Polygon Labs: MATIC Is Not Just for Americans
Polygon Labs, the development team behind the Polygon blockchain, has issued an official response regarding the SEC’s classification of MATIC as a security in its lawsuits against Binance and Coinbase.
Polygon Labs: MATIC Is Not Just for Americans
Following responses from the Solana Foundation and Input Output, the development teams behind Solana (SOL) and Cardano (ADA), Polygon Labs has now addressed the SEC's classification of MATIC as a security.
In a statement released on June 11, Polygon Labs emphasized that their project is developed and deployed outside the U.S. and is focused on serving a global user base that supports the blockchain. MATIC has been a crucial part of Polygon since its inception, ensuring network security to this day. Polygon Labs has ensured that MATIC is fairly distributed to all users, not just Americans.
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 | Aggregated (@0xPolygon) June 10, 2023
Polygon Labs takes pride in its past achievements and reaffirms its commitment to continue developing the protocol towards the future.
Currently, MATIC has recovered to $0.60, after dipping to $0.50 on June 11—its lowest point since July 2022. Over the past week, MATIC has lost over 32% of its value from $0.89.
4-hour Chart of MATIC/USDT on Binance as of 03:35 PM, June 11, 2023
Blockchain data trackers have reported large transfers of MATIC to exchanges from major organizations like Jump Crypto and Cumberland.
On-chain data shows that over 22.52M $MATIC transferred out from #Jump controlled #robinhood address for the past 24H.
— 0xScope (@ScopeProtocol) June 10, 2023
19.22M $MATIC ($14.3M) was transferred to #cumberland and #B2C2 and ended up being deposited to #binance & #coinbase .
address:https://t.co/sH1Encg8c6 pic.twitter.com/NSiNtReEqw
Earlier, as reported by Coin68, the SEC’s lawsuits against Binance and Coinbase listed several cryptocurrencies as securities, including prominent names like BNB (BNB), BUSD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Axie Infinity (AXS), Coti (COTI), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), and Nexo (NEXO).
These cryptocurrencies were severely impacted in the market dump on June 10, with SOL, ADA, and MATIC losing over 25% of their value within a few hours. The trio was also announced for delisting by popular U.S. trading app Robinhood due to legal risks.
