- SEC classified 11 tokens with a total capitalization of $115 billion as securities
- Among them, among other things, there are MATIC and SOL
- Polygon and Solana disagreed with this decision
- But both organizations are not ready to take tougher measures.
In its lawsuit against Binance, the Securities and Exchange Commission (SEC) has classified a number of tokens as securities. Among them there are MATIC $1 Polygon MATIC 4.14% market cap $5.8b Vol. 24N $316.8m and SOL $15 Solana SOL -2.97% market cap $6b Vol. 24N $236.6m . These are native tokens of the Polygon and Solana ecosystems.
Both companies commented on the situation. Polygon Labs noted that MATIC is an integral part of the protocol, is not designed for profit, and has never been promoted in the US market.
The company strongly opposed such a classification of the asset, but refrained from promising possible consequences. These include, for example, a lawsuit against the regulator, as Ripple did.
As of this writing, MATIC is trading at $0.6308 (up 5.4% over the past 24 hours). But if we take the statistics for seven days, the picture becomes much gloomier:
The Solana Foundation also refrained from harsh criticism of the regulator. Here they noted that they “do not agree” with this definition of SOL, but at the same time they “support” the participation of politicians in a constructive dialogue on the formation of uniform rules for the industry.
At the time of writing, the token is trading at $15.13 (-3.12% in 24 hours). There is also a “failure” in the movement of the price trend:
The fact that both companies are not ready to take decisive action against the SEC indicates a strong position of the regulator. A positive outcome of the case against Ripple could swing the scales in the other direction. But only in theory.