Cardano

Solana

Foundation

Polygon

<p>The Securities and Exchange Commission alleged that some of the largest altcoins, such as ADA, MATIC, and SOL, are unregistered securities.</p>
<p>Most assets slumped in value shortly after the allegations went out. Now, though, the organizations between the blockchains and the tokens have published official statements to refute the SEC&#8217;s claims.</p>
<h2 id="polygon-responds">Polygon Responds</h2>
<p>MATIC traded at $0.9 last week, just a few days before the SEC went after Binance and Coinbase, <a href="https://cryptopotato.com/ripple-vs-sec-outcome-instrumental-for-coinbase-binance-lawsuit-lawyer/" data-wpel-link="internal">alleging</a> in the lawsuits that the asset is an unregistered security. At first, MATIC declined alongside the rest of the market to $0.8. However, the situation worsened on Friday when it plummeted by almost 40% in a day to a multi-month low at $0.5.</p>
<p>Amid the harmful price drops, Polygon Labs decided to <a href="https://twitter.com/0xPolygonLabs/status/1667643925232852996" data-wpel-link="external" target="_blank">respond</a> to the allegations. The organization said the Polygon blockchain was &#8220;developed outside the US, deployed outside the US, and focused to this day on the global community that supports the network.&#8221;</p>
<blockquote><p>&#8220;MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be secure – and remains so to this day. Given our focus on network security, we made sure MATIC was available to a wide group of persons, but only with actions that did not target the US at any time.&#8221; &#8211; the statement reads.</p></blockquote>
<h2 id="solana-disagrees-too">Solana Disagrees, too</h2>
<p>SOL&#8217;s performance was quite similar to MATIC, given that it was also alleged to be an unregistered security. It stood at $22 last Sunday, retraced to just under $20 during the week, and then dumped by more than 30% on Friday and Saturday.</p>
<p>The Solana Foundation, similar to the team behind <a href="https://cryptopotato.com/cardanos-iog-dismisses-secs-claim-that-ada-is-a-security/" data-wpel-link="internal">Cardano</a>, has also refuted the SEC&#8217;s claims. The statement informed that the SF is looking forward to working with global regulators to establish clear legislative frameworks but &#8220;disagrees with the characterization of SOL as a security.&#8221;</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">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 across the U.S. building in the…</p>
<p>— Solana Foundation (@SolanaFndn) <a href="https://twitter.com/SolanaFndn/status/1667578529612017666?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">June 10, 2023</a></p></blockquote>
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<p>The post <a href="https://cryptopotato.com/polygon-solana-join-cardano-in-dismissing-the-secs-allegations/" rel="nofollow">Polygon, Solana Join Cardano in Dismissing the SEC&#8217;s Allegations</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Polygon, Solana Join Cardano in Dismissing the SEC’s Allegations

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