Polygon Labs has responded to the United States Securities and Exchange Commission’s claims that MATIC is an unregistered security.
Polygon Labs has asserted that MATIC, the token in question, was created and launched beyond the boundaries of the United States. Polygon Labs further emphasized that MATIC has consistently targeted the global community that provides support to the network. They declared that MATIC has played an essential role in the technology of Polygon since its inception, guaranteeing the ongoing security of the network.
The development and growth team behind the Polygon blockchain clarified that their actions were not specifically aimed at the United States, instead focusing on making MATIC available to a diverse range of individuals.
The price of MATIC has experienced a decrease of nearly 2% in a single day, following a significant drop of over 33% during the past week. Polygon Lab’s remarks come in the aftermath of MATIC’s removal from Robinhood, a fintech trading app that also discontinued its support for SOL (Solana) and ADA (Cardano).
These actions were taken due to the Securities and Exchange Commission (SEC) classifying certain coins and tokens as securities. In its legal action against Binance, the largest cryptocurrency exchange globally, the SEC explicitly identified MATIC and 11 other tokens as securities.
Additionally, the regulator designated Binance USD, BNB, SOL, ADA, FIL (Filecoin), ATOM (Cosmos Hub), SAND (The Sandbox), MANA (Decentraland), ALGO (Algorand), AXS (Axie Infinity), and COTI (Coti) as securities as well.
