Polygon Labs addresses the SEC’s allegations that MATIC is a security


Polygon Labs insists it did not intentionally exclude the American market while making MATIC accessible worldwide.

The SEC has accused MATIC of being unregistered security, and Polygon Labs has reacted. In addition to claiming that the token was “created outside the U.S., deployed outside the U.S., while concentrating to this day on the global community that supports the network,” Polygon Labs also stated that “MATIC was an essential component of the Polygon technology from Day 1, to guarantee the network would be secure— and remains so to this day.”

The team responsible for expanding the Polygon blockchain also claimed that it “did not target the U.S.” in making MATIC ” accessible to a wide group of persons.”

After falling by more than 33 percent in the last week, the price of MATIC has fallen by about 2 percent today.

In response to the SEC’s designation of some coins and tokens as securities, Robinhood, a fintech trading platform, delisted MATIC along with Solana’s SOL and Cardano’s ADA, prompting remarks from Polygon Lab.

The SEC labelled MATIC and eleven other tokens as securities in its case against Binance, the biggest cryptocurrency exchange in the world.

Also Read: Polygon’s MATIC Tokens Worth Millions Sent to Binance and Coinbase Before 30% Drop

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