Solana Foundation and Polygon, two of the leading blockchain platforms in the crypto space, have released a statement in response to a lawsuit filed by the US Securities and Exchange Commission (SEC) against two of the world's largest cryptocurrency exchanges, Coinbase and Binance.
The SEC alleges that Coinbase and Binance violated securities laws by offering trading of Solana (SOL) and Polygon (MATIC) tokens, which the SEC claims are unregistered securities. The SEC wants these tokens to be stopped from trading and penalized exchanges.
However, Solana and Polygon disagree with the SEC's characterization of their tokens as securities. They argue that tokens are essential for the functioning and security of their decentralized network and are not targeted at US investors in their distribution.
Solana tweeted:
“The Solana Foundation does not agree with the characterization of SOL as a security. We welcome the continued involvement of policymakers as constructive partners on regulation to provide legal clarity on these issues for the thousands of entrepreneurs operating in the digital assets space across the US.
The Solana founding community is the strongest in the industry and continues to create outstanding projects and products. The Solana Foundation remains committed to developers over the long term to continue to produce the best blockchain for a decentralized future.”
https://twitter.com/SolanaFndn/status/166757852962017666?s=19
Polygon tweeted:
“We are proud of the history of the Polygon network, developed outside the US, deployed outside the US, and focused on the global community that has supported the network to date.
MATIC was a necessary part of Polygon technology from day one and kept the network secure and remains so today. Because we're focused on network security, we've made MATIC available to a large group of people, but only with actions that never target the United States.
The market outside the US is the largest in the world, and we are grateful for all the painstaking work done on all aspects of this technology around the world, including from regulators and policy makers.
We rely on the steps we have taken in the past and how focused we are on building the future. There are exciting tech announcements this week!”
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
*Not investment advice.
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