Solana, Polygon and Cardano: fighting the "security" label
Bitcoin and altcoins

Solana, Polygon and Cardano : fighting the “security” label

The spotlight is on the three giants of the cryptosphere : Solana, Polygon and Cardano, as they vehemently refute the “security” label assigned to their respective tokens by the US Securities and Exchange Commission (SEC). The SEC’s recent list of inclusions has thrown the crypto industry into turmoil, and the parties involved are not taking it lying down.

A battle on what qualifies as “security”

The Solana Foundation, which oversees the development of the Solana ecosystem, voiced its disagreement on Twitter, categorically disputing SOL’s characterization as a security. In a statement, the foundation praised the commitment of policymakers in seeking clear regulation for digital assets.

Polygon Labs, the brains behind the Polygon network and its native token, MATIC, also made its voice heard. The publisher argued that the SEC had no jurisdiction to judge and regulate its token, pointing out that the Polygon network was developed and deployed outside the U.S., with a focus on the global community.

The Cardano Foundation, the originator of the ADA token, tweeted its support for continued engagement with regulators and policymakers to achieve legal clarity on the issue. However, the consequences of the SEC’s stance have already begun to be felt, with significant declines in the prices of SOL, ADA and MATIC tokens in recent days.

The battle over what qualifies as “security” is nothing new in the crypto-industry. In 2020, Ripple (XRP) faced similar lawsuits, resulting in the token being withdrawn from certain trading platforms for fear of sanctions.

As tensions mount between cryptocurrency industry players and regulators, the debate over token classification and regulatory status continues to rage. The stakes are high, and the potential consequences are likely to shape the future of the industry as a whole.

ADA MATIC SOL SEC trouble Source : Coindesk

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Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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