- Solana Foundation challenges SEC’s classification of SOL token as security in response to recent allegations.
- In a tweet, Polygon expressed pride in its global development and launch, showcasing dedication to the global community that contributes to its network.
Following the SEC’s legal actions targeting Binance and Coinbase, which implicated Solana, Cardano, Polygon, and various other tokens, the organizations behind these cryptocurrencies are fiercely responding. These three digital assets stand out as prominent examples within the lawsuits; they are examples of purportedly noncompliant securities traded on cryptocurrency exchanges, according to regulators.
In the face of these allegations, the organizations are actively pushing back, highlighting the ongoing disputes surrounding the regulatory status of these cryptocurrencies.
Solana Foundation Challenges SEC’s Classification of SOL as a Security
In response to recent allegations made by U.S. Securities and Exchange Commission (SEC), Solana Foundation has taken a stand to challenge the classification of its native SOL token as a security. This response comes at a time when the SEC has filed lawsuits against major cryptocurrency exchanges, Binance and Coinbase.
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…
— Solana Foundation (@SolanaFndn) June 10, 2023
Amid a turbulent regulatory landscape, SEC has accused prominent digital currencies like Cardano (ADA) and Solana (SOL) of unregulated securities. However, Solana Foundation is actively refuting these claims, highlighting the ongoing disputes and discussions surrounding the regulatory status of cryptocurrencies.
IOG, the leading developer behind the Cardano blockchain, recently made a comparable declaration. According to a report from Crypto News Flash, IOG emphasized that Cardano native coin ADA does not meet the criteria set by the SEC for classifying security under U.S. laws. Moreover, this legal dispute, which has already ignited passionate discussions about the classification and regulatory oversight of cryptocurrencies, has the potential to resonate throughout the digital asset landscape.
In a bid to challenge the SEC’s depiction, the Solana Foundation expresses its opposition and extends an invitation for constructive discussions with regulatory policymakers. Moreover, the foundation seeks to foster transparency and establish a clear regulatory framework accommodating the rapidly evolving digital assets landscape.
Emphasizing the significance of their builder community, they underscore their unwavering dedication to supporting developers who are driving forward decentralized blockchain technology for future advancements.
Polygon Takes a Stand and Responds with Resilience
In a proactive response, Polygon leveraged Twitter to communicate its position on the matter. Through a tweet, Polygon expressed its satisfaction in being developed and launched beyond the borders of the United States, highlighting its dedication to the global community that actively contributes to its network.
We are proud of the history of the Polygon network – developed outside the US, deployed outside the US, and focused to this day on the global community that supports the network. MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be…
— Polygon (Labs) (@0xPolygonLabs) June 10, 2023
From the beginning, MATIC has held a vital responsibility in safeguarding the security of the Polygon network, solidifying its indispensable position within its operations. Polygon also extended appreciation towards regulators, policymakers, and the non-U.S. market, acknowledging their significant contributions. Additionally, they demonstrated unwavering confidence in their previous endeavors and forthcoming advancements, emphasizing their commitment to continuous development.
The crypto community warmly received Polygon’s response to the SEC, applauding its firm stance. This reaction can potentially uplift sentiment around MATIC, which has recently experienced a notable decline.
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Currently, traders are trading MATIC $0.644. Over the past few months, there has been a noticeable slowdown in network growth, suggesting a waning interest from new addresses. Nevertheless, it is noteworthy that the total number of MATIC holders has continued to rise, even amidst the price decline.
As of press time, the value of Polygon has increased by 6.34% in the last 24 hours.
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