In response to the claims of the US SEC (United States Securities and Exchange Commission) that Polygon’s native token, MATIC, is an unregistered security, Polygon Labs, a cloud-native platform, stated that the token had been required for the Polycon technology since its inception because it ensures the security of the network.
In addition, it was asserted that MATIC was initially developed and deployed outside the United States, focusing on supporting the network in the international community.
Polygon Labs focuses on content visualization and creative data for the digital industry. It is used as an excellent way of building and scaling projects on the world‘s largest blockchain ecosystem Ethereum, using popular scaling technology such as Polygon PoS, Polygon zkEVM, and Polygon Miden.
The team at Polygon is leveraging its core blockchain services and solutions to fight climate change and make the platform as carbon-neutral as possible. It has deployed over 1.2 million smart contracts, 2.57 billion transactions, and 13.62 billion NFT sales volume.
The growth and development team for Polygon Labs also mentioned that their actions never targeted the United States; instead, they ensured MATIC was available to the wider community of its users.
The value of MATIC plunged nearly 2% after declining over 33% last week. The comments of Polygon Labs follow the delisting of MATIC from Robinhood. This fintech mobile trading app removed Cardano’s ADA and Solana’s SOL support due to the labeling by the SEC of specific tokens and coins as securities.
In a lawsuit against the largest cryptocurrency exchange in the world, Binance, the Securities and Exchange Commission explicitly called for securities for 12 tokens, including MATIC. Solana’s SOL, Binance USD, Cardano’s ADA, BNB, Cosmos Hub’s ATOM, Filecoin’s FIL, The Sandbox SAND, Algorand’s ALGO, Decentraland’s MANA, Coti’s COTI, and Axie Infinity’s AXS were also called securities by the leading regulator.