What MATIC Did After Polygon Foundation Responded To SEC's 'Security' Label

The Securities and Exchange Commission’s (SEC) recent crackdown on major crypto exchanges such as Coinbase Inc COIN and Binance has had a wide-reaching impact on various cryptocurrencies. In response to the SEC’s increased scrutiny, some exchanges like Robinhood Inc HOOD have even gone so far as to delist certain tokens, including Polygon MATIC/USD.

What Happened:  In a Twitter post on Saturday, the Polygon team said, "MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be secure – and remains so to this day. Given our focus on network security, we made sure MATIC was available to a wide group of persons, but only with actions that did not target the US at any time," the statement reads.

Data from LunarCrash analytics shows that the social contributors related to MATIC are up over 50%, driving the price to $0.62, up 4%, in the last 24 hours.

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Why It Matters: According to a recently shared chart by ‘TraderSZ’, a pseudonymous crypto trader, MATIC is expected to hit $1.08 levels in the near future. 

The Solana Foundation has taken a stance against the labeling of Solana’s native token, SOL, as a security. Similar to the team behind Cardano ADA/USD, the Solana team has refuted the SEC’s claims and expressed its commitment to working with global regulators to establish clear legislative frameworks.

In a recent statement, the Solana Foundation made clear its position on the matter, stating that it “disagrees with the characterization of SOL as a security.” 

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