The Solana Foundation disagreed with the approach of the US Securities and Exchange Commission (SEC), which defines the native SOL token as a security.
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 US building in the…
— Solana Foundation (@SolanaFndn) June 10, 2023
“We welcome the continued engagement of politicians as constructive regulatory partners to bring legal clarity on these issues to the thousands of digital asset entrepreneurs across the US,” the fund added.
The Polygon team also criticized the SEC’s decision to classify the MATIC coin as a security.
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
Representatives of the project noted that the “global community-oriented” network was developed and deployed outside the United States. According to them, MATIC was a necessary part of Polygon’s technology, which guaranteed the security of the protocol.
The regulator called MATIC and SOL, as well as a number of other tokens, securities in lawsuits against the Binance and Coinbase crypto exchanges.
According to CoinGecko, both assets are adjacent in terms of capitalization. The actions of the SEC have put strong pressure on the price of tokens – over the past week, SOL and MATIC have fallen in price by 29.5% and 28.5%, respectively.
Earlier, Hong Kong-based blockchain gaming operator Animoca Brands decided to focus on “more progressive jurisdictions” outside the US as the SEC called the SAND token an unregistered security.
Recall, Commission Chairman Gary Gensler said that the crypto industry is full of fraud and resembles the securities market of the 1920s before the introduction of regulation.
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