Polygon Labs Responds To Accusation Of MATIC Being A Security

It’s been revealed that Polygon Labs has just responded to the accusations of MATIC being a security. Check out the latest reports below.

Polygon Labs has responded to the United States Securities and Exchange Commission’s claims that MATIC is an unregistered security.

After stating that the token was “developed outside the U.S., deployed outside the U.S. and focused to this day on the global community that supports the network,” Polygon Labs claimed the following:

“MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be secure — and remains so to this day.”

The development and growth team for the Polygon blockchain also said its actions “did not target the U.S.” while ensuring MATIC was “available to a wide group of persons.”

As the online publication The Block notes, Polygon Lab’s comments follow MATIC’s delisting from fintech trading app Robinhood, which also removed support for Solana’s SOL and Cardano’s ADA — a result of the SEC’s labeling of specific coins and tokens as securities.

In its lawsuit against Binance, the world’s largest crypto exchange, the SEC explicitly called MATIC and 11 other tokens securities, according to the notes revealed by the same online publication mentioned above.

According to the latest reports, the important crypto exchange Robinhood is reportedly delisting a handful of prominent crypto assets in response to the U.S. Securities and Exchange Commission (SEC) suing Binance and Coinbase for allegedly violating securities laws.

A new report by Bloomberg stated the fact that Robinhood’s chief legal officer, Dan Gallagher, told members of Congress that the firm is delisting smart contract platforms Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the SEC cracked down on the digital asset industry earlier this week.