News - Polygon, Solana and Cardano respond to SEC complaint

By Mike Hesp

Polygon, Solana and Cardano respond to SEC complaint

Solana (SOL)
Polygon (MATIC)
Cardano (ADA)
Laws and regulations

According to the SEC, SOL, MATIC and ADA should be securities. But the organizations behind the cryptocurrencies contradict the U.S. authority.

The SEC's classification of several crypto currencies as securities last week caused massive selling on the altcoin-market. Among those hardest hit: Polygon (MATIC), Solana (SOL) and Cardano (ADA).

Now the organizations behind the projects have commented on the US Securities and Exchange Commission's assessment. Namely, they have criticized the popular altcoins on the hit list put during a lawsuit against Binance in Coinbase.

On June 6, Input Output Global (the company behind Cardano) already published a statement about the events. "Under no circumstances" is the cryptocurrency ADA "a security under U.S. securities laws," IOG said.

The SEC's complaint also contains "factual inaccuracies" and does not affect the company's business "in any way."

This was followed on Saturday, June 10, by statements from the Solana Foundation, the nonprofit organization based in Switzerland. The foundation said the project commissioned to develop Solana contradicted the "characterization of SOL as security."

Moments later, Polygon Labs, the team behind MATIC, also went to Twitter. Here they emphasized that the development and launch of the project had taken place outside the US. Therefore, the focus was on the "global community." At no point did the team have "just the US" as its goal.

Thus, the organizations behind all three altcoins contradict the SEC's classification. However, they remain open to regulation.

IOG, for example, "continues to welcome collaboration between industries and regulators to create a framework that not only protects consumers but also does not stifle innovation."

The Solana Foundation, on the other hand, continues to welcome the "efforts of policymakers" as long as they are "constructive partners" on regulatory issues.

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