The Polygon Labs team came out in defense of their MATIC cryptocurrency, expressing disagreement with the fact that the US Securities and Exchange Commission (SEC) called it an unregistered security.
Last week, the SEC filed lawsuits against cryptocurrency exchanges Binance and Coinbase, classifying SOL, ADA, FIL, SAND, MANA, ALGO, AXS and MATIC cryptocurrencies as securities. In response, the Polygon Labs team said on Twitter that the company has always operated internationally and has not only focused on the US market.
Polygon Labs developers stressed that despite the situation with the SEC, network security and resilience remains a priority for the company. They also promised that they would share technical announcements this week.
“We are proud of the history of the Polygon network, which was developed outside of the US and is still focused on the international community today. MATIC is an integral part of Polygon, providing network security. We made sure that MATIC was available to a wide audience, so we never targeted the US,” said Polygon Labs.
And yet, the actions of the regulator had a negative impact on MATIC. Robinhood announced its intention to delist MATIC along with ADA and SOL. Support for these cryptocurrencies will be discontinued on June 27, 2023. For a week, the MATIC rate fell by more than 33%. On Saturday, June 10, the MATIC coin fell sharply to $0.5089, although a few days ago it was trading at $0.8057.
Earlier, Polygon CEO Sandeep Nailwal stated that even in the face of a bearish trend in the cryptocurrency market, the Web3 sector continues to develop thanks to new developments.
