsuit
Polygon is the most important Layer 2 scaling solution for Ethereum. It has greatly benefited from all the attention Ethereum has received as a result of the Merge update in 2022. cryptocoin.com As we have mentioned, it established a number of important brand partnerships, including Starbucks and Nike, during these years.
However, Polygon is now reeling from regulatory uncertainty. At the beginning of June, the SEC described Polygon as one of the “non-registered securities” that Coinbase and Binance cryptocurrency exchanges offer to their clients. As a result, the market response has been dramatic. MATIC price has lost 30% in the last 24 days.
But Polygon doesn’t give up the fight
As soon as the SEC news came in, Polygon announced the release of what it called “Polygon 2.0”. The goal was to redesign every aspect of Polygon, from the underlying Blockchain architecture to token utility. It will do this over a period of 4 weeks, starting at the end of June. Each week, Polygon will release new updates about the changes that have taken place.
Cardano (ADA) upgrades its altcoin network
Like Polygon, Cardano has been hit hard by the SEC’s claim that it is an unregistered security. The ADA price also dropped 30% in 30 days. Despite Cardano’s success in growing its ecosystem in the first half of the year, it could come to a sudden halt if securities laws are applied to every single transaction involving cryptocurrency.
But in Cardano it reciprocates
First of all, it makes it clear that it is a highly decentralized, open-source Blockchain, not a security. Cardano highlights new milestones towards decentralization. Here he talks about the launch of the next phase in Blockchain development known as “Voltaire”. This lofty name comes with lofty ambitions. Cardano wants to give more power to its community members. At the same time, it wants to improve the performance of its public blockchain by decentralizing it as much as possible.
In addition, Input Output Global (IOG), the company behind Cardano, announced changes to its management structure. In general, he switches to what he calls the “venture studio”. What this means in practice is that different business groups will separate from each other and then split. So, for example, the group that develops Cardano Blockchain wallet solutions will be separate from the group that develops Cardano digital identity management solutions.
here is the big picture
Cardano and Polygon want to be seen as commodities, not securities, to avoid SEC scrutiny. They are ready to do whatever it takes to make this happen. Motley Fool analysts are counting on the duo on this road with the latest developments above.
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